CCT plans to redevelop Market Street Car Park
into a Grade A office tower

Singapore, 3 January 2008 – The Manager of CapitaCommercial Trust (“CCT”),
CapitaCommercial Trust Management Limited (“CCTML” or “the Manager”), wishes to announce that the Urban Redevelopment Authority (“URA”) has granted Outline Planning Permission (“OPP”) for the redevelopment of Market Street Car Park. The Manager is planning to re-develop the car park, strategically located within the heart of the Singapore Central Business District (“CBD”), into a quality office building.

The OPP is granted on the following terms and conditions:
• proposed Commercial use at gross plot ratio 12.6+ (equivalent to 14.49), subject to approval to rezone the site from Transport to Commercial use; and
• the site is to be developed for office use only with activity generating uses on the firststorey.
The existing lease of Market Street Car Park, which expires on 31 March 2073, has a restriction
on use. The restriction has to be lifted to permit a re-development of the site and this will be subject to the following two conditions:
• payment by the lessee (CCT) of 100% of the enhancement in land value as assessed
by the Chief Valuer in a spot valuation; and
• no extension of the existing lease of Market Street Car Park.
2
The decision to proceed with the project is subject to its financial viability. If after completing a fullassessment and the project is considered viable, the Manager plans to commence redeveloping Market Street Car Park from late 2008/early 2009. In the assessment, the Manager will take into
account the amount of development premium payable based on 100% of the enhancement inland value.

Ms Lynette Leong, Chief Executive Officer of the Manager, said, “We are pleased to have
obtained Outline Planning Permission to redevelop Market Street Car Park. Assuming the requisite approvals are obtained, we plan to redevelop the site into a state-of-the-art premium-grade office tower to meet the requirements of blue chip tenants, including financial and business institutions, which are looking for Grade A office space in the heart of the CBD. When
completed, the property would augment the core assets in CCT’s portfolio which currently includes landmark office buildings such as Capital Tower and 6 Battery Road. In the meantime, we will work closely with our tenants, and season and daily car park users in Market Street Car Park to keep them abreast on the progress.”If CCT decides to proceed with the redevelopment of Market Street Car Park, CCT will need to find an appropriate funding structure for the project.

The redevelopment of Market Street Car Park is estimated to cost some S$1 billion to S$1.5 billion (including land, development premium, construction and other costs). The Manager will continue to evaluate the viability of the redevelopment plan, pursue the necessary approvals required, including unitholders’ approval and make the appropriate announcements in due course. As for Golden Shoe Car Park, CCT currently has no plans for its
redevelopment.


About Market Street Car Park
Market Street Car Park is an eight-storey building bounded by Market Street, Cross Street and Cecil Street and located diagonally opposite the Lau Pa Sat Festival Market. Currently a 40-yearold downtown landmark due to its strategic location, it is sited close to Raffles Place, Singapore's
financial and commercial hub, and is less than a five-minute walk away from the Raffles Place MRT interchange station. The car park has a net lettable area of 1,970 square metres of retail space and over 700 car park lots. The first and second storeys of the building currently house 28
tenants with a business mix comprising fashion, lifestyle, food and beverage and convenience
services.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DE653E2A5A28CD14482573C5002F181E/$file/CCT_presentation_slides3Jan2008.pdf?openelement

This is one great piece of news. People at SSC Singapore have been waiting for this since... Like... What... Since SSC exists ^ ^
I'm a bit surprised it comes only months after the building has been renovated, though.

Anyone knows how does the 14.49 plot ratio converts in metres tall? Any chance it reaches 280m? And with latest regulations about special perks like crown and sky gardens, any chance an allowance would be given for a design to exceed the height limit?

This is one great piece of news. People at SSC Singapore have been waiting for this since... Like... What... Since SSC exists ^ ^
I'm a bit surprised it comes only months after the building has been renovated, though.

Anyone knows how does the 14.49 plot ratio converts in metres tall? Any chance it reaches 280m? And with latest regulations about special perks like crown and sky gardens, any chance an allowance would be given for a design to exceed the height limit?

If site coverage is 100% it will probably be about 20-25 storeys. Of course that will never happen, I guess it'll be around gross 60% site coverage (offices today tend to go for large floor plates) so it could be around 35-45 storeys (160m)

Quoted from the news article from CNA

"CapitaCommercial, which owns the car park complex, plans to build a 240-metre-high office tower on the site, with an estimated total gross floor area of 850,000 square feet. "

Less 700 carpark slot in CBD in future...car park price goes up !!!

