Situated at the former Park Mall site which the Manager divested in December 2015 as part of its proactive portfolio management strategy, 9 Penang Road is a new Grade A commercial building which is undertaken through a joint venture with Haiyi Holdings Pte Ltd, SingHaiyi Group Ltd and Suntec Real Estate Investment Trust, with an interest of 35.0%, 35.0% and 30.0% respectively.
The premise was taken back from the tenants in end September 2016 and development works commenced in December 2016. The new ten-storey building consists of two wings with an approximate net lettable area of 352,000 sq ft of office space across eight floors and 15,000 sq ft of retail space at the first level. In-line with the Urban Redevelopment Authority’s Walking and Cycling Plan, a cycling path and end-of-trip facilities will be provided in this development. The lease tenure of the land has also been extended to a fresh 99 years.
The development is estimated to cost approximately S$800 million and the building is scheduled to complete by end 2019.