A highly anticipated redevelopment project in Raffles Place, touted for years, was finally unveiled over the week by the press. A 51-storey mixed-use development – slated for completion in the first half of 2021 – will be built on the site. It will comprise office space, serviced residences, a multi-storey carpark, a food centre and shops.
The redevelopment will be led by CapitaLand in a joint venture (JV) for an estimated cost of $1.82 billion. The JV partners are: CapitaLand, CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co (MEC).
Of the $1.82 billion development cost, about 52.6 %, or $957.8 million, was attributed to charges for the intensification of land use and other land-related costs.
At 280m high, it will be among the tallest buildings in the heart of the Central Business District. The other highlights of the plan include:
– 635,000 sq ft of net lettable area
– 29 floors of Grade A office space
– 299 serviced residences over eight storeys managed by CapitaLand’s The Ascott – five floors of carpark space
– 12,000 sq ft of retail space at ground level
– a shared four-storey-high “Green Oasis”, where tenants can hold meetings or other activities amid lush greenery
– a new food centre owned by the government, which 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. In the meantime, starting from 1 Aug, the stallholders will be at an interim centre next to Telok Ayer MRT station
– flexible offices and co-working spaces.