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CapitaLand has partnered with CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co., Ltd. (MEC) to redevelop Golden Shoe Car Park (GSCP) into a landmark integrated development in Raffles Place.
Under the joint-venture agreement, CapitaLand and CCT will each own a 45 percent interest in two unlisted special purpose sub-trusts that will own the development’s office and serviced residence components. The remaining 10 percent interest in the sub-trusts will be owned by MEC.
The project’s total development cost, which will be funded by the JV partners in proportion to their respective stakes, is estimated to hover at around SGD1.82 billion.
Rising to a height of 280 metres – on par with the tallest buildings in Raffles Place – the new integrated development will have a gross floor area of around one million sq ft and is expected to be completed in 1H 2021.
In a joint statement, the developers revealed that the 51-storey development will feature “29 floors of premium Grade A office space on the top floors spanning 635,000 sq ft. of net lettable area, an eight-storey, 299-unit serviced residence to be managed by The Ascott Limited, five floors of car park with about 350 lots, 10 motorcycle lots, 165 bicycle parking lots and 12,000 sq ft. of ancillary retail space”.
Notably, the former stallholders of Market Street Food Centre in GSCP will be rehoused in the second and third levels of the new development’s podium, they added. These stallholders will operate from an interim food centre situated next to Telok Ayer MRT station on Cross Street from 1 August until the completion of the new integrated development.
“The redevelopment is expected to generate a yield-on-cost of about 5.0 percent per annum on a stabilised basis,” said Lynette Leong, chief executive officer of CCT’s manager.
“As there is no known new supply in Raffles Place after 2018, we and our partners are confident that the exceptional features of this prestigious development, together with our concerted place-making efforts, will create a vibrant, vertical community that will attract discerning companies that place high value on human capital and talent retention for their businesses.”
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