The Golden Shoe Car Park site located in Raffles Place, Singapore, has been earmarked to be redeveloped to a 51-storey “mixed development” office space, multi-storey carpark and retail spaces, and a serviced residence, as revealed by developers on 13 July.
The owner of the property gave the hint last October that the 10-storey property would be transformed into a high-value commercial building which will occupy a Gross Floor Area (GFA) of one million square feet.
The developers said on Thursday that the new 280-metre high tower property, at the same level with the tallest buildings in Raffles Place, is expected to be rounded off by the middle of 2021.
The new building will contain 29 floors of office space on the top floors extending to 635,000 square feet of Net Lettable Area (NLA), 10 Motorcycle spaces, 165 Bicycle parking spaces, an 8-storey, 229-unit serviced residence controlled by The Ascott Limited, 12,000 square feet of extra retail space, and five floors of carpark containing about 350 spaces, noted the developers.
The developers hinted that the earlier stallholders of Market Street Food Centre, which was situated in the Golden Shoe Car Park and the most enjoyed lunchtime place of staffs in that area, will equally be relocated to a new food place, situated very close to Telok Ayer MRT station on Cross Street, beginning from 1st August until the project is completed.
The property will also feature a Green Oasis which will be about 30 metre high, comprising four floors of open-air that are closely connected to each other, landscaped and technology-activated areas where occupants can enjoy a special arena of shared spaces meant for chatting, meetings, fitness programmes, as well as other activities, according to the developers.
The three developers under joint venture arrangement, will hold the stake in the new property as follows: CapitaLand and CCT will hold 45% stake each and Mitsubishi Estate will hold the remaining 10% stake in two unique sub-trusts, which was not listed, but established to own the office and serviced residence parts of the new building.
The cost of funding the new project is estimated at the rate of S$1.82 billion which will be financed by partners in the amount to the stake they hold, noted the developers.