Here's the S$7.7m plan to make China Square Central competitive again

Frasers Commercial Trust footing the bill for AEI.

In a relase, Centrepoint Asset Management (Commercial) Ltd (“FCAMCL” or the “Manager”), the manager of Frasers Commercial Trust (“FCOT”, SGX:FrasersComm), announced a S$7.7 million asset enhancement initiative (“AEI”) for the office tower at China Square Central to create a more contemporary, elegant and conducive working environment to meet the modern needs of its office tenants.

Located in the Central Business District, China Square Central is an 11-year old building consisting of a 15- storey office tower and rows of offices, shops and restaurants that were converted from traditional shophouses.

The office tower, known as 18 Cross Street, has a floor plate of approximately 18,000 square feet. The enhancement works is scheduled to commence in November 2012 and is expected to complete within 6 months. During this period, office tenants will continue to operate with minimal disruption. The enhancement works include installing new furnishings, upgrading the main lobby, enhancing the drop-off point, refurbishing the common areas, lift lobbies and restrooms and installing new facilities such as shower rooms and multi-media display units in lifts. In addition, a new security system with turnstiles and card access system will be installed.

FCOT believes the AEI will increase the competitive position of China Square Central and at the same time, capitalize on the opening of the new Telok Ayer MRT station.

Key areas of the AEI are:

• Revitalising and enlarging the main lobby to create a spacious, welcoming and  contemporary environment which will include widening the entrance, replacing lightings and introducing new furnishings such as marble finishing, marble flooring and timber ceilings;
• Extending the marble and timber finishes in the main lobby to the drop-off point and installing new water features;
• Replacing the louvered wall along the pedestrian walkway with new marble finishing and create a new building signage to complement the new image of the main lobby and drop-off point;
• Creating a new reception area and enhancing security for the tenants by installing  turnstiles and a card access system;
• Upgrading the common areas of each floor with new furnishings such as marble finishing, new finishing for lift doors, brightening the lift lobbies with additional lighting, and providing multi-media display units in lifts and new furnishings for the internal area of the lift car;
• Constructing shower facilities on every floor of office building which will complement the new bicycle park facility for cyclists; and
• Creating more comfortable and environment-friendly restrooms, with new wall and floor finishes, new sanitary wares, new taps and flushing systems with motion sensors to conserve water and energy.

Mr Low Chee Wah, Chief Executive Officer of the Manager, said, “The AEI will enhance the competitiveness and future growth potential of China Square Central. We believe the enhancement works is timely and will reinforce China Square Central as a choice business location. The enhancement works will also provide China Square Central with furnishings and facilities commonly found in Grade A office buildings. This enhancement is part of FCOT’s proactive asset management strategy to continuously unlock greater value from its portfolio and enhance the revenue-generating ability of its properties.”

Mr Low added, “China Square Central is strategically located within the Central Business District with good connectivity to public transportation. The new Telok Ayer Mass Rapid Transit (MRT) station on the Downtown Line which will open in 2013 will also provide direct connectivity to China Square Central. Coupled with ample parking bays, the property will offer greater connectivity and accessibility to both visitors and tenants alike. The AEI is also part of the enhancement programme for the area and complements the China Square Precinct Master Plan (“Master Plan”) which is currently being carried out. The Master Plan is expected to transform, revitalise and rejuvenate the area with more exciting dining and entertainment options. All these will make China Square Central a very attractive office accommodation.”