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Four major property owners announced on Monday (17 Sept) that they have joined forces to revitalise a landmark precinct situated within Chinatown and the Central Business District (CBD).
Led by Frasers Property, the consortium comprises Great Eastern, Far East Organization (FEO) and Capital Square, which is jointly owned by ARA Asset Management and NTUC Income Insurance.
Dubbed “China Place”, the precinct houses shopping centres like Capital Square, China Square Central and Far East Square, along with commercial building Great Eastern Centre.
China Place is one of nine distinctive precincts chosen to participate in the Urban Redevelopment Authority’s (URA) pilot Business Improvement District (BID) programme.
This scheme is a formalised placemaking framework that encourages local stakeholders like businesses and private property owners to transform public spaces into vibrant communities in a bid to generate more business opportunities, as well as attract more tourists and visitors.
“Our vision for China Place is to reflect the rich history of the precinct as well as the dynamism of Singapore’s CBD, so it will become a vibrant and unique destination for the business community, leisure shoppers and visitors alike,” said Low Chee Wah, senior executive vice president at Frasers Property Singapore.
In particular, the property owners plan to install better wayfinding signs and repurpose existing laneways for vendors and activities. Another plan is to hold culturally rich and immersive events like heritage trails and exhibitions to draw the interest of travellers and younger Singaporeans.
“Adding to the vibrancy and buzz of the precinct are two new hotels, Capri by Fraser and The Clan, by Frasers Hospitality and Far East Organization respectively. They are set to complete in the next two years, and will cater to business travellers seeking a unique blend of work and leisure opportunities,” they added.
According to the URA, the BID programme aims to enliven precincts over a four-year period. The other areas chosen to take part in this scheme are City Hall, Jurong Gateway, Kampong Glam, Marina Bay, Marina Centre, Paya Lebar, Raffles Place and Tanjong Pagar.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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