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SINGAPORE : Another landmark near Orchard Road may soon get a facelift. Channel NewsAsia understands that Shaw Organisation is considering a major redevelopment of Shaw House and its neighbouring Shaw Centre.
According to some sources, an official announcement is expected by August. The news comes even as some tenants have moved out in recent months following a spike in rentals.
Shaw House has been a major landmark near Orchard Road for years - but it may soon take on a different look.
According to sources, plans are in the pipeline to expand Shaw Organisation's Lido Cineplex, and to add more retail space.
Channel NewsAsia understands that Shaw Organisation is currently in talks with various architects on its redevelopment plans. However, it has not decided if this would include its office and retail spaces in Shaw Centre.
The tenants have not been informed officially, although they have heard word on the grapevine. They declined to be interviewed.
The present Shaw House opened in 1993, and includes anchor tenant Isetan. It adjoins Shaw Centre, which has retail, F&B and office space, as well as a bank.
Retail rentals there have jumped from S$6 a square foot to as much as S$16 a square foot in recent months, and a number of tenants have moved out.
Market watchers said that it is likely the new site may even include new residential spaces.
Nicholas Mak, Director, Consultancy and Research, Knight Frank, said: "I think that if any residential development were to be redeveloped on that site, and if it is priced reasonably, demand would be quite strong."
But they do not expect the re-development to have a major impact on retail space and shop rentals along Orchard Road.
Mr Mak said, "In about 12 months or so, we're going to see some new developments coming up on Orchard Road. So, if a major retail mall were to temporarily be taken offline, I think that vacuum could be filled by some of these new malls."
Channel NewsAsia understands that re-development is likely to start in the second half of next year. - CNA/ms
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