SINGAPORE: The site of the Golden Shoe Car Park will be redeveloped into a 51-storey "integrated development" housing office space, a serviced residence, multi-storey carpark and retail shops, developers revealed on Thursday (Jul 13).
CapitaLand Commercial Trust (CCT), the property owner, had announced last October that the 10-storey building in Raffles Place would be redeveloped into a “higher-value commercial development” with a gross floor area of 1 million sq ft.
Revealing more details on Thursday, the developers - CCT, CapitaLand and Mitsubishi Estate - said the new 280m high tower, on par with the tallest buildings in Raffles Place, is estimated to be completed in the first half of 2021.
It will feature 29 floors of office space on the top floors spanning 635,000 sq ft of net lettable area, an eight-storey, 299-unit serviced residence managed by The Ascott Limited, five floors of car park with about 350 lots, 10 motorcycle lots and 165 bicycle parking lots and 12,000 sq ft of ancillary retail space, they added.
The former stallholders of Market Street Food Centre, which was located in the Golden Shoe Car Park and a favourite lunchtime haunt of workers in the area, will also be rehoused in a new food centre on the second and third levels of the development’s podium, the developers said. These stallholders will operate from an interim food centre, located next to Telok Ayer MRT station on Cross Street, from Aug 1 until the integrated development’s completion.
The building will also boast of a Green Oasis about 30m high, comprising "four contiguous and connected floors of open-air, landscaped and technology-enabled areas where tenants can enjoy a unique environment of shared spaces for conversations, meetings, wellness programmes and other activities", they added.
Under a joint venture between the three developers, CapitaLand and CCT will each hold a 45 per cent interest in the new development, while Mitsubishi Estate will hold a 10 per cent interest in two unlisted special purpose sub-trusts - Glory Office Trust and Glory SR Trust - set up to own the office and serviced residence components of the development respectively.
The estimated development cost of S$1.82 billion will be funded by the partners in proportion to the interests they hold, they said.