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Lendlease REIT deploys additional GFA to prime units at 313@somerset

By Atiqah Mokhtar

/ EdgeProp Singapore |

February 15, 2022 1:15 PM SGT

Lendlease Global Commercial REIT (LREIT) will be deploying bonus gross floor areafrom the URA Master Plan 2019’s increased plot ratio to two prime units on the ground floor of 313@somerset. (Photo: Samuel Isaac Chua/The Edge Singapore)

SINGAPORE (EDGEPROP) - Lendlease Global Commercial REIT (LREIT) will be deploying bonus gross floor area (GFA) from the URA Master Plan 2019’s increased plot ratio to two prime units on the ground floor of 313@somerset.

See also: Retail unit at Queensway Shopping Centre for sale at $7.5 mil

In a Feb 14 statement, the manager of LREIT says the remaining untapped GFA of approximately 10,200 sq ft will maximise the full potential of 313@somerset and bring value to its unitholders.

“The additional GFA allows us to create a mall that connects with the surrounding environment, communities and our partners to deliver exceptional experiences for all our stakeholders,” says Kelvin Chow, CEO of the manager.

The manager’s strategy to deploy the additional GFA comes in tandem with a tenant refresh at 313@somerset. “The tenant refresh underscores LREIT’s strategy in optimising the additional leasable space from the URA scheme since the onset of the Covid-19 pandemic,” the manager’s statement reads.

As part of the refresh, 313@somerset will welcome Puma’s first Southeast Asia flagship store. The 7,100 sq ft store, which includes 480 sq ft of additional GFA, will open in June.

Other than Puma, the curated mix of new brands at 313@somerset includes Ohayo Mama San, a sushi and Japanese fusion restaurant where additional GFA has been deployed to its first-level unit, and Super Coconut, which is setting up its first flagship store in the mall.

Tags:

Lendlease Global Commercial REIT 313@Somerset Singapore retail Orchard Road shopping belt

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