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

For the property developers, bundling luxury residences with mixed-use projects makes financial and strategic sense, says an expert.

PHOTOS: SINGLAND, CITY DEVELOPMENTS LIMITED, ONE SOPHIA

Published Sep 04, 2026, 06:15 PM

Updated Sep 04, 2026, 11:16 PM

Singapore malls like Marina Square and Yishun 10 are being redeveloped into mixed-use projects combining residential, retail, office, and hospitality spaces to boost financial returns and urban renewal.

Mixed-use developments offer developers flexibility by allowing separate monetisation of residences, offices, and retail, while creating integrated live-work-play environments near transport hubs for sustained activity.

Several major projects, including Newport Plaza, Orchard Central, JustCo Place, Union Square, and One Sophia, are underway or planned, reflecting a city-wide push for urban rejuvenation and diversified property use.

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 geospatial property company 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 that 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 gl obal 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 Corporation estates could be the first to benefit from this “live, work and play” model.

One example is JTC’s one-north business pa rk, 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

An artist’s impression of the revamped Marina Square site, which will include luxury residences, serviced apartments and offices. PHOTO: SINGLAND

An artist’s impression of the revamped Marina Square site, which will include luxury residences, serviced apartments and offices.

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.

Singapore’s first cinema multiplex, Yishun 10, will be redeveloped into a residential building with a retail podium. PHOTO: ZAOBAO FILE

Singapore’s first cinema multiplex, Yishun 10, will be redeveloped into a residential building with a retail podium.

Singapore’s first cinema multiplex, Yishun 10, which will cease operations on March 2, 2027, is 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.

An artist’s rendering of Newport Plaza, expected to be completed in 2027. PHOTO: CITY DEVELOPMENTS LIMITED

An artist’s rendering of Newport Plaza, expected to be completed in 2027.

PHOTO: CITY DEVELOPMENTS LIMITED

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 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 unit, $3.238 million for a three-bedroom unit, 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.

Retail tenants located on some floors of Orchard Central shopping mall have to move out by Nov 30 to free up space for office use. PHOTO: ST FILE

Retail tenants located on some floors of Orchard Central shopping mall have to move out by Nov 30 to free up space for office use.

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 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, t he Urban Redevelopment Authority has granted i n-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 in Havelock Road

An artist’s impression of Union Square, a 40-storey mixed-use development combining luxury residences, retail spaces, offices and co-living apartments. PHOTO: CITY DEVELOPMENTS LIMITED

An artist’s impression of Union Square, a 40-storey mixed-use development combining luxury residences, retail spaces, offices and co-living apartments.

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.

Sitting on the former Peace Centre site, One Sophia is expected to be completed by end-2029. PHOTO: ONE SOPHIA

Sitting on the former Peace Centre site, One Sophia is expected to be completed by end-2029.

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.

Alyssa Woo is a business correspondent at The Straits Times. She writes about how retail and work spaces are used and evolve with the times, as well as personal finance stories for the Invest section.

Urbanisation and urban planning

一位专家表示，对于房地产开发商来说，将豪华住宅与混合用途项目捆绑在一起，在财务和战略上都具有意义。

图片来源：SINGLAND、CITY DEVELOPMENTS LIMITED、ONE SOPHIA

发布于 2026 年 9 月 4 日下午 6:15

更新于2026年9月4日晚上11:16

新加坡的滨海广场和义顺 10 等购物中心正在被重新开发成集住宅、零售、办公和酒店空间于一体的综合用途项目，以提高经济回报和城市更新。

混合用途开发项目为开发商提供了灵活性，允许住宅、办公室和零售分别进行货币化，同时在交通枢纽附近创造集居住、工作和娱乐于一体的综合环境，以促进持续的活动。

包括 Newport Plaza、Orchard Central、JustCo Place、Union Square 和 One Sophia 在内的几个重大项目正在进行或计划中，反映出全市范围内推动城市复兴和房地产用途多元化的趋势。

新加坡——同一周内，拥有数十年历史的购物中心滨海广场（Marina Square）和电影院义顺10（Yishun 10）宣布将进行重建，增设住宅单元，两处物业均将于2027年3月关闭，为翻新做准备。该消息分别于9月1日和2日发布。

即将进行的这两项改造工程，与目前正在进行的一系列重大且值得关注的重建项目一起，预计将持续到 2030 年代初才能完工。

新加坡地理空间房地产公司 Mogul.sg 的首席研究官 Nicholas Mak 表示，这些重建项目涉及已有数十年历史的建筑物，这些建筑物自然需要进行重大翻新。