It was just renovated 1 year ago, and now gonna teared down - what a waste !

Leasehold of 2073 - 2008 = 65 years only.

Capitaland so optimistic with the office rental even post 2011.

woah...thats a lot of parking space there. i always park there when i go for jap food at raffles place....soon....have to go somewhere else:ohno:

woah...thats a lot of parking space there. i always park there when i go for jap food at raffles place....soon....have to go somewhere else:ohno:

I always park illegally at the road side next to Republic Plaza/Raffles MRT and have always got away with that. Only got booked once during the heightened security period during the WTO conferences when police seems to be everywhere.

Quoted from the news article from CNA

"CapitaCommercial, which owns the car park complex, plans to build a 240-metre-high office tower on the site, with an estimated total gross floor area of 850,000 square feet. "

\o/

:banana:

I always park illegally at the road side next to Republic Plaza/Raffles MRT and have always got away with that. Only got booked once during the heightened security period during the WTO conferences when police seems to be everywhere.

Uhoh, sounds very un-Singaporean to me! Just follow law :-p
I don't blame you, I started systematically parking illegally in Paris when they introduced the card-system, prepaid parking-meters. Only got caught once (it was still cheaper than paying everytime anyway ^ ^ )

yay, another addition to the prominent CBD area..sounds good..the sufferers would must prob be the tenants of the restaurants and shops...seems tt some spent bombs on the reno and all..:ohno:

Another 240+ metre tower... So close to OFC, ORQ, The Sail and the tallest 3.

Future skylines will be dominated by >240m buildings

FINALLY!!!!!!!!!!!

GREAT NEWS... i wonder how much compensation will be given to all the tenants who had just done new renovations as well for their front space.

It's still very new to me. Waste of money to have done the renovations earlier on.

I agree with that.

Market Street Car Park set to stay - at least for now

30 Apr 08

CCT defers decision on redeveloping site into office building

(SINGAPORE) CapitaCommercial Trust (CCT) has decided to defer its decision on the redevelopment of Market Street Car Park (MSCP) into an office building that could cost up to $1.5 billion.

Asked if the huge supply of new office space after 2010 was a determining factor, Lynette Leong, CEO of CCT manager CapitaCommercial Trust Management Ltd (CCTML), said: 'No, the main reasons are the significant size of the redevelopment, rising construction costs, present volatility in financial markets and the unknown development premium amount, which have caused us to defer the decision on the planned redevelopment, such that it will not be made any earlier than mid-2009.'

Ms Leong also added that CCTML is 'carefully evaluating the financial viability of and the funding structure for the redevelopment'.

'We are not concerned about the new office supply after 2010 given that statistics show that office demand for good-quality office space is still strong and that the lease pre-commitments for the new supply have also reached a high level. For example, about 52 per cent of the office space at Marina Bay Financial Centre has been pre-committed three years ahead of its completion,' added Ms Leong.

Apart from obtaining the necessary approvals, including the approval of CCT's unitholders, if required, Ms Leong said that the decision to redevelop the site will always be subject to the financial viability of the project, which includes the amount of development premium payable based on the payment of 100 per cent of the enhancement in land value (instead of the standard 70 per cent).

She said: 'We do not have any indication of the amount of development premium payable right now. However, it is expected to be a major component of the total redevelopment cost of MSCP.'

When the project was first announced in January, CCT said that the total project cost, depending on the development premium, could range from $1 billion to $1.5 billion.

On rising construction costs, Ms Leong said that this has increased by 10-15 per cent since the beginning of the year and that CCTML had also sought quotations from the construction companies.

Ms Leong said it would continue to take the necessary steps to obtain the planning permission (PP) from the Urban Redevelopment Authority, and assist its retail tenants in relocation. It would also 'continue operating the car park to serve our season and hourly car park users', she added.

While the potential loss of 704 car parking lots at MSCP was a prickly issue with many of its current uses, CCTML said that the provision of car parking lots was not an issue in getting PP.

Cushman & Wakefield managing director Donald Han said the deferment was 'excellent news', not least because occupancy costs, which factor the cost of car parking, would have increased.

He also reckons that the deferment could be linked to MSCP historically being designed to serve the CBD until new lots are provided. However, new restrictions limiting the number of lots in new buildings will have an impact on the number of available lots.

Knight Frank director (research and consultancy) Nicholas Mak believes deferring the project could be a strategic move to see if construction costs and rates for development charges could fall in the future.

But he believes the project will not be deferred for too long. 'Reit's have to constantly look for a growth story or it won't seem interesting to investors.'


