UOL To Add Office Space In Odeon Towers Via Asset Enhancement Initiative
SINGAPORE – UOL revealed that it has obtained in-principle approval from the Urban Redevelopment Authority (URA) to enlarge Odeon Towers in 331 North Bridge Road, according to a presentation accompanying the firm’s financial results announced last Friday.
Specifically, the Singapore-listed developer plans to carry out an Asset Enhancement Initiative (AEI), whereby it will construct a 7-storey standalone building at 333 North Bridge Road that was purchased in December 2019 for S$79.3 million. Situated opposite of Raffles Hotel, the new structure will serve as an extension or annex of Odeon Towers.
The standalone block will feature 5 levels of office space, along with retail premises over 4 floors including F&B outlets on the rooftop. Part of the existing Basement 1 & 2 will also be transformed into commercial space.
Once completed, the existing Odeon Towers and its upcoming 7-storey annex will have a combined gross floor area (GFA) of roughly 7,237 sq m (77,898 sq ft).
Apart from commanding a 50m frontage along North Bridge Road, the standalone building will come with biophilic features like vertical greenery and garden terraces. Clients, especially those who use bicycles to commute, will also be able to make use of end-of-trip facilities.
The Asset Enhancement Initiative is expected to start in Q4 2021, and construction works are targeted to be finished in 2 years.
Meanwhile, UOL’s presentation showed that it maintained high occupancy rates for its office portfolio. As of Q4 2020, committed occupancy at its UK office properties reached 92.1 percent. That in Singapore hit 94.1 percent, while its sole office space in Australia was fully occupied.
Notably, the developer’s office property in Australia consists of 72 Christie Street in Sydney, while that in the UK comprise 110 High Holborn & 120 Holborn Island in London.
Its Singapore office portfolio consists of SGX Centre 2, The Gateway, United Square, Novena Square, Odeon Towers, Clifford Centre, UIC Building, Stamford Court, Tampines Plaza 1, Tampines Plaza 2, One Upper Pickering, 333 North Bridge Road, Singapore Land Tower, and Faber House.
But in the presentation, UOL stated that it has obtained in-principle approval under the Strategic Development Initiative (SDI) scheme to rezone the Faber House site for hotel use.
Still, it will benefit from plot ratio intensification, with overall GFA at 11,025 sq m (118,672 sq ft).
The new 18-storey building will come with a 250-room hotel with a bank, an urban veranda, and F&B outlets. Construction work is expected to start in the first half of 2022.