他指出，这对房东来说是一个机会成本，并指出，仅仅将购物中心用于零售不再能带来“他们过去所享受的经济回报”。

为了获得更好的租金收入，开发商必须转向其他用途，但他警告说，考虑到巨额的资本支出，这些大型重建项目并非没有风险。

“但关键在于，这是积极的，因为它是一种城市更新的形式，”Mak说道。

据全球机构级房地产投资平台 RealVantage 的联合创始人兼集团首席执行官 Keith Ong 称，对于房地产开发商而言，将豪华住宅与混合用途项目捆绑在一起具有财务和战略意义，因为在建设期间预售豪华住宅可以在开发商最需要资金时产生流动性。

“写字楼、商场和公寓式酒店通常需要数年时间才能稳定下来，只有在进行再融资或出售时才能带来可观的回报。而住宅销售则可以让开发商在周期早期就收回部分资本，”他说道。

他还补充说，对于混合用途开发项目，不同的组成部分可以分别进行货币化，从而为开发商提供更大的灵活性。

“开发商可以一次性出售住宅，保留购物中心以获得持续收入，之后再出售或再融资办公和酒店部分——既可以独立出售，也可以与不同的投资伙伴分批出售。”

Ong指出，将住宅、零售和办公空间结合起来，也意味着一周内都会有持续的活动。

“这些方面使得混合用途项目能够作为一个综合目的地发挥作用，而不是一群互不相连的建筑——这种模式在日本和其他人口密集的亚洲城市中尤为成熟，人们可以在同一个开发项目中生活、工作、购物和用餐，”他说。

Ong补充说，在主要交通枢纽附近建设的项目因其便利性和减少对汽车的依赖性而备受青睐，这对新加坡来说“具有巨大的商业利益”。

新加坡第一太平戴维斯研究与咨询执行董事张艾伦表示，随着混合用途开发项目模糊了居住、工作和休闲之间的界限，位于市中心的裕廊集团旗下住宅区可能率先受益于这种“居住、工作和娱乐”模式。

例如裕廊集团的纬壹科技城，将住宅空间与其商业和研发设施融为一体。

“然而，他们必须解决工业用地通常附带30年租约的问题。为了让住宅部分能够出售，租约必须延长至99年。否则，住宅部分就只能用于出租，开发商可能需要进一步的激励措施才能接受这种用途，”张先生说道。

事实上，这种城市复兴的势头体现在不断增加的即将开展的项目上。

正在进行中的混合用途开发项目

1. 滨海广场购物中心

这是改造后的滨海广场的效果图，该项目将包括豪华住宅、服务式公寓和办公楼。图片来源：SINGLAND

这是艺术家对改造后的滨海广场的设想图，该项目将包括豪华住宅、服务式公寓和办公楼。

新加坡置地集团（SingLand）于 9 月 1 日宣布，滨海广场将于 2027 年 3 月 31 日关闭，进行改造，在超过 36 万平方米的土地上建造豪华住宅、服务式公寓和办公楼。

此次改造工程还将包括新建一家拥有304间客房的酒店，并建成一座四层零售商场和三座新塔楼。其中一座是49层的住宅塔楼，内设204套豪华住宅，户型从三居室到五居室公寓以及顶层公寓不等。

办公空间将占据新建综合用途大楼的八层，提供约13,000平方米的可出租面积。改造后的滨海广场预计将于2031年竣工，届时还将与三家现有酒店相连：新加坡泛太平洋酒店、滨海湾宾乐雅酒店和新加坡文华东方酒店。

新加坡首家电影院——义顺10号（Yishun 10）将被改建为带有零售裙楼的住宅楼。图片：早报档案

新加坡首家电影院综合体Yishun 10将被改建为带有零售裙楼的住宅楼。

新加坡首家电影院综合体Yishun 10将于2027年3月2日停止运营，其所有者星狮地产于9月2日宣布，该影院将被改建为一栋住宅楼，并在街面层设有零售裙楼。

据星狮地产称，这个拥有约 110 个住宅单元的新开发项目，将是义顺中心十多年来的首个住宅项目。

这家泰新合资的跨国房地产和物业管理集团于 2025 年 6 月从电影院运营商嘉华影城手中收购了位于义顺中心 1 号 51 号的义顺 10 号。它还以 3450 万美元的价格从星狮地产信托手中收购了该建筑内的 10 个分层地契单元。

义顺 10 号物业占地面积 39,125 平方英尺，总建筑面积 117,376 平方英尺。

这是纽波特广场的效果图，预计将于2027年竣工。图片：城市发展有限公司

这是纽波特广场的效果图，预计将于 2027 年竣工。

图片：城市发展有限公司

纽波特广场（原名富士施乐大厦，位于安顺道 80 号）是一栋 45 层高的综合用途建筑，预计将于 2027 年竣工，它将甲级办公空间与豪华住宅项目纽波特公寓相结合。