By ARTHUR SIM

This news is completely expected, at least for me.

Build a parking tower skyscraper :P

bracing for an economic meltdown?

bracing for an economic meltdown?

Choy :(

A postponement of development plans or change of plans is quite normal.

The BFC was delayed from launching a few years ago.
Plans for the new downtown were unveiled in 1997 but only now is taking shape, and after further refinements.
Even 71 Robinson Road, which originally had planning approval for a residential use, chose to go commercial.
Some people thought the Singapore Flyer would never be built.
Now let's see what happens to UIC Building.

A 1 year delay or more is nothing. We've witnessed a few such examples already on the forum :-)

Build a parking tower skyscraper :P

Coupled with maybe a 10 basement levels would do good. Then raise the parking fees. $3/hr:nuts:

CCT open to sale of Market Street Car Park

24 Jul 08

CAPITACOMMERCIAL Trust (CCT) says it is 'open to all options' when it comes to plans for Market Street Car Park (MSCP), and these include selling the site.

The update was given at CCT's results briefing yesterday. Supported by strong rental reversions, the trust reported distributable income of $36.06 million for the second quarter ended June 30, 2008, up 23.2 per cent from the same period last year. Q2's distribution per unit (DPU) of 2.6 cents is 22.6 per cent higher than in Q2 2007.

CCT has obtained outline planning permission from the Urban Redevelopment Authority to redevelop MSCP into an office tower for $1 billion to $1.5 billion.

In April, CCT manager CapitaCommercial Trust Management Limited (CTML) said that it was evaluating the project's financial viability and funding structure, and would not decide on redevelopment anytime before mid-2009. It cited the project's size, rising construction costs, financial market volatility and the uncertain development premium as reasons for the deferment.

Responding to a query on whether CCT would consider selling MSCP instead, CTML's chief executive Lynette Leong said: 'We are open to all options.'

According to her, the development premium remains uncertain, and construction costs are still rising.

Ms Leong pointed out that the redevelopment decision may still be subject to unitholders' approval. Even if they were to reject the proposal, MSCP's value has risen because of its redevelopment potential. 'If it makes sense to sell it, why not? We will not rule out that option,' she said.

For H1 2008, CCT's distributable income of $71.92 million also outperformed the year-ago period's by 22.9 per cent. This translates to a DPU of 5.19 cents, which is 22.7 per cent more than in H1 2007 and exceeds the manager's forecast by 4.2 per cent.

The annualised H1 2008 DPU of 10.44 cents represents a distribution yield of 5.5 per cent based on Tuesday's closing unit price of $1.91.

'The outstanding numbers were largely driven by strong organic growth due to the prime quality of our assets augmented by our proactive leasing and the high standard of our property management,' said Ms Leong.

Lease renewals and new leases contracted in H1 2008 for CCT's office space registered an average rental rate increase of 193 per cent over last contracted rates, and there is still potential upside. 'Many of our expiring leases have rentals that are significantly below market and are being reviewed to market as they renew,' she said.

CCT's gearing ratio as at July 11 was 35.7 per cent, and this took into account the acquisition of 1 George Street. The property will contribute to CCT's income from Q3 2008, and brings its asset size close to $7 billion today.

In its latest asset valuation exercise, CCT's portfolio as at June 1 stood at $5.57 billion, about $463 million higher than at Dec 1, 2007. The portfolio comprised CCT's existing properties, its 60 per cent interest in Raffles City through RCS Trust, and excludes 1 George Street.

'Given Singapore's attractiveness as a global city and tight office supply, we are confident of exceeding our forecast DPU of 10.61 cents for the financial year ending 2008,' said CTML's chairman Richard Hale.

CCT will continue to seek quality and yield accretive assets, though at a more deliberate pace, given the current market environment.

CCT units rose 3.7 per cent or seven cents yesterday to close at $1.98.


By EMILYN YAP
Business Times

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.

Separately, CCT has posted a lower distribution per unit for the first quarter compared to the same period last year.

For the three months ending March, it distribution per unit was 1.84 Singapore cents - down 4.1 per cent.

Revenue for the first quarter fell 10.6 per cent on-year to S$91 million.

The decline was mainly due to a loss in rental income from property divestments and lower revenue from its Six Battery Road property.

- CNA /ls

Wow!! Another new 245m tower!!! Any render of the project:)

Yes, finally after so long they've come up with concrete plans. can't wait for the renderings =)

^^ Well, I hope it is unique but not too abstract. :)

yes exactly, and I hope it's design will stand out from the other tall scrapers next to it. It's quite dense there. Maybe a thin spire on top.

