Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2022 Event Calendar
    • APAC Residential Forum 2022
    • Asia Logistics Forum 2022
    • Asia REIT Forum 2022
    • APAC Data Centre Forum 2022
    • Singapore Focus Forum 2022
    • Office Strategies Forum 2022
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

CapitaLand and Friends Break Ground on 51-Storey Downtown Singapore Tower

2018/02/12 by Greg Isaacson Leave a Comment

CapitaLand Golden Shoe groundbreaking

Left to right: Bjarke Ingels, Lawrence Wong, Ng Kee Choe (CapitaLand chairman) and Lim Ming Yan at the ground-breaking ceremony. Image credit: CapitaLand

CapitaLand has broken ground on a 51-storey, mixed-use skyscraper in downtown Singapore that will provide futuristic offices, serviced apartments and amenities from food stalls to a four-storey tropical garden upon completion in 2021.

The integrated development will bring 635,000 square feet (58,993 square metres) of grade A office space along with 299 serviced residence units to Raffles Place in the core of Singapore’s downtown banking district. The Singaporean development giant is building the project together with its REIT affiliate, CapitaLand Commercial Trust (CCT), and Japan’s Mitsubishi Estate.

The S$1.82 billion ($1.32 billion) project at 88 Market Street will entail redeveloping the site of the 10-storey Golden Shoe Car Park, which the joint venture picked up last August. The multi-use facility is designed by Danish superstar architect Bjarke Ingels and Italy’s Carlo Ratti Associati.

Sustainable Tower To Feature AI and Facial Recognition

The completed tower is poised to be one of the five tallest in Singapore, and will feature high-tech functions from facial recognition and robots to workspace temperature and lighting control via mobile phone, according to a statement by CapitaLand. The serviced residence units will be managed by CapitaLand unit The Ascott Limited.

Green Oasis CapitaLand

Rendering of the “Green Oasis,” which will provide a tropical experience 100 metres above ground. Image credit: CapitaLand

“Anchoring the rejuvenation of Raffles Place, the upcoming integrated development will set a new benchmark for workspaces of the future as we harness the best-in-class design, engineering and smart technologies to empower occupants with new levels of flexibility and mobility,” commented Lim Ming Yan, president and group CEO of CapitaLand Limited in the statement.

Green Building Will Also Feature Roti Prata

The sustainable building will also include a 19-metre-high atrium on the ground floor, integrated with a 1,161 square metre public park, and a “green oasis” with a botanical promenade 100 metres above ground. The second and third levels of the tower will house the Market Street Food Centre, owned by the Ministry of Environment and Water Resources, which has been moved from the car park to a temporary location 200 metres away.

“I’m very happy that the hawker centre will return in the new development,” said Lawrence Wong, Singapore’s Minister for National Development and Second Minister for Finance speaking of the open air food court that had been an attraction at the Golden Shoe site. In his remarks at the ground-breaking ceremony on Friday Wong keyed on the collection of food stalls serving a melange of Hainan chicken rice, nasi goreng and roti prata that, “I think that is the most important thing! Because if there’s one thing that reflects our multi-cultural society, it is our food, but it is importantly our hawker centres that captures the diversity of our cultures.”

CapitaLand and Friends Redevelop Another Car Park

Southeast Asia’s largest property developer CapitaLand teamed up with CCT and Mitsubishi Estate last year to purchase the Golden Shoe Car Park from CCT for S$161.1 million, paying another S$957.8 million for land-related costs including conversion of the site for commercial development.

CapitaLand and CCT each took a 45 percent stake in the venture, while the Japanese partner holds the remaining 10 percent. CCT has a call option to buy out the remaining stake owned by its two partners within five years after the building is completed.

Data centre forum 2022 Web banner

In 2011, the same three companies partnered to redevelop the Market Street Car Park, near Raffles Place, into CapitaGreen, a sustainable, 40-storey grade A office tower. Last May, CCT agreed to buy out the remaining 60 percent stake in the project it did not already own for S$393 million.

CapitaLand is betting that a scarcity of downtown offices will buoy its new tower. “With no new supply of office space completing in Raffles Place until 2021, the Golden Shoe Car Park redevelopment is expected to become a location of choice for progressive companies seeking a prestigious address, modern facilities and a vibrant, work-live-play community to grow their businesses and attract the best talent,” commented Kevin Chee, CEO of CCT Management Limited.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Projects Tagged With: CapitaLand Group, CapitaLand Integrated Commercial Trust (CICT), Featured, Mitsubishi Estates, Singapore, weekly-sp

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

Gaw Kailong Cushman & Wakefield value add panel
China’s Value-Add Arena Set to Reward Investors With Local Presence: Watch on MTD TV
Rise of Greater China’s Young Professionals Propels Multi-Family Sector: MTD TV

More MTD TV Videos>>

People in the News

Bryan Southergill
Ares Hires Bryan Southergill to Run Asia Real Estate Business
Wu Bingqi CR Land
Asia Real Estate People in the News 2022-08-01
Jennifer Weitzel GLP
Asia Real Estate People in the News 2022-07-25
Bruce PANG JLL
Asia Real Estate People in the News 2022-07-18

More Industry Professionals>>

People in the News

Ares Hires Bryan Southergill to Run Asia Real Estate Business

Bryan Southergill

After more than eight years leading real estate investments for KKR in Asia, Bryan Southergill has taken on a new role … Read More>>

Asia Real Estate People in the News 2022-08-01

Wu Bingqi CR Land

Leadership changes at mainland real estate firms lead this week’s collection of personnel moves from around the region, … Read More>>

Asia Real Estate People in the News 2022-07-25

Jennifer Weitzel GLP

A pair of senior level hires in the data centre sector lead this week’s collection of personnel moves from around the … Read More>>

Asia Real Estate People in the News 2022-07-18

Bruce PANG JLL

A pair of Hong Kong property consultancy moves leads our roundup of personnel updates from across the region this week, … Read More>>

More Industry Professionals>>

Latest Stories

Li Sze-lim R&F
Guangzhou R&F 2021 Net Loss Doubles to $2.4B After Write-Down
kei hoi pang Logan
Logan Halts Payments on Offshore Bonds, Appoints Advisors for ‘Holistic’ Restructuring
stars of kovan - fortune reit, ck asset
Fortune REIT to Buy CK Asset Singapore Project and More Asia Real Estate Headlines

Sponsored Features

For Hong Kong’s Office Market, Border Reopening Holds Key to Unlocking Demand
Top 3 Trends Driving a Connected Experience in Commercial Real Estate
Malaysia Industrial Park Offers Opportunities to Heavy Industry Enterprises

More Sponsored Features>>

MTD-QR-Code-320

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2022 China Advertising Media Ltd (Samoa). All rights reserved.