SINGAPORE : 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 annum.
CCT will have a 40 per cent stake in the development.
This is in accordance with a regulation preventing real estate investment trusts from undertaking projects that exceed 10 per cent of their asset sizes.
The new tower will be 245 metres high, with an estimated gross floor area of 887,000 square feet.
It is expected to be completed by the end of 2014.
The property has a land lease of 62 years.
- CNA /ls
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