Shimmering with x number of car lots

$1.4b tower coming up on historical parking site; unclear how many lots it will have but a survey finds sufficient parking space in vicinity

http://www.businesstimes.com.sg/sub/news/story/0,4574,435579,00.html

http://www.businesstimes.com.sg/mnt/media/image/launched/2011-04-20/BT_IMAGES_EYMARKET20.jpg

By EMILYN YAP

(SINGAPORE) CapitaCommercial Trust (CCT) is joining hands with its sponsor CapitaLand to redevelop the historical Market Street Car Park (MSCP) for an estimated $1.4 billion, or $1,900 per square foot of net lettable area (NLA).

Preliminary concept: Ultra-modern Grade A office tower designed by Toyo Ito, with a GFA of some 887,000 square feet spread across an estimated 40 storeys

The new 245-metre building looks set to stand out. What is unclear though, is the number of parking lots it will provide when the 704 lots at MSCP are gone.

CCT unveiled the redevelopment proposal yesterday with its first quarter results. This is what the market can expect by end-2014: an 'ultra-modern' Grade A office tower designed by renowned Japanese architect Toyo Ito, with a gross floor area (GFA) of some 887,000 square feet spread across an estimated 40 storeys.

The commercial real estate investment trust (Reit) is in discussions to form a joint venture with CapitaLand Commercial for the project. The former could hold a 40 per cent stake - translating to a capital commitment of $560 million.

CCT needs a partner because under official guidelines, the total contract value of property development activities and investments in uncompleted property developments undertaken by a Reit should not exceed 10 per cent of its total asset size. The Reit had $6 billion of assets as at March 31.

CCT had in early 2008 obtained outline planning permission for the redevelopment, but was forced to drop the project in 2009 because of the financial crisis.

Industry watchers have been expecting CCT to pick up from where it left off as it looks for ways to invest its cash hoard after selling two properties last year. Speculation heightened when it returned to the authorities and won provisional permission for the project.

CCT said that it recently received 'an indication' from the Singapore Land Authority on the differential premium (DP) payable for the change of land use. The DP makes up about 45-50 per cent of the total project cost of $1.4 billion.

MSCP's site will be rezoned for commercial use subject to two conditions: CCT has to pay 100 per cent of the enhancement in land value as assessed by the Chief Valuer in a spot valuation, and there will be no extension of the existing land lease. The site has a remaining lease of 62 years.

CCT expects the new tower's stabilised yield to exceed 6 per cent per year. Analysts from Standard Chartered forecast a 3-5 per cent accretion to distribution per unit in 2015, assuming rents reach $14 psf by then.

Lynette Leong, CEO of CCT's manager, laid out the case for the investment: 'Having considered the unexpired land lease, estimated project cost, potential office market rent and there being no other new Grade A office building completing in 2014 in the core Central Business District area, we believe that a Grade A office tower is the best use for the site.'

The estimated development cost of $1,900 psf of NLA 'is considerably lower' than recently transacted prices of Grade A office buildings, she added.

As at March 31, CCT had cash and cash equivalents of $448.5 million. Ms Leong said that it would be able to fund the redevelopment using internal cash resources and debt, keeping pro forma gearing below 31 per cent, which leaves room for other acquisition opportunities.

MSCP was built in 1964 and has 704 parking lots. Despite this, the supply of lots in the CBD is currently tight, said Colliers International director of research and advisory Chia Siew Chuin.

CCT is working with the authorities to determine the number of parking lots in the new building. Going by Land Transport Authority (LTA) rules for the zone that MSCP is in, it should have at least one lot for every 450 square metres of GFA. A rough calculation based on the building's estimated GFA shows that there has to be a minimum of 184 lots.

LTA told BT that the new building's design is being finalised, and that a recent survey showed that there are sufficient spare parking spaces in the vicinity within a 5-10 minute walk from MSCP.

'With the improvement of public transport coverage in the CBD over the years, the need to rely on private transport to get into the CBD has gradually reduced,' LTA said. 'In 2013, when the DTL 1 (Downtown Line 1) is operational, there will be three new MRT stations within the CBD and Telok Ayer Station will only be about 100 metres from MSCP's current location.'

^^Looks interesting!!!

^^Looks interesting!!!

Seems that a dinosaur has been accidentally trapped in the building


:lol::lol:

How high is the new office tower?

