CapitaLand, CCT and Mitsubishi Estate to construct $1.3bn Singapore tower

WCN Editorial Team 17 Jul 2017 ASIA BUSINESS

CapitaLand Limited (CapitaLand), CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co (MEC) have established a joint venture to redevelop Golden Shoe Car Park (GSCP) into an integrated development in Raffles Place, Singapore.

Pursuant to the deal, CapitaLand and CCT will each hold a 45% stake, and MEC will hold a 10% interest in two unlisted special purpose sub-trusts, namely Glory Office Trust and Glory SR Trust, set up to own the office and serviced residence components of the development respectively.

Estimated to cost SGD1.82bn ($1.3bn), the development will be funded by the joint venture partners in proportion to their respective interests.

The 51-storey development will cover a gross floor area of about one million square feet. It will rise to a height of 280 metres, on par with the tallest buildings in Raffles Place.

The project 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.

The development will include a Green Oasis with a height of about 30 metres, comprising four contiguous and connected floors of open-air, landscaped and technology-enabled areas. A food centre owned by the Ministry of the Environment and Water Resources will be on the second and third levels of the developmentā€™s podium.

The development is expected to be completed in the first half of 2021.

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