More than retail: Why Singapore commercial spaces are redeveloping to add homes and offices

SINGAPORE – Within the same week, decades-old shopping mall Marina Square and cineplex Yishun 10 announced they would be redeveloped to include residential units, with both properties closing in March 2027 to prepare for renovation. The announcements were made on Sept 1 and 2 respectively.

The two upcoming overhauls join a list of major and notable redevelopment projects that are currently under way, with expected completions stretching into the early 2030s.

Nicholas Mak, chief research officer at Singapore-based property portal Mogul.sg, said these redevelopments involve decades-old buildings that are naturally due for a major revamp.

He pointed out the opportunity cost for landlords, noting that keeping a mall purely for retail no longer brings in the “financial returns that they used to enjoy”.

To generate better rental income, developers must pivot to alternative spaces, though he warned these big redevelopments are not without risks given the hefty capital expenditure.

“But here’s the thing, it’s positive because it’s a form of urban renewal,” said Mak.

For the property developers, bundling luxury residences with mixed-use projects makes financial and strategic sense, as pre-selling luxury residences during construction generates liquidity when a developer needs capital most, according to Keith Ong, co-founder and group chief executive officer of RealVantage, a global institutional-grade real estate investment platform.

“Offices, malls and serviced apartments often take years to stabilise and may deliver a meaningful return only when they are refinanced or sold. Residential sales let a developer recover part of its capital much earlier in the cycle,” he said.

He added that for mixed-use developments, the different components can be monetised separately, giving the developer greater flexibility.

“A developer can sell the residences outright, retain the mall for recurring income, and later sell or refinance the office and hospitality components – either independently or with different investment partners for each piecemeal.”

Combining residential, retail and office space also means sustained activity throughout the week, Ong pointed out.

“These aspects allow a mixed-use scheme to function as an integrated destination rather than a cluster of disconnected buildings – a model that is particularly well established in Japan and other dense Asian cities, where people can live, work, shop and dine within a single development,” he said.

Ong added that projects built near major transport nodes are especially sought after for their convenience and reduced car dependence, which is “a tremendous commercial benefit for and within Singapore”.

Alan Cheong, executive director of research and consultancy at Savills Singapore, said that as mixed-use developments blur the lines between living, working and recreation, centrally located JTC estates could be the first to benefit from this “live, work and play” model.

One example is JTC’s one-north business park, which integrates residential spaces alongside its business and research facilities.

“However, they have to resolve the problem that industrial properties come with 30-year leases. This has to extend to 99 years for the residential component to be saleable. Otherwise, the residential component would have to be for lease, and developers may have to be further incentivised to accept that use,” said Cheong.

Indeed, this push for urban rejuvenation is reflected in a growing pipeline of upcoming projects.

Mixed-use developments under way

1. Marina Square shopping centre

Property developer Singapore Land Group (SingLand) announced on Sept 1 that Marina Square would close on March 31, 2027, for a revamp to include luxury residences, serviced apartments and offices on a site of more than 360,000 sq m.

The revamp, which will also include the launch of a 304-key hotel, will result in a four-storey retail mall and three new towers. They include a 49-storey residential tower hosting 204 luxury homes, ranging from three- to five-bedroom apartments to penthouses.

Offices will occupy eight floors of a new mixed-use tower, providing around 13,000 sq m of lettable space. The revamped Marina Square, which is slated for completion in 2031, will also link to three existing hotels: the Pan Pacific Singapore, Parkroyal Collection Marina Bay and Mandarin Oriental Singapore.

2. Yishun 10

Singapore’s first cinema multiplex, Yishun 10, will cease operations on March 2, 2027, to be redeveloped into a residential building with a retail podium at street level, its owner Frasers Property announced on Sept 2.

The new development, with about 110 residential units, will be the first residential launch in Yishun Central in more than a decade, according to Frasers Property.

The Thai-Singaporean multinational real estate and property management group bought Yishun 10, located at 51 Yishun Central 1, from cinema operator Golden Village in June 2025. It also bought the 10 strata lots in the building from Frasers Centrepoint Trust for $34.5 million.