^^ Err, the article above did say that it is going to be 245 metres high. :lol:

I think the building's design can go both ways, either very well-designed (in a very desperate attempt to try to stand out, even though it'll be well hidden away) or very generic (because well, it's hidden away).

At 245m, it can be seen from Marina Bay Sands, next to Republic Plaza.

700 plus carpark lots is quite a lot. The other properties might have trouble handling such a huge influx of vehicles. I can't believe MSCP is 50 years old (incidentally its also the official abbrev of Multi Storey Car Park :lol: ). I think it was one of the earliest efforts by the URA/Govt to develop a property.

If the building has 100+ lots, theres still a shortage of 600+ lots...

haha not just a shortage of 600+. I've thought about this, the building's tenants will require car parks too, and the 100+ lots should cater to them. So they need another MSCP for other users.

Market Street Car Park to be demolished

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1135551/1/.html

SINGAPORE: Singapore's first multi-storey car park in the financial district, Market Street Car Park, will be closed for demolition from 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.

CapitaCommercial Trust (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.

-CNA/ac

Where would the 700 cars go to park

http://26.media.tumblr.com/tumblr_lmztqdDM3B1qz7jyqo1_500.jpg
a model of the tower. ü

Pics of Market Street Carpark before they are gone forever...

http://i140.photobucket.com/albums/r24/calebleeyw/Shenton%20Way/CIMG4747.jpg

http://i140.photobucket.com/albums/r24/calebleeyw/Shenton%20Way/CIMG4745.jpg

Seems that there are going to be multiple demolition projects along Raffles Place area.

Such a waste since they had just goe to a heavy renovation and its just staarting to be hyper happening in that area..

^^ Yup, it does look fairly new and it's going to be torn down? Such a waste really..

^^ Well, the developer of have decided to use the area and build an Office Building. They have been wanting to do that for quite some time but had to shelve the plans due to the 2008 financial crisis. :)

I took some pics of the building. The shops have all gone. They have slowly start to do the barrier.

http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc6/270637_10150314659247040_671067039_9757755_2654140_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc6/270637_10150314659247040_671067039_9757755_2654140_n.jpg
http://a7.sphotos.ak.fbcdn.net/hphotos-ak-ash4/264659_10150314659317040_671067039_9757756_765512_n.jpg
http://a7.sphotos.ak.fbcdn.net/hphotos-ak-ash4/264659_10150314659317040_671067039_9757756_765512_n.jpg
http://a2.sphotos.ak.fbcdn.net/hphotos-ak-snc6/283887_10150314659387040_671067039_9757758_7562500_n.jpg
http://a2.sphotos.ak.fbcdn.net/hphotos-ak-snc6/283887_10150314659387040_671067039_9757758_7562500_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-snc6/284031_10150314659482040_671067039_9757760_5102785_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-snc6/284031_10150314659482040_671067039_9757760_5102785_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-ash4/281357_10150314659607040_671067039_9757762_683009_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-ash4/281357_10150314659607040_671067039_9757762_683009_n.jpg

Kind of wasted. It's newly reclad and most shops look so new

I like all this urban renewal happening here, we are getting rid of many ugly buildings!

Actually I thought they did a good job when they gave the carpark a makeover..it no longer looked like a concrete eyesore. Still having a 245m tower at this prominent location would be very eyecatching :D

Are there currently 700 extra lots available elsewhere?

Japan's Mitsubishi Estate takes stake in S'pore office project

http://www.reuters.com/article/2011/07/14/capitacommercialtrust-idUSL3E7IE01R20110714



SINGAPORE, July 14 | Wed Jul 13, 2011 8:35pm EDT

SINGAPORE, July 14 (Reuters) - Japan's Mitsubishi Estate will take a 10 percent stake in a Singapore office tower being built by Southeast Asia's biggest developer CapitaLand and CapitaCommercial Trust (CCT) , the Singapore property trust said on Thursday.

The redevelopment of the Market Street Car Park complex in Singapore's central business district into an office tower is expected to cost about S$1.4 billion ($1.15 billion), CCT said in a statement.

CapitaLand and CCT, which had previously announced plans to redevelop the carpark, will have a 50 percent and 40 percent stake, respectively, in the project.

MSO Trust, a special purpose vehicle set up to undertake the development of Market Street Car Park complex, will acquire the asset from CCT for S$56 million, CCT said. ($1 = 1.218 Singapore Dollars) (Reporting by Kevin Lim)


CapitaLand, Mitsubishi Estate to Develop USD$1.15 Billion Tower

http://www.businessweek.com/news/2011-07-13/capitaland-mitsubishi-estate-to-develop-1-15-billion-tower.html

By Kathleen Chu

(Updates with comments from CapitaCommercial’s CEO in fourth paragraph.)

