SINGAPORE'S heritage landmark Clarke Quay is due for a S$62 million asset enhancement initiative (AEI) to bring about new warehouse facades, refreshed dining areas and spaces, as well as improved infrastructure for thermal comfort.
Clarke Quay is owned by CapitaLand Integrated Commercial Trust (CICT) and managed by CapitaLand Investment Limited (CLI).
In a joint press statement on Tuesday (Jul 26), the real estate investment trust (Reit) manager and property giant said Clarke Quay has been rebranded to CQ @ Clarke Quay both locally and internationally "to reflect its modern interpretation of Clarke Quay's rich heritage".
The landmark will continue to operate throughout the AEI, which is due to be carried out in phases from the third quarter of 2022 to Q3 2023.
Pre-commitment from tenants and leases in advanced negotiations have reached over 70 per cent of the development's net lettable area, said CICT and CLI, with the new tenant mix to offer a variety of day trade activities and retail offerings.
Upon completion of the AEI, the landmark will comprise 3 main zones, namely: The Riverfront (Blocks A and D), The Warehouses (Block B) and The Circuit (Blocks C and E).
The Riverfront will feature riverside dining, while The Warehouses will offer a blend of retail lifestyle and F&B (food and beverage) concepts, including an "all-new brewery concept by an award-winning hospitality group", in a conserved warehouse. The Circuit will "showcase high-energy concepts" along with entertainment and F&B establishments.
Around 34 per cent of the total project cost will be dedicated to introducing green features at CQ @ Clarke Quay. This includes the installation of an energy-efficient omnidirectional fan with evaporative mist cooling, as well as a new ETFE (ethylene tetrafluoroethylene) canopy, which can reduce solar heat gain by up to 70 per cent.
Post the AEI, the development is expected to upgrade its BCA (Building and Construction Authority) green building rating to Green Mark Gold Plus, from Green Mark Certification previously.
Tony Tan, chief executive of CICT's manager, expects the Reit to enjoy sustained property income on a stablised basis, post-pandemic and after the AEI.
"The repositioning of CQ @ Clarke Quay is a timely move that will broaden its appeal to families in tandem with the urban renewal of the Singapore River precinct to incorporate more leisure amenities and residential developments, such as the 696-unit CanningHill Piers sited adjacent to CQ @ Clarke Quay," he said.
London-headquartered Atelier Ten - whose portfolio of past works include Jewel Changi Airport and Gardens by the Bay - will provide environmental design consultancy for CQ @ Clarke Quay.
The landmark's design rejuvenation is conceptualised by Singapore firms Meta Architecture and Formwerkz Architects.