United Engineers / OCBC / Great Eastern: the 3 companies have a JV in the “orchardgateway”, which will house a new 500-room hotel with 6 floors of retail space (180k sf leasable space) as well as office space (3.5k sf gfa) slated to open 2H13. It will also feature a 18k sf public library to open in 2014.
The devt will straddle the sites formerly occupied by Hotel Phoenix, the Specialists Centre and Orchard Emerald. The two towers will be linked by a glass tubular overhead bridge and an underpass across Orchard Road.
The project has been awarded the Green Mark Platinum award for sustainable devts. Its green features will help to conserve 10.1m Wh per year of energy, which is equivalent to Singapore's electricity consumption for 2.2 hrs, and annual water savings equivalent to about 231 Olympic-size swimming pools.
On a side note, CLSA recently visited 5 malls (4 new being 112 Katong Mall, Changi City Point, Scotts Square and The Rochester mall + 1 undergoing AEI being Causeway Point). The house ranked United Engineers’ The Rochester mall last in terms of crowd. Notes in Oct ’11, news reported that the mall was >90% occupied, but in Feb ’12, anchor tenant Farmhouse Supermarkets terminated its 25k sf lease as the premises were not ready in time.
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