July 14 (Bloomberg) -- CapitaLand Ltd. and Mitsubishi Estate Co. said they will tie up in a S$1.4 billion ($1.15 billion) venture to redevelop a downtown Singapore parking lot structure into a 40-story office building.

CapitaLand, Southeast Asia’s biggest developer, its property trust CapitaCommercial Trust, and Mitsubishi Estate, Japan’s second-largest developer, will turn the Market Street Car Park into an 887,000-square-foot office tower, they said. CapitaLand will hold a 50 percent stake, the trust will own 40 percent and Mitsubishi Estate will have 10 percent, they said.

The 245-meter (804-foot) building will match the height of new office towers including One Raffles Quay and Marina Bay Financial Centre, according to the website of Council on Tall Buildings and Urban Habitat. The new property is expected to generate a 6 percent annual return when it’s completed by the end of 2014, they said in a statement to the Singapore exchange.

“Investing in the Market Street office development is aligned with our strategy to strengthen our pipeline of commercial properties in Singapore and to lend support to our sponsored commercial REIT, CapitaCommercial Trust,” said Chong Lit Cheong, chief executive officer of CapitaLand’s commercial property unit.

Exceeding Limits

The parking lot is now owned by CapitaCommercial and will be sold to the joint venture for S$56 million, 15 percent higher than its valuation in December, according to the statement. CapitaCommercial needed the partners because the project exceeded 10 percent of its total asset size, a limit set by Singapore for new developments by real estate investment trusts.

The building would be among five properties in Singapore with that height, according to Council on Tall Buildings. The three tallest in the city stand at 280 meters, CapitaLand’s headquarters Capital Tower is 254 meters in height, followed by the Altez apartment block at 250 meters.

CapitaLand dropped 0.3 percent to S$2.94 at 9:25 a.m. in Singapore, and CapitaCommercial lost 0.3 percent at S$1.46. Mitsubishi Estate fell 0.2 percent to 1,454 yen in Tokyo.

--With assistance from Sean Collins in Singapore. Editors: Linus Chua, Tomoko Yamazaki

To contact the reporter on this story: Kathleen Chu in Tokyo at kchu2@bloomberg.net

To contact the editor responsible for this story: Linus Chua in Singapore at lchua@bloomberg.net

Here are some pics I took of the site. Some barriers have been placed. :)

http://a2.sphotos.ak.fbcdn.net/hphotos-ak-snc6/281772_10150320431582040_671067039_9817360_7842486_n.jpg
http://a2.sphotos.ak.fbcdn.net/hphotos-ak-snc6/281772_10150320431582040_671067039_9817360_7842486_n.jpg
http://a6.sphotos.ak.fbcdn.net/hphotos-ak-snc6/267487_10150320431647040_671067039_9817362_6784553_n.jpg
http://a6.sphotos.ak.fbcdn.net/hphotos-ak-snc6/267487_10150320431647040_671067039_9817362_6784553_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc6/271156_10150320431702040_671067039_9817363_1004409_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc6/271156_10150320431702040_671067039_9817363_1004409_n.jpg

wow..thats fast...hope for more renderings to be released...here's one preliminary rendering found online:

http://www.cct.com.sg/inTouch/images/market-street-car-park-redevelopment.jpg

Here are some pics I took of the site. They have started to remove the panels of the carpark.

http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc6/282422_10150326285152040_671067039_9880896_1250022_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc6/282422_10150326285152040_671067039_9880896_1250022_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-ash4/205958_10150326285252040_671067039_9880899_5960006_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-ash4/205958_10150326285252040_671067039_9880899_5960006_n.jpg

^^Its really sad to see it go.............but i am also pretty excited to see the new building:)

Some notes of this building....

Total Height: 245m
Structure Height: around 210m

There will be a big lotus shape concrete strucure on top of the roof garden.

^^ All right, thanks for the info.

Some notes of this building....

Total Height: 245m
Structure Height: around 210m

There will be a big lotus shape concrete strucure on top of the roof garden.

Do you know whos the architect???

Do you know whos the architect???

Toyo Ito, from Japan......

