The Singapore government and Singapore capital investment groups have not been shy at all about taking advantage of the unique opportunities that they have to improve the Singapore economy, nor have they overlooked the fact that the investments they make into the Singapore economy almost always have a dramatic and measurable positive impact on the quality of life that the people of Singapore enjoy.
Recently, the Housing and Development Board of Singapore invested $48 million upgrading six of the 21 different shopping complexes all over Singapore, and are expected to continue to invest until all of the shopping complexes in Singapore have been dramatically overhauled and modernized the new economy.
This is a major undertaking, has even just a single shopping center in Singapore serves anywhere between 20,000 and 40,000 residents living in any one particular area. The upgrades are be made on a lout basis so that these shopping centers can remain open during construction and renovation, and the plans are currently expected to take about two years for the projects to be finalized.
These properties are the ones owned by the Housing and Development Board of Singapore, part of a major initiative that was rolled out in the early 1990s in an effort to better serve the people of Singapore with quality shopping centers that didn’t detract from the areas they were built into.
As consumer needs shifted and adjusted the Housing and Development Board of Singapore recognized that major upgrades need to be made, and now the spaces are being utilized to provide more food options, more parking and restroom facilities, and more enhanced family-friendly and handicapped friendly facilities than ever before.
All operations that conduct business inside of these shopping complexes are going to be able to take advantage of these upgrades without having to worry about their rent or their utilities spiking, either. Shop owners are incredibly excited about the fact that they are going to be able to take advantage of essentially brand-new spaces without new capital investments on their own, something that the Singapore government is obviously going to take care of in an effort to further spur on the local economy.
According to the Vice Chairman of the Housing and Development Board of Singapore, more than 80% of the shopkeepers that have operations inside of these shopping centers have already given the “green light” for work to begin, even understanding that some of them may have to close their businesses for short durations of time so that the project can move ahead on schedule.
This is a fantastically high rate of buy in from those participating in these shopping centers, and it’s expected that the number will continue to climb as shopkeepers, restaurant owners, and other business owners begin to see the benefits that these new upgrades have to offer them as well as their consumers.
This project, designed to overhaul the six first shopping centers, is likely to be expanded to the other 15 shopping centers later down the line.