SINGAPORE (Mar 21): OUE Commercial REIT (OUE C-REIT) announced that One Raffles Place Shopping Mall will be undergoing an asset enhancement initiative (AEI) from mid-2018 onwards.

The highlight of the AEI will be a new co-working space called Spaces which will occupy more than 35,000 sf of space across a few levels.

The six-storey retail mall located in the central business district (CBD) area of Raffles Place will spot a new retail environment that will address the changing needs and lifestyle preferences of the working population in the CBD.

The AEI includes improving the circulation areas of the mall, creating more inviting and open retail space with better visibility and providing a better shopping experience while driving per-square-foot productivity of the mall.

Tan Shu Lin, CEO of OUE C-REIT, says, “As the mall attracts high shopper traffic of close to one million each month, necessity services and food & beverage tenants will remain the mainstay of the retail offering. The presence of a co-working space will further enhance the business traffic and synergy for One Raffles Place as an integrated commercial development.”

Units in OUE C-REIT closed at 72 cents on Wednesday.