Some pictures I took today.

http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/281227_10150332299497040_671067039_9949678_662969_n.jpg
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/281227_10150332299497040_671067039_9949678_662969_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc6/223993_10150332299562040_671067039_9949680_4486623_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc6/223993_10150332299562040_671067039_9949680_4486623_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc6/249280_10150332299682040_671067039_9949684_3686584_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc6/249280_10150332299682040_671067039_9949684_3686584_n.jpg

^^The carpark is still open right??

^^ Nope, I don't think so as they have start barricading the place and remove some parts of the car park.

The new building looks good, its strange to know that this building would be one of the first in the CBD to be demolished 60 years from now even before it's started construction.

The new building looks good, its strange to know that this building would be one of the first in the CBD to be demolished 60 years from now even before it's started construction.

haha, I think 60 years to them is considered long as they redevelop a building every so often. Maybe every few decades, and I hope most of the leases would be renewed. I cannot imagine great scrapers like MBFC, UOB, OUB being demolished.

The new building looks good, its strange to know that this building would be one of the first in the CBD to be demolished 60 years from now even before it's started construction.

I can't imagine mass demolitions in the 2070s of skyscrapers built in 1960s-70s due URA Land Sales

^^The carpark is still open right??

no. last day of carpark should be around 6th July. they will start the structural demolition in early Septermber and finished by early December this year~~~

no. last day of carpark should be around 6th July. they will start the structural demolition in early Septermber and finished by early December this year~~~

thanks for the info:)

some photos taken today, look like they have put the scaffolding and ready to start the demolition works.
http://img215.imageshack.us/img215/3695/dscn9838j.jpg

^^ Thanks for the update. Looks like the demolition could be done in a few months time. :)

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_99EE9B503CD67B604825790B00310A15/$file/JointNewRelease.MarketSt.15Sep2011.pdf?openelement

CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia unveil design for Market Street office tower by Toyo Ito

Lush greenery with expansive spaces as main features of the building

CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia unveil design for Market Street office tower by Toyo Ito

Lush greenery with expansive spaces as main features of the building

Let's hope the completed building turns out close to the render.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_99EE9B503CD67B604825790B00310A15/$file/JointNewRelease.MarketSt.15Sep2011.pdf?openelement

CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia unveil design for Market Street office tower by Toyo Ito

Lush greenery with expansive spaces as main features of the building

That is a nice rendering. I just hope the real thing would turn out the same.

An article on TODAY. :)

http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc7/317455_10150377553472040_671067039_10350181_1563933232_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc7/317455_10150377553472040_671067039_10350181_1563933232_n.jpg

The design looks great! :eek: I'm looking forward to the high resolution renders!

Lookng forward to t as it coud really be an iconic tower in singapore.

Sometimes when a building gets too big it becomes an eyesore. I still prefer tall and slender buildings...

gdENr5B-ry8

Designed by internationally-acclaimed Toyo Ito, the proposed 40-storey Market Street office tower breaks away from conventional office building designs and seeks to reintroduce lush greenery which once covered the city. The architecture is a conceptual expansion of the earth's surface through the building's functional and aesthetic features, and would be a dramatic
addition to Singapore's Central Business District skyline upon completion in second half of 2014.

Said Mr Toyo Ito, "Conceived like a plant, the building has a 'Sky Forest' on the roof planted with tropical trees and the cleaner air produced by the trees is sent to each floor through a cool void that runs down the centre of the building. This center core, called the 'Inner Tube', functions as a trunk for the flow of people and air, so the whole building becomes a circulatory system much like a living plant."

^^nice video:)

Is this the world's tallest 40-story building ?

Reversing into old trouble?

Let developers in the CBD decide on the number of parking lots to have

http://www.todayonline.com/Commentary/EDC111013-0000158/Reversing-into-old-trouble

CapitaLand's Market Street Car Park office redevelopment has run into a few problems, including the Singapore motorist's nightmare - finding an empty car park lot.

South-east Asia's largest property company cannot get permission to build the number of parking lots that it thinks it needs for the 40-storey office block, which will have a net lettable area of 720,000 sq ft.

CapitaLand, which also has yet to obtain permission to top up the current lease of the site, wants to build only more than 350 car park lots on the site which currently houses a multi-storey car park with more than 700 lots.

To its disappointment, the Urban Redevelopment Authority appears to be sticking firm to the Land Transport Authority's 2002 policy of having developers provide only one parking lot for every 425 sq m of office space. Under this policy the URA will only authorise 177 lots to be offered by CapitaLand which is redeveloping the property in partnership with CapitaCommercial Trust and Mitsubishi Estate Asia.

Previously developers could provide two car park lots for every 425 sq m of office space.

