SINGAPORE: The Orchard shopping belt in Singapore is buzzing with retail opportunities as redevelopment initiatives and an influx of renowned brands continue to shape its four sub-precincts: Orchard, Somerset, Dhoby Ghaut, and Tanglin.
Singapore Business Review reported that real estate firm JLL highlights Somerset, Dhoby Ghaut, and Tanglin as prime investment spots due to their redevelopment and the influx of luxury brands in Orchard.
Luxury brands such as Louis Vuitton and Christian Louboutin have recently opened alongside flagship stores like Nike and United Colors of Benetton, breathing new life into the Orchard and Somerset areas.
JLL states, “The growing concentration of luxury brands and flagship stores in the Orchard and Somerset sub-precincts has reinvigorated the Orchard shopping belt’s reputation as an internationally renowned shopping destination that attracts domestic shoppers and foreign tourists.”
Beyond retail establishments, the Somerset and Orchard sub-precincts offer a plethora of activity-based attractions.
Trifecta, an action sports facility, has become a popular spot for enthusiasts, while Lendlease Global Commercial REIT’s upcoming multifunctional event space is set to host a variety of concerts, events, and innovative food concepts.
Meanwhile, Dhoby Ghaut is undergoing a transformation that aims to attract families.
Plans include creating a pedestrian-friendly stretch along Orchard Road between Buyong Road and Handy Road and expanding Istana Park to accommodate family-friendly amenities such as play areas and interactive water features.
There will also be a new sheltered “all-weather event space for families.” According to JLL, “These initiatives will be completed progressively from 2025 onward.”
Several redevelopment initiatives are underway in Tanglin, presenting exciting retail opportunities. Tanglin Shopping Centre, Ming Arcade, and HPL’s Orchard Road assets are among the key projects for transformation.
JLL mentioned that Pacific Eagle Real Estate, the new owner, might turn it into a mix of offices and shops.
Currently, it’s a 12-storey building built in the 1970s, with shops and offices up to the sixth floor and more offices up to the 12th floor, plus a car park.
Ming Arcade is also in for changes. The Royal Group of Companies, the new owners, want to change its seven floors and three basement levels for hotel use.
Additionally, Hotel Properties Limited’s (HPL) assets, Forum The Shopping Mall, voco Orchard Singapore, and HPL House on Orchard Road, can be revamped into a mix of office, retail, hotel, and residential components.
The URA gave them provisional permission under the Strategic Development Incentive (SDI) Scheme. These properties cover 150,000 sq ft in total. /TISG