SINGAPORE – CapitaLand Integrated Commercial Trust (CIC) will invest about $160 million to upgrade Plaza Singapura and The Atrium@Orchard, the latest landlord to refresh Singapore’s malls so to keep pace with evolving shopper wants.
The work, scheduled to take place from the third quarter of 2026 to the fourth quarter of 2028, will be carried out in phases, with the mall staying open, CICT said in its first-quarter business update on April 24.
It said the revamp aims to enhance Plaza Singapura’s position along Orchard Road through upgraded infrastructure and a refreshed tenant mix catering to both locals and tourists.
In line with the Urban Redevelopment Authority’s plans to pedestrianise the Orchard Road stretch fronting the mall and expand Istana Park, Plaza Singapura will be uplifted to extend the park experience indoors, “creating a seamless connection between nature and retail”, CICT said.
The mall’s entrance facing Orchard Rd will be refreshed with all-day dining cafes “set amid lush greenery”, while the Handy Road sheltered drop-off will get a new contemporary facade.
Within the mall, existing sky bridges will be transformed into floating gardens, anchored by new dining concepts.
Key spaces in the mall will be redesigned into multi-sensory areas featuring experiential retail and dining concepts, while common areas will be enhanced with improved layouts and finishes.
The Atrium@Orchard, whose retail podium is seamlessly linked to Plaza Singapura, will be included in the upgrade.
CICT said the move adds to ongoing asset enhancement works across its portfolio, as it continues to reposition assets and drive long-term growth.
This is CICT’s second announcement about an Orchard Road shopping mall this week. On April 20, it said it will sell a prime office building, Asia Square Tower 2, for $2.5 billion and buy Paragon mall for $3.9 billion.
The purchase boosts CICT’s presence along Orchard Road, which already comprises ION Orchard, Plaza Singapura, The Atrium@Orchard, Raffles City Singapore and Funan.
CICT posted stronger results for the first quarter ended March 31, with net property income up 7.9 per cent year on year to $314.4 million. Gross revenue increased 8 per cent to $426.7 million.
The trust said its retail portfolio continued to see stable performance, supported by higher shopper traffic and tenant sales.
The planned upgrade adds to ongoing asset enhancement works across its portfolio, as it continues to reposition assets and drive long-term growth.
