Transforming properties into high-yielding real estate
Mapletree seeks to continually strengthen its portfolio through asset enhancement – transforming properties into high-yielding real estate.
At PSA Building, its ageing retail podium was replaced with the vibrant Alexandra Retail Centre (ARC) – a three-storey mall that offers a variety of retail and dining options to the working population of Alexandra Precinct and the nearby residential community. Old buildings such as HarbourFront Centre and St James Power Station likewise underwent asset enhancement. The over 30-year old HarbourFront Centre was fitted with modern eco-friendly features, and was eventually rated Green Mark Platinum by Singapore’s Building and Construction Authority. For St James Power Station, Mapletree revitalised the defunct power station into Singapore’s largest entertainment hub, and conserved its 1927 heritage façade.
Mapletree also seeks opportunities to transform its industrial properties to cater to the demand for higher value industrial uses. Mapletree Industrial Trust’s Telok Blangah cluster will be redeveloped into a build-to-suit development for Hewlett-Packard Singapore, and when completed, will feature facilities for manufacturing, product and software development, as well as an ancillary office. Whereas, the Kallang Basin 4 cluster within centrally-located Kallang iPark will see the development of a new 14-storey high specification industrial building, in addition to improvement works at the existing buildings in the cluster.
The commitment to enhance the value of Mapletree's assets is also extended overseas. In Japan, Mapletree Logistics Trust started an initiative to install solar panels for its properties. To date, nine properties have solar panels installed, generating an additional income stream, while enabling the tenants to enjoy energy cost savings.