Complete Property Market Updates of Singapore

June 19, 2008

$200 million facelift for Mandarin Gallery

Filed under: Commercial,General,Regulators — Propertymarketupdates @ 4:45 am

OVERSEAS Union Enterprise Limited (OUE) yesterday announced plans for a $200 million renovation of the Mandarin Gallery at the Meritus Mandarin Hotel.

The revamp will transform Mandarin Gallery into a high-end shopping and lifestyle destination with a sophisticated tenant mix.

Work will begin immediately and is expected to be completed by June 2009.

The total gross floor area will increase by 20 per cent from 176,000 sq ft to 215,000 sq ft. The number of retail shops will double to 120 units.

To provide an unrivalled shopping experience, the expected facelift will include a brand new mall facade in the form of a large-scale glass curtain wall.

Combining Singaporeans’ twin passions for shopping and eating, Mandarin Gallery will also feature an intriguing new food and beverage concept, spanning 15,000 sq ft on Level 4.

To drive shopper traffic to this level, the area will house an exciting mix of Japanese restaurants and a speciality bookstore.

In addition, OUE has engaged the services of AIM Create of the Marui Group for the mall’s interior design.

The design concept will highlight the internal spatial features of Mandarin Gallery to create a refreshing retail environment.

Explaining the reasons for the redevelopment of Mandarin Gallery, executive vice-president Clement Wang said: ‘By replacing some of the hotel function space with higher-yield retail space, the Group will be able to maximise profits. It is also an opportunity to revitalise Mandarin Gallery’s outmoded retail space.

‘By revamping the tenant mix to focus on high-end international brands, we will enhance the image of Mandarin Gallery and Meritus Mandarin Singapore.

‘The redevelopment is in line with OUE’s aims to own and manage prime commercial properties, build a strong recurrent income base, and deliver first-class projects to enhance shareholder value.’

Targeting trendsetters and well-heeled jetsetters from all over the world, Mandarin Gallery’s 152m frontage promises unprecedented street-level prominence.

Among the confirmed list of luxury/high-end fashion labels that have signed on as tenants are Montblanc, Emporio Armani, Marc by Marc Jacobs, D&G, Bread & Butter, Mauboussin, Bell & Ross and FP Journe.

Mandarin Gallery will also be home to Y3, Just Cavalli and Ferre – brands that will be launching in Singapore for the first time.

Mr Thio Gim Hock, chief executive officer and group managing director of OUE, said, ‘We are very excited about the upcoming plan to rejuvenate Mandarin Gallery and bring it to greater heights. We are confident that the revamp will inject new energy into the local retail landscape by offering innovative concepts that will appeal to fashion-savvy shoppers.’

In conjunction with the preview, five paintings created by top Chinese ink artist Mr Wang Zijiang, specially invited here by OUE, were auctioned off yesterday, raising $117,000 for the Business Times Budding Artists Fund, which will pay for training programmes in visual arts for economically disadvantaged but talented children between the ages of five and 12.

OUE also donated one of Mr Wang’s masterpieces, which it purchased for US$100,000, to the Singapore Art Museum.

Source : Business Times – 23 May 2008

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