Lion City Tower Plaza begins renovation in Q3 at a cost of 160 million | Lianhe Zaobao

The Plaza Singapura, built in the mid-1970s, will undergo a new round of renovations, with CapitaLand Integrated Commercial Trust investing SGD 160 million for asset enhancement. According to the first quarter business report released by CapitaLand Integrated Commercial Trust on Friday (April 24), the asset enhancement project for Plaza Singapura will be carried out in phases starting from the third quarter of 2026 until the fourth quarter of 2028, during which the mall will remain operational; The Atrium@Orchard, connected to Plaza Singapura, will also undergo renovations simultaneously. The Atrium@Orchard, connected to Plaza Singapura, will also commence asset enhancement works from the third quarter of 2026. (Provided by CapitaLand) In addition, to align with the Urban Redevelopment Authority's (URA) plans to transform the adjacent Orchard Road section into a pedestrian street and expand the Istana Park opposite the Presidential Palace, the shopping center will also extend the park experience indoors through upgrades. The business report stated that the entrance facing Orchard Road will be renovated to introduce a "greenery-surrounded" all-day dining café. The existing sky bridge within the mall will be transformed into a "floating garden," introducing a brand-new dining concept. Several major spaces within the mall will be redesigned as multi-sensory experience areas, integrating experiential retail and dining concepts. The layout and decor of public areas will also be optimized and upgraded. The trust stated that this asset enhancement project will also upgrade infrastructure and refresh the tenant mix to enhance the positioning of the shopping center, better serving Singapore residents and tourists. CapitaLand Integrated Commercial Trust announced on Monday (20th) that it has acquired another Orchard Road mall, Paragon, for SGD 3.9 billion. According to previous reports, this mall also plans to undergo significant renovations, estimated to cost between SGD 300 million to SGD 600 million, which may take three to four years to complete Extended Reading CapLand Investment receives a 2.4 billion yuan real estate investment mandate from Yingkang Insurance CapLand Commercial Trust drives growth, continuously seeking acquisition and divestment opportunities in real estate The Palais Renaissance, located in the prime area of Orchard Road, opened in 1986. Its last major asset enhancement plan was in 2009, costing 82 million to enhance the property and adding 42,000 square feet of space. Additionally, asset upgrade projects for Lot One, Raffles City Tower, and Tampines Mall under the trust are currently underway. Trust performance shows that net property income (NPI) in the first quarter increased by 7.9% year-on-year to 314.4 million. Total revenue increased by 8% year-on-year to 426.7 million. As of the end of March, the overall occupancy rate of the trust's real estate portfolio was 95.2%, a decline of 1.7 percentage points compared to the previous quarter. Furthermore, the weighted average lease expiry (WALE) is 3 years. The total leverage ratio slightly decreased from 38.6% at the end of 2025 to 38.5% this quarter. The average cost of debt decreased slightly from 3.2% at the end of the previous quarter to 2.9%. CapLand Commercial Trust's stock price rose after the market opened on Friday, reporting around 2.49 SGD at approximately 1:15 PM, an increase of 0.4%