Food
One Raffles Place Shopping Mall, a six-storey retail mall located in the heart of Singapore’s central business district (“CBD”) in Raffles Place and part of the iconic integrated commercial development One Raffles Place, is set for a revamp as it undergoes asset enhancement works scheduled to start in mid-2018.
The AEIs include improving the circulation areas of the mall, as well as creating more inviting and open retail space with better visibility. These upgrades will help provide a better shopping experience while simultaneously driving the per-squarefoot productivity of the mall.
The revitalised One Raffles Place Shopping Mall will create an exciting retail environment that addresses the changing needs and lifestyle preferences of the working population in the CBD. Another exciting change is the opening of a coworking space occupying more than 35,000 sq ft of space across a few levels at the
mall.
Spaces, a co-working concept by IWG, the world’s leading provider of flexible workspace solutions, will launch its flagship site at One Raffles Place Shopping Mall delivering a strong lifestyle-led workspace for a creative way of working for entrepreneurs and established businesses alike. The venue will provide a professional working environment founded on the principles of collaboration and inclusivity, while its authentic, European and considered design will reflect the company’s “Inspire to Work” philosophy.
Spaces at One Raffles Place is envisaged as a focal point for flexible workspaces given its vantage location in the heart of Raffles Place. A unique aspect of Spaces will be its ability to host and launch retail and fashion-related events within a mall setting. Its multi-level layout is expected to improve vertical traffic at One Raffles Place Shopping Mall, whilst direct access to Raffles Place Park and the incorporation of a strong F&B offering on the first level will make it a preferred choice for corporate gatherings and for catching up with colleagues and friends
after work.
Ms Tan Shu Lin, Chief Executive Officer of OUE Commercial REIT Management Pte. Ltd. which manages OUE Commercial REIT (“OUE C-REIT”), said, “Coworking spaces have been proven to create bustling work communities, and we are delighted that our partnership with Spaces by IWG will create more diversity and vibrancy for One Raffles Place Shopping Mall.
As the mall attracts high shopper traffic of close to one million each month, necessity services and food & beverage tenants will remain the mainstay of the retail offering. The presence of a co-working space will further enhance the
business traffic and synergy for One Raffles Place as an integrated commercial development.”
“For us, opening a Spaces site at One Raffles Place is such a wonderful moment. This area is well-known for its very high quality and standards; a perfect fit for our community who will expect excellence in the design of Spaces and in our level of hospitality. We also plan to support an energised business community of different industries, which will include the creative industries and fin-tech groups,” says Martijn Roordink, Co-founder of Spaces.
One Raffles Place Shopping Mall will remain operational during the asset enhancement period and the implementation phases are carefully planned to minimise disruption to both tenants and shoppers. The cost of the AEIs is not expected to have a material impact on OUE C-REIT’s gearing.
