Market Street Car Park to make way for office tower

Singapore’s first multi-storey car park in the financial district, Market Street Car Park, will be demolished by June 30.

This will include the food court and shops within the car park, which is located in the heart of the Central Business District (CBD).

Market watchers said many people working in the area are dependent on the car park. In previous reports, they also said the move might increase the supply of office space in the CBD but it is unlikely to be welcomed by motorists since the existing stock of car parks in the CBD is small and very expensive.

Market Street is within the vicinity of other car parks such as Golden Shoe Car Park and Club Street Car Park.

There are some 4,800 parking lots in the vicinity and Market Street Car Park serves the office-workers of Shenton Way with some 700 valuable parking lots.

Tenants in the area felt that the closure is unfair to them as rentals were increased following the renovations in 2006, which saw the old sidewalk kopitiams within the car park being replaced with air-conditioned food and beverage outlets.

CCT intends to redevelop the car park into a new Grade A ultra-modern office tower.

Previously, CCT’s chief executive Ms Lynette Leong had said that the proposed redevelopment would both “maximise the full potential of the site which is currently under-utilised” and cater to financial and business institutions that want to be located “in the heart of the Central Business District”.

The new office tower can be as tall as One Raffles Quay, which is 50 storeys, and is estimated to provide a gross floor area of 887,000 square feet with floor plates of 20,000 to 25,000 square feet. It is scheduled for completion by the end of 2014.

All existing season holders of the car park were informed that they will have to source for alternative car parking since April 19.

Source : Channel NewsAsia – 16 Jun 2011

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