The upgrade will be carried out in phases from the third quarter of 2022 to the third quarter of 2023
SGX-listed CapitaLand Integrated Commercial Trust will spend S$62 million ($44.7 million) to upgrade its Clarke Quay nightlife complex along the Singapore River into a day-and-night destination with enhanced sustainability credentials.
The value-add project, to be carried out in phases from the third quarter of 2022 to the third quarter of 2023, will include restored warehouses to provide space for new concepts in a “conserved heritage setting”, as well as refreshed outdoor dining and community areas, CICT’s manager said Tuesday in a release.
Popularly known as CQ for short, the property has added the initials to its name and will be marketed as CQ @ Clarke Quay to reflect a modern interpretation of the riverfront zone’s rich heritage.
“The repositioning of CQ @ Clarke Quay is a timely move that will broaden its appeal to families in tandem with the urban renewal of the Singapore River precinct to incorporate more leisure amenities and residential developments, such as the 696-unit CanningHill Piers site adjacent to CQ @ Clarke Quay,” said Tony Tan, CEO of the trust’s manager, which is wholly owned by CapitaLand Investment.
Green Features
Singapore firms Meta Architecture and Formwerkz Architects are designing the refurbished Clarke Quay complex to be sustainable on a stabilised basis, with 34 percent of the total project cost dedicated to green features.
Tony Tan, chief executive of CICT’s manager
To increase the daytime thermal comfort of the property’s inner streets, the existing angel-shaped canopy will be replaced by an ethylene tetrafluoroethylene (ETFE) membrane touted to reduce solar heat gain by up to 70 percent while maintaining comfortable daylight conditions.
Also providing environmental design consultancy for CQ @ Clarke Quay is London-based Atelier Ten, which was involved in optimising the thermal comfort of Jewel Changi Airport and Gardens by the Bay.
The enhancement of CQ @ Clarke Quay’s property management systems is expected to boost the green building rating conferred by the Building and Construction Authority from Green Mark to Green Mark Gold Plus, CICT said.
The Clarke Quay complex on River Valley Road was valued at S$342 million (now $246 million) at the end of 2021 and counts 44 tenants across its net lettable area of 293,248 square feet (27,244 square metres). The upgrade promises a new tenant mix with a wide spectrum of daytime activities and retail offerings, including a FairPrice Finest supermarket, a Seafood Paradise restaurant, a Slingshot thrill ride and an all-new brewery concept by an award-winning hospitality group.
Pre-commitments from tenants and leases in advanced negotiations have reached more than 70 percent of CQ @ Clarke Quay’s net lettable area, CICT said.
On the Waterfront
In addition to CanningHill Piers — a joint redevelopment of the old Liang Court complex by CapitaLand and City Developments Ltd — the Clarke Quay area is home to the Central Square site acquired by CDL last year from Far East Hospitality Trust for S$315 million ($230 million).
CanningHill Piers will boast a 48-storey (180 metre) residential tower facing the riverside as the tallest residential development along the Singapore River and a 24-storey (100 metre) residential tower overlooking Fort Canning Hill.
Sitting across the river from CanningHill Piers, the Central Square complex is being redeveloped by CDL into a mixed-use project with 735,500 square feet of commercial, hotel and serviced apartment space.
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