[COMPLETED] Sembawang Shopping Centre

We have developed the asset enhancement plan which incorporates an additional 45,267 sq ft of GFA from the decantation of the residential block. The decanted space from the residential block and part of the retail space on Level 4 will be transferred to create more prime retail space on three levels of an extension which will be built on a plot of land adjoining the mall. The decanted space on Level 4 will be converted to an Open Landscape Plaza which will feature a children’s playground and an event space. The project is expected to incur a capital expenditure of S$38.9 million, and is expected to increase net property income by S$3.7 million per annum and achieve a return on investment of 9.5 percent. Construction of the extension block is expected to commence in end 2006 and is expected to be completed by end 2008.