SINGAPORE - The consortium comprising Nobel Design, Lian Huat Group and 2E Capital, which bought the freehold Hotel Windsor in the MacPherson area last year, is converting the hotel's office-retail podium into a strata retail development for sale.
There will be 80-plus retail units at the new Macpherson Mall, 34 per cent of which will be for use as food and beverage (F&B) outlets and the rest for use as shops. Indicative prices will range from $3,500 to $6,000 per square foot for the retail units, which will have sizes of between 260 sq ft and 3,000 sq ft.
Absolute prices are expected to start from $1.4 million for a 355-sq-ft shop. The majority of units will be between 550 sq ft and 800 sq ft. There will be six "loft-in-shop" units at the ground level.
The sales gallery will open this weekend with sales expected to begin towards the end of this month.
The retail units will be located from Basement 1 to Level 3 of the property.
The existing hotel, on levels 4-9, will also undergo a revamp. Its room count will rise from 225 to 300, with some rooms to be subdivided.
A swimming pool will be added to the hotel. Its facade will undergo a full makeover, the entrance revamped and all mechanical and engineering equipment replaced.
A major retrofitting of the existing hotel and commercial podium is slated to begin in the first quarter of next year, after the last lease in the commercial podium expires in January.
The hotel and podium will be shut for the revamp, which is expected to last 15 months. Talks are underway to appoint an international chain to manage the hotel, which is located at the corner of Aljunied and MacPherson roads.
As the only one in the MacPherson vicinity, Macpherson Mall will enhance the area's appeal in addition to providing the hotel's guests as well as nearby residents a selection of retail attractions, according to a statement from LVND Investments, the joint-venture company that owns the development.
LVND said the property is about 2.3km from Paya Lebar Airbase, which will be relocated to Changi after 2030; this will result in the removal of height restrictions and pave the way for new developments in the area.
It is also a short distance from Bidadari New Town. The future Mattar MRT Station on the Downtown Line is about 600 metres away.
Jeremy Lake, executive director of CBRE, said Macpherson Mall's proximity to Paya Lebar Airbase and Bidadari New Town will be a game-changer for the location and certainly improve the popularity of the area.
"Also, one should not underestimate the attraction of the freehold tenure. Whereas some strata commercial projects tend to draw a high percentage of buyers with a short-term outlook, this project should be appealing to both long and short-term investors in addition to some endusers," he said.
The mall and hotel project has been designed by AD Lab Pte Ltd.
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