The Urban Redevelopment Authority (URA) has granted Frasers Commercial Trust (FCOT) an Outline Planning Permission (OPP) for the redevelopment of KeyPoint building, located at 371 Beach Road, into a commercial and residential development.
The OPP was granted subject to key terms and conditions, such as the re-zoning of the lot on which the property is situated from commercial to mixed commercial and residential use.
The gross floor area of the development must also consist of a residential portion of not less than 60 per cent, and a commercial portion of not more than 40 per cent but not less than 20 per cent of the gross floor area.
The application for the OPP was carried out as part of a regular asset management review to identify assets of Frasers Commercial Trust which could potentially be enhanced, and optimise their values.
Frasers Commercial Trust said, in a filing to SGX, as there is no certainty of any of the options materialising, unitholders are advised to exercise caution in the trading of units in FCOT.
An announcement to SGX will be made of any material development on this matter as and when appropriate.
Source : Channel NewsAsia – 15 Aug 2011