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Green light for Perennial to enhance AXA Tower, TripleOne Somerset

Singapore-listed Perennial Real Estate Holdings has received planning permits for the proposed enhancement AXA Tower and TripleOne Somerset, the group said in an SGX filing on Tuesday (4 August).

The enhancement plan for AXA Tower, a predominantly-office cum retail development, includes increasing the building’s total net lettable area (NLA) by 85,000 sq ft to about 760,000 sq ft.

The building’s retail podium at level 1 and basement 1 will be increased and a two-storey annex block will be built to house medical suites amounting to no more than 32,000 sq ft. The group also intends to strata sale the office spaces to maximise the value of the prime asset.

As for TripleOne Somerset, a predominantly-office cum retail development off Orchard Road, will see enhancement works to increase its retail space and the conversation of 32,000 sq ft of its gross floor area (GFA) to into medical suites. The company also intends to strata-sale the office spaces, commencing with one office tower.

Headquartered in Singapore, the group focuses mainly on large-scale developments in China and Singapore. Besides TripleOne Somerset and AXA Tower, its properties in the republic include Chijmes and Capitol Singapore. It also holds stakes and manages 112 Katong mall and Chinatown Point mall.

Source: Citicommercial, Aug 5, 2015

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