The Yishun 10 property has a site area of 39,125 sq ft and a gross floor area of 117,376 sq ft.

3. Newport Plaza

Formerly Fuji Xerox Towers at 80 Anson Road, Newport Plaza is a 45-storey mixed-use building expected to be completed in 2027, and combines Grade A office spaces with the luxury residential component Newport Residences.

There will be 246 ultra-luxury freehold apartment units, which will occupy levels 23 to 45 of the Newport Plaza tower. Property developer City Developments Limited (CDL) said on Feb 1 that 140 of the 246 units – about 57 per cent – were sold by 5pm that day.

As at Sept 3, over 80 per cent of the units had been taken up, according to the property’s official website.

Prices for Newport started from $1.298 million for a one-bedroom unit, $1.968 million for a two-bedroom, $3.238 million for a three-bedroom, and $8.28 million for a four-bedroom premium unit.

Newport Plaza will sit on the fringe of the future Greater Southern Waterfront, which is expected to fully take shape by the 2040s.

4. Orchard Central

On July 24, it was reported that retail tenants on the fifth to eighth floors, as well as levels 11 and 12, of Orchard Central shopping mall have to move out by Nov 30, 2026, to free up space for office use.

The Business Times reported earlier on July 10 that Deloitte would occupy several of the mall’s upper-level floors, a move the consulting firm confirmed is slated for 2027.

Orchard Central landlord Far East Organization also announced plans on July 24 to enhance the building. Subject to approval from the authorities, the upgrades will include fresh dining options, new public art integrations and improved connectivity to the future revamped Istana Park via a new pedestrian link bridge.

While the mall is currently approved for retail, food and beverage, and lifestyle use, the Urban Redevelopment Authority has granted in-principle approval to introduce office spaces alongside the existing retail framework.

5. JustCo Place at Orchard Point

The building at 160 Orchard Road – formerly OG Orchard Point – briefly operated as the food-focused mall Taste Orchard by Hao Mart before its lease ended in late 2025.

On July 10, home-grown firm JustCo announced it was debuting a new concept at the mall called JustCo Place, combining its core co-working services with co-living and retail offerings. It comprises five levels of co-working and retail spaces, and five levels of co-living apartments.

JustCo’s co-working centre and retail units will take up approximately 150,000 sq ft from basement one to level four, taking over the space previously occupied by Taste Orchard. Deloitte Singapore is expected to move into the co-working space on levels three and four in September.

Basement one to level two will be subleased for retail, with roughly half of the 40 intended units reserved for F&B operators, and the rest for lifestyle and wellness brands.

In addition, the building’s existing serviced apartments on levels six to 10 – previously managed by OG and closed since May 31 for renovations – are being retrofitted by the landlord into more than 120 co-living apartments spanning 100,000 sq ft.

JustCo will manage these units under its new flexible-living brand, JustAt. Ranging from studios to three-bedroom apartments, the majority of the units will be one-bedders of between 400 sq ft and 500 sq ft.

Both the retail spaces and JustAt co-living apartments are slated to open from January 2027.

6. Union Square at Havelock Road

Located along the Singapore River, Union Square is part of a mega 735,500 sq ft mixed-use development sitting on the former sites of Central Mall and Central Square.

The project comprises the 40-storey Union Square Residences featuring 366 luxury residential units, alongside a 20-storey Grade A office tower named Union Square Central.

The development’s retail, dining and co-living spaces will be housed within a mix of repurposed conservation buildings and a three-storey block, all connected by an open pedestrian promenade. The entire integrated project is targeted for completion in 2029.

7. One Sophia

The former Peace Centre at 1 Sophia Road has been demolished to make way for a new mixed-use development comprising office building One Sophia and residential tower The Collective at One Sophia.

The project will feature 367 residential units across two 19-storey towers and a 13-storey commercial tower that includes 122 strata-titled office suites and 127 strata retail units with space for a supermarket.

Jointly developed by CEL Development and SingHaiYi Group, the project is expected to be completed by the end of 2029.

Source : https://www.straitstimes.com/business/property/more-than-retail-why-singapore-commercial-spaces-are-redeveloping-to-add-homes-and-offices