A billion-dollar office block is being erected at the site of Market Street Car Park in Singapore's financial district. As the market for prime-grade office space is softening, property analysts are wary that the developers may not achieve the rentals they are seeking. Property group CapitaLand, together with CapitaCommercial Trust (CCT) and Mitsubishi Estate Asia (MEA), will jointly develop the former...
Market Street Car Park
CapitaLand's joint venture with CapitaCommercial Trust and Mitsubishi Estate Asia has secured a loan facility with OCBC Bank for up to S$890 million to fund the purchase and redevelopment of the Market Street Car Park site. The loan has a five-year tenure and will be due in November 2016. It is secured by, among other things, a mortgage over the Market Street Car Park development. The site will be...
There is a possibility of a glut of new office space in the near future, and this will put pressure on rental reversion. However, this has not stopped Japan's Mitsubishi Estate Asia (MEA) from acquiring a 10 per cent stake in the redevelopment of Market Street Car Park. Together with CapitaLand and CapitaCommercial Trust (CCT), the Japanese real estate company will transform the car park into a Grade A...
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...
CapitaCommercial Trust (CCT) and its parent company CapitaLand plan to jointly develop Market Street Car Park into a office tower. The project cost is estimated to be about S$1.4 billion. In a joint statement, both companies said that based on this figure, the development is considered financially viable. The stabilised yield from the completed development is expected to exceed 6 per cent per...
CapitaCommercial Trust (CCT) is turning the interior ground floor open space at its Market Street property into a fully air-conditioned, themed-food court. The property trust announced on Thursday that the 11,000 square feet space has been leased to food court operator, Koufu. CCT made the move after deciding earlier this year not to redevelop the Market Street Car Park into a commercial building. The...
CAPITACOMMERCIAL Trust (CCT) has scrapped plans to redevelop the Market Street car park into a grade A office building, which could have cost up to $1.5 billion. "The manager, after taking into consideration the uncertain market outlook, tight credit conditions, high redevelopment cost and significant size of the project, has decided to abort the project immediately," the Singapore-listed real estate...
CapitaCommercial Trust (CCT) has decided not to redevelop the Market Street Car Park into a commercial building. The redevelopment is estimated to cost up to S$1.5 billion. CCT said the decision was based on the uncertain market outlook and conditions like tight credit and high redevelopment costs. CapitaCommerical Trust Management CEO, Lynette Leong, said: "In line with our prudent approach to capital...
CapitaCommercial Trust (CCT) has decided to defer the planned redevelopment of the Market Street car park. In January 2008, CCT was granted an outline planning permission by urban planners to redevelop the property into a Grade A office building. Since then, it has been working with its appointed architect and consultants to finalise and submit design plans to the Urban Redevelopment Authority. In a...