The Ophir-Rochor transformation is on its way
That seems to be what the Ophir-Rochor district aims to be, with the transformation of large plots of land in the area surrounding the Bugis MRT station and along Beach road.
Shaw Towers is joining new integrated developments such as Midtown, Duo and South Beach in creating a spanking new Ophir-Rochor corridor.
The decision has been made to redevelop the 42-year-old building into a 35-storey grade A office and retail building by 2023.
The process is expected to begin in 2020 and most of the 150 existing tenants have been informed about the decision. While some may retire their business by then, some are planning to come back when the new building is completed.
The Ophir-Rochor transformation began very much with the DUO integrated development. This project consists of residential apartments as well as commercial components such as office, retail shops and the Andaz hotel.
Beach road rejuvenation incorporates heritage conservation
Industry players are liking the Beach road rejuvenation process as they see these new buildings blending well into the Kampong Bugis area with its conservation shophouses and local heritage. There is hope that the rejuvenation will continue further down the stretch to include also the Golden Mile Complex, Golden Mile Tower and Jalan Sultan area.
The new Shaw Tower could potentially add 400,000 sq ft of new office space and 30,000 sq ft of retail space to the district.
Office rents at the new DUO development are already hitting $10 psf, a price that is close to that of grade A offices in Marina Bay and Raffles Place. The same at Shaw Towers currently stands at $3.50 psf to $5 psf.
Will a new Shaw Tower close the gap in rents?