A high-end residential project will soon rise at the site of the iconic Capitol Building and Stamford House as it broke ground on Tuesday for a possible launch between March and April 2012.
It is part of a landmark project that will feature residential, hotel, retail and theatre components in the conserved site. Its developer Capitol Investment Holdings said it has awarded the S$338 million contract to Japanese firm Shimizu Corporation for the project.
The project is expected to be completed by the fourth quarter of 2014. Capitol Development said it has secured a 42-month tenure, S$532.0 million syndicated loan facility from an OCBC-led consortium of banks to fund the development.
The residential property will only have 34 units. Meanwhile, the Capitol Theatre will also be conserved and transformed into a theatre with 800 seats.
Source : Channel NewsAsia – 22 Nov 2011