CDL plans to spruce up flagship office building

Singapore

PROPERTY and hotels group City Developments Ltd (CDL) is planning a major refurbishment of its flagship Singapore office property in Raffles Place, turning an imminent outflow of some tenants into an opportunity to spruce up the ageing building.

CDL deputy CEO Sherman Kwek, speaking to reporters after the group posted weaker fourth quarter and full year earnings, said works at Republic Plaza are likely to begin in Q4 2017 and may stretch up to four to five years in a phased revamp. As tenants move out, the space they vacate will be renovated.

The works planned include modernising the lift system, a makoever for the lobby and other common areas as well as raising the building's technical specifications to keep up with the new competition. "Certainly now w…