PARKWAY PARADE, SINGAPORE
LREIT acquired a 10.0% interest in Parkway Parade Partnership Pte Ltd, which indirectly holds 77.09% of the share value in Parkway Parade, from Lendlease Asia Investments Pty Limited in June 2023.
Parkway Parade is one of Singapore’s first major and biggest suburban malls, offering the largest range of stores on the East Coast of Singapore with over 250 stores located across seven levels. The integrated office and retail asset is well-connected to public transportation and easily accessible via major expressways. With the upcoming Marine Parade MRT station directly connected to Parkway Parade, accessibility to the mall will be greatly improved. This would strengthen its position as a dominant suburban retail mall in the eastern part of Singapore.
Furthermore, Asset Enhancement Initiatives (“AEI”), have been planned to coincide with the completion of the new MRT station. Upon completion of AEI, Parkway Parade will be reinvigorated with new retail and F&B tenants. The mall will continue to receive healthy daily shopper traffic and offer a vibrant mix of retail and F&B offerings from popular tenants such as Food Republic, FairPrice Xtra, Harvey Norman, Marks & Spencer and Uniqlo, alongside lifestyle amenities and services.
MULTIFUNCTIONAL EVENT SPACE, SINGAPORE
LREIT was awarded the tender to redevelop the 48,200 sq ft car park at Grange Road. The site, to be redeveloped into a multifunctional event space, will maximise its full potential and create synergy with the “Discovery Walk”, which is linked to 313@somerset. With a combined NLA of approximately 330,000 sq ft, it enlarges and strengthens LREIT’s retail presence in the Somerset precinct. The space is envisioned to be an experiential innovative lifestyle destination that features creative use of communal spaces and themed events to promote social networking and wellness. Once construction of the site has commenced, it will take approximately 12 to 18 months to complete.