$1.82b tower to replace Golden Shoe Car Park

A CapitaLand-led joint venture (JV) is redeveloping the Golden Shoe Car Park in Raffles Place into a towering skyscraper for an estimated cost of $1.82 billion.

Yesterday, it unveiled the highly anticipated project – a 51-storey mixed-use development – slated for completion in the first half of 2021. It will comprise office space, serviced residences, a multi-storey carpark, a food centre and shops.

At 280m high, it will be among the tallest buildings in the heart of the Central Business District, said JV partners CapitaLand, CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co (MEC) yesterday.

“With the combination of office (space), serviced residences as well as the food centre – these are all complementary uses… We believe that will provide an enhancement to the value of the integrated development,” said Ms Lynette Leong, chief executive of the manager of CCT.

There will be 29 floors of Grade A office space with 635,000 sq ft of net lettable area, 299 serviced residences over eight storeys managed by CapitaLand’s The Ascott, five floors of carpark space and 12,000 sq ft of retail space on the first floor.

The new tower will house former stallholders of Market Street Food Centre in Golden Shoe Car Park on the second and third levels of the new building’s podium. The Government will own the new centre, which will likely have more stalls. From Aug 1 until the tower is ready, stallholders will be at an interim centre next to Telok Ayer MRT station.

Another feature is a shared four-storey-high “Green Oasis”, where tenants can hold meetings or other activities amid lush greenery.

“We will have flexible offices and co-working spaces. We will also have work space personalisation as well as seamless security access, among many other technologies,” Ms Leong added.

Under the JV, CapitaLand and CCT will each hold a 45 per cent stake in two unlisted special purpose sub-trusts: Glory Office Trust to own the office component of the project and Glory SR Trust for the serviced residence portion. MEC will hold the other 10 per cent.

The JV will acquire Golden Shoe Car Park from CCT for $161.1 million, which is 10 per cent above the average of two valuations, Ms Leong told a briefing yesterday.

Of the $1.82 billion development cost, about 52.6 per cent, or $957.8 million, was attributed to charges for the intensification of land use and other land-related costs.

CCT’s 45 per cent stake ($819 million) will be funded from recent property sales and debt.

Ms Leong is upbeat on prospects for the tower when it hits the market in 2021 – “perfect” timing, she said.

Adapted from: The Straits Times, 14 July 2017

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