City Developments’ (CDL) City Square Mall has completed a $50 million asset enhancement initiative (AEI) that lasted nearly 20 months. As part of the AEI, the 12-storey mall has gained approximately 26,000 sq ft of additional gross floor area (GFA) by “decanting facilities” and extending atrium slabs on levels two to four.
According to the developer, City Square Mall now boasts 455,000 sq ft of net lettable area (NLA). The retail mall has achieved close to full committed occupancy, with rental reversion at 9.7% on renewed leases post-AEI, according to slides shown at CDL’s financial results for FY2025 ended Dec 31, 2025.
Opened in 2009 as Singapore’s first eco-mall, AEI works on City Square Mall began in September 2023 and were conducted across three phases, with the first two phases completed in 1H2025. The final phase, completed in 1Q2026, involved enhancing City Green, a 49,000 sq ft urban park on level one.
“Asset rejuvenation is a key pillar of our enhancement strategy to optimise operational performance and unlock value,” says Sherman Kwek, CDL’s group CEO. “City Square Mall now offers a more dynamic retail experience, with vibrant spaces and a refreshed tenant mix. Following the completion of the revamp, the mall has achieved almost 100% committed occupancy, supported by strong footfall and healthy leasing momentum.”
In tandem with the transformation of the Farrer Park precinct, CDL has taken the “bold step” to transform City Square Mall into a community hub integrated with first-of-its-kind wellness facilities to support families, adds Kwek.
City Square Mall gained the additional GFA by leveraging the Urban Redevelopment Authority’s Community and Sports Facilities Scheme (CSFS). Introduced in 2003, the CSFS allows owners of “highly accessible commercial developments” to surpass their maximum permissible GFA by dedicating space to community or sports uses.
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To this end, CDL has introduced the 15,210 sq ft CONNECT @ City Square Mall, a dedicated community space comprising five social service agencies, divided between basement two and level four of the mall.
Developed in partnership with the National Council of Social Service (NCSS), CONNECT @ City Square Mall provides first-stop service and support for children and families. The agencies are: Counselling and Care Centre (CCC), Eagles Mediation & Counselling Centre (EMCC), Kampong Kapor Community Services (KKCS), Singapore Children’s Society (SCS) and The Salvation Army (TSA).
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With the additional GFA, CDL created more leasable space and expanded F&B capacity. New dining concepts include The Fat Sparrow, Sanook Kitchen and Daydream Desserts, with open dining areas overlooking the atrium.
With the mall’s food court now on basement three, the space formerly occupied on level four has been transformed into the 24,000 sq ft Gastro Square featuring individual restaurants. Notable tenants include Chef Vo Quoc Vietnamese Cuisines and Sichuan eatery Xiao Jiao Tian.
Photos: CDL
