CapitaLand eye buildings in Ophir-Rochor project

CapitaLand, the manager of a mixed-development project in the Ophir-Rochor area, is considering the possibility of purchasing some components of the project.

“We are in the midst of discussing with both Khazanah and Temasek arising from this involvement by us what our take-away (can potentially be). Do we have the right to purchase some of the buildings, the call option for some of those things? It’s not been finalised yet. So we are still in a discussion,” said Chong Lit Cheong, Chief Executive Officer of CapitaLand Commercial.

“I think clearly we would be interested to have some take-away because if we are going to make so much upfront effort to do a very good building, obviously we want to enjoy the upside.”

“So that is our take. We will discuss with both Khazanah and Temasek and negotiate something good for our project,” he added.

The Ophir-Rochor project will be a mixed-use development with residential, hotel, retail and office components. It is one of two projects being handled by M+S Pte Ltd, a joint venture (JV) between Singaporean and Malaysian companies.

Meanwhile, Chong also revealed the group’s other plans.

In Singapore, CapitaLand Commercial will boost its office presence in the central business district (CBD) and regional centres. The group, along with its units, CapitaMall Trust and CapitaMalls Asia, will develop a retail and office project next to Jurong East MRT station.

CapitaLand Commercial will look at the impending state tender for an office plot adjacent to CCT’s Capital Tower on Robinson Road.

“We are also interested in looking at existing properties which can be redeveloped or enhanced or with potential for change of use,” Chong said.

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