Singapore Land Group (SGX:U06) has received written permission from Singapore's Urban Redevelopment Authority for the partial redevelopment of the Marina Square complex in Singapore, according to a Tuesday filing to the Singapore bourse.
The company's shares were up nearly 2% in recent trade.
The complex currently includes Marina Square shopping mall, as well as three hotels - Pan Pacific Singapore, Parkroyal Collection Marina Bay and Mandarin Oriental. It occupies a total site area of 92,197 square meters.
The redevelopment will expand the overall gross floor area of the site to about 362,493 square meters, the company said. It will integrate three new towers, adding a 49-story luxury residential skyscraper, a 24-story serviced apartment block and a 19-story mixed-use tower containing office spaces and a new hotel.
Marina Square Shopping Mall will close on March 31, 2027, to facilitate construction, which is expected to be completed by 2031.
