Archive for the ‘Regeneration’ Category

The Historic Office Buildings Of India Need A Chance To Stay Alive!

Tuesday, April 9th, 2013

We all become nostalgic once in a while; in fact nostalgia is one of our emotional needs. Mature societies are nostalgic about and sensitive to their heritage and one example is that they make efforts to keep historic architecture alive. Reviving and regenerating old buildings and city districts are indeed the much needed and accepted instruments of architectural conservation.

In India, many buildings such as community halls, town halls and libraries, and of a religious nature, are fairly well conserved but it is the office buildings that seem to attract apathy not interest. In cities such as Mumbai many buildings are listed as “heritage buildings”, meaning that any structural modification and internal refurbishment need to be approved by the heritage committee of the city corporation.

Nowadays, growing vacancies in old office buildings, particularly in the historic central business districts of Indian cities, are a concern not only to their owners but also to conservationists who fear that the structures will deteriorate due to poor maintenance or from unsuitable use. These heritage buildings are already struggling to retain their occupiers for they have smaller floor plates, inadequate parking space, too many columns obstructing the “open work space” lay-out, extensive use of outdated building materials such as wood, and are located in densely packed neighbourhoods.

While these historic buildings are often structurally sound and might well last another century, their services and area infrastructure are crumbling and the making of changes might mean the damage and loss of heritage elements. This is where the problem lies. Heritage Committees need to be pragmatic and accommodating to ensure that these assets are given up-to-date infrastructure and services, and are safe and secure for the people working there.

The government could also introduce incentives for owners and occupiers to help them make their buildings competitive in the office market. Lower property taxes and stamp duty, company tax deductions, preferential allocation of public parking etc, are some of the motivators that will help these heritage assets remain in good condition.

About the author
Ashutosh Limaye is the head of Research and Real Estate Intelligence Service, for Jones Lang LaSalle in India, based in Mumbai.

The New Shenton, Singapore

Friday, May 25th, 2012

Shenton Way is undergoing an evolution. Once Singapore’s prime financial district in the 1980s, following the deregulation of the financial market in 2000 and the large inflow of global capital into Asia, Singapore emerged as a significant Asian financial hub and the centre of the financial market shifted to Raffles Place as newer, more prestigious buildings such as UOB Plaza and Republic Plaza were built.

By 2006, the completion of One Marina Boulevard and One Raffles Quay saw another shift towards the east and with the completion of the Marina Bay Financial Centre and Asia Square, the centre of the financial market will move to the New Downtown. With this shift comes a myriad of opportunities for the regeneration of Shenton Way.

Shenton Way is served by four MRT stations – two existing (Raffles Place and Tangong Pagar) and two future (Downtown and Telok Ayer). By 2013, developments in this area will not be more than 450 metres from a station, enhancing connectivity to the east of the island and the Marina Bay area, making it one of the best connected precincts in the CBD.

Already, we have seen several redevelopment attempts by private land owners. As the existing buildings are somewhat functionally obsolete, they no longer meet the operational requirements of today’s businesses. The only way for such buildings to compete is through regeneration or complete redevelopment.

There is strong rationale for such regeneration. Shenton Way is in many ways the confluence of old and new. To the north and north east is Raffles Place and the New Downtown – Marina Bay. To the east, Asia Square sits on what is largely reclaimed land and the mixed use concept here is creating a livelier neighborhood in contrast to one which deadens when business hours end.

To the south is the terminal, where there has been talk about relocation further up the western corridor when the lease expires in 20-30 years, opening up plentiful opportunities in the neighbourhood. To the west is the historically and culturally rich Tanjong Pagar which itself is undergoing transformation. The recent sale of a site to GuocoLand is the tip of the iceberg in creating a livelier area with more live in population.

The future of Shenton Way is likely take the form of a mixed district with residential and boutique office blocks serving largely low footprint companies, with high value added services. The development of new residential projects in the area is already well established, with projects such as One Shenton (Formerly Robina House), The Clift and Icon already completed, and upcoming projects including Altez, Eon Shenton and Robinson Suites proving popular with buyers, who see the potential of new homes in a regenerated area close to the CBD. Also in the pipeline are several retail concepts. We now have The Bank and Marina Bay Link Mall and the redevelopment of the former UIC building to high end residential, soon to be launched as “V on Shenton”, will help create a 24.7 buzz in the neighborhood.

About the author
Claire Gent is Singapore Research Manager for Jones Lang LaSalle.