该项目将提供246套超豪华永久产权公寓，位于新港广场大厦的23层至45层。房地产开发商城市发展有限公司于2月1日表示，截至当日下午5点，246套公寓中已有140套售出，约占57%。

据该物业官方网站显示，截至9月3日，超过80%的单元房已被预订。

纽波特的房价从一居室单元的 129.8 万美元起，两居室单元的 196.8 万美元起，三居室单元的 323.8 万美元起，四居室高级单元的 828 万美元起。

纽波特广场将位于未来大南部滨水区的边缘，预计到 2040 年代，大南部滨水区将全面建成。

位于乌节中央城购物中心部分楼层的零售商户必须在11月30日前搬离，以便腾出空间用作办公用途。（图片：海峡时报档案）

位于乌节中央城购物中心部分楼层的零售商户必须在 11 月 30 日前搬出，以便腾出空间用作办公用途。

7月24日有报道称，乌节中央城购物中心5楼至8楼以及11楼和12楼的零售租户必须在11月30日之前搬出，以便腾出空间用作办公用途。

《商业时报》7 月 10 日早些时候报道称，德勤将入驻该购物中心的几个高层楼层，这家咨询公司证实，此举计划于 2027 年实施。

Orchard Central 的业主远东机构于 7 月 24 日宣布了对该建筑进行升级改造的计划。待相关部门批准后，升级改造将包括增加新的餐饮选择、融入新的公共艺术元素，并通过新建一座人行天桥，改善与未来改造后的总统府公园的连接。

虽然该购物中心目前获准用于零售、餐饮和生活方式用途，但市区重建局已原则上批准在现有零售框架之外引入办公空间。

5. 果园角的JustCo Place

位于乌节路 160 号的这栋建筑——原名 OG Orchard Point——曾短暂地作为美食购物中心 Taste Orchard by Hao Mart 运营，但其租约于 2025 年底到期。

7月10日，本土企业JustCo宣布将在购物中心推出名为JustCo Place的新概念项目，该项目将JustCo的核心联合办公服务与联合居住和零售服务相结合。JustCo Place包括五层联合办公和零售空间，以及五层联合居住公寓。

JustCo的联合办公中心和零售单元将占据地下一层至四层约15万平方英尺的空间，原址为Taste Orchard餐厅。德勤新加坡预计将于9月入驻三层和四层的联合办公空间。

地下一层至二层将转租用于零售用途，其中约40个单元将预留给餐饮运营商，其余单元将用于生活方式和健康品牌。此外，该建筑六层至十层的现有服务式公寓（此前由OG管理，自5月31日起因翻新而关闭）正由业主进行改造，改建为超过120套共享公寓，总面积达10万平方英尺。

JustCo将以其全新的灵活居住品牌JustAt来管理这些单元房。这些单元房从单间公寓到三居室公寓不等，其中大部分是面积在400至500平方英尺之间的一居室公寓。

零售空间和 JustAt 共享公寓均计划于 2027 年 1 月开业。

6. 哈夫洛克路的联合广场

这是联合广场的效果图，这是一座40层高的综合用途开发项目，集豪华住宅、零售空间、办公空间和共享公寓于一体。图片：城市发展有限公司

这是艺术家对联合广场的印象图，这是一个 40 层高的综合用途开发项目，结合了豪华住宅、零售空间、办公空间和共享公寓。

Union Square 位于新加坡河畔，是占地 735,500 平方英尺的大型综合用途开发项目的一部分，该项目位于原 Central Mall 和 Central Square 的旧址上。

该项目包括 40 层的 Union Square Residences，内设 366 套豪华住宅单元，以及一座 20 层的 A 级办公大楼，名为 Union Square Central。

该项目将包含零售、餐饮和共享居住空间，这些空间将分布在经过改造的保护建筑和一座三层高的办公楼内，并通过一条开放式步行长廊连接起来。整个综合项目预计将于2029年竣工。

One Sophia 坐落于原和平中心旧址之上，预计将于 2029 年底竣工。图片：ONE SOPHIA

One Sophia 坐落于原和平中心旧址，预计将于 2029 年底竣工。

位于索菲亚路1号的原和平中心已被拆除，为新建的综合用途开发项目腾出空间。该项目包括办公楼“索菲亚一号”（One Sophia）和住宅楼“索菲亚一号集体”（The Collective at One Sophia）。项目将包含两栋19层高的住宅楼，共367套住宅单元；此外，还将建造一栋13层高的商业楼，内设122套产权式办公套房和127套产权式零售单元，并预留了超市空间。

该项目由 CEL Development 和星海集团联合开发，预计将于 2029 年底竣工。

Alyssa Woo是《海峡时报》的商业记者。她撰写有关零售和办公空间如何随着时代发展而演变的文章，也为投资版块撰写个人理财方面的文章。

城市化和城市规划