Some feel that even the old car park allotment is not enough to cater to the needs of the 3,000 people who are expected to work in the new development.

The new ruling has already hit office buildings in the Marina Bay Financial Centre. For instance Standard Chartered Bank, which has rehoused some 4,000 of its staff at the centre, has been allotted only more than 100 car park lots. Citibank, which recently moved 2,000 of its 8,500 workers in Singapore to the nearby Asia Square, was given only more than 60 lots. In their previous office at Centennial Square next to Suntec City they could choose from more than 500 car park lots.

I find the policy at odds with developing Singapore into a world class financial centre. Yes, we will be better off with fewer cars on our streets. But unfortunately because of earlier liberal policies we now have more cars than Hong Kong does, congesting our roads.

Has the new policy resulted in less congestion in the Central Business District? It would appear not, with scores of cars often waiting bumper to bumper for empty lots to rush into. Isn't this a waste of costly fuel and precious time?

This is not the first attempt to ease the congestion in the CBD by restricting the number of car park lots. In the '70s, the authorities adopted a policy similar to the current one and, as a result, buildings like Shaw Chambers, Moscow Narodny Bank (now VTB) and several others along the Robinson Road stretch ended up with very few car park lots - just enough for several members of top management.

Then the authorities found, to their dismay, it was crimping Singapore's ambition to be a world class financial centre and the policy was relaxed, with the government building the Market Street Car Park and the Golden Shoe Car Park. So acute was the problem of car park lots then that many developers and landlords were said to have been willing to pitch in financial help to provide new car lots.

Now the authorities are once again reversing their stand and restricting the number of parking lots in the CBD.

Well, such a policy would be fine if we had a world class transport system already in place. Mr Lui Tuck Yew, the Minister for Transport, in an interview with the media promised a more "commuter-centric" transport system. Frankly it does not matter if it is commuter centric or vehicle-centric, what matters is a better transport system with a comfortable ride for everybody.

Moreover, the promise is some years away. In the meantime, motorists driving within the CBD will have to fume away looking for empty parking lots, even at ever increasing parking charges.

So will this policy help make Singapore an even more attractive financial centre? I and others have our doubts.

Many feel that the Government should only be concerned with legislating for the minimum number of car park lots to be provided for and not the maximum. The maximum should be left to the landlord or developer who will have to work out their own ways of maximising returns. After all, in theory office space provides better returns than car park lots.

Perhaps the officials concerned should experience the rush-hour crowds and the angst incurred in getting a cab at certain times in the CBD, especially around Raffles Place.

The transport problem should get better when the Downtown Extension of the Circle Line is completed. But that is still a few years away.

Why not let the developers have the final say in the number of car park lots to be provided? After all car park space can be converted back into commercial or office space when it is no longer required for the purpose, as has been or is being done in certain buildings like Raffles City in the CBD.



Conrad Raj is editor-at-large at TODAY.

I believe they are trying to make people take public transport

Bad idea. If they force those who drive into PT they will overwhelm it even more that it is already.

Again, if they want to encourage people to use PT, they should freaking make it a bearable one first. If I had a choice, I'd probably never take MRT because of how crowded it is and buses because how slow they are, be it, during or off peak hours. And DTL 1 in 2013 and TSL 2018+ are just too far away in completion and too limited in coverage to be considered any relief. Like CCL, they'll run at capacity within days from opening. Take my word for it. Using 3/4 cars for future lines and starting the construction so late as compared to population growth is a major mistake. Express lines is the only thing that could still save our livelihood by creating spare capacity along NSL/EWL and no other line could work this way.

End of the rant, just had to vent off my frustration of a long distance commuter :P

^^ True, beside tiny extensions here and there, there is no major MRT line opening in the residential areas before 2015, and then 2017. And this is the small capacity line (3 cars) DTL. Then the Thomson line opens in 2018 at best...

One should improve PT infrastructure prior to push people using it, instead of doing the opposite! It creates much less frustration!

With such a slow pace of PT construction, the government really shots itself in the foot and sow the seeds of more discontentment for the future election.

^^ True, beside tiny extensions here and there, there is no major MRT line opening in the residential areas before 2015, and then 2017. And this is the small capacity line (3 cars) DTL. Then the Thomson line opens in 2018 at best...

One should improve PT infrastructure prior to push people using it, instead of doing the opposite! It creates much less frustration!

With such a slow pace of PT construction, the government really shots itself in the foot and sow the seeds of more discontentment for the future election.
Yet, right now, the government is facing rather vocal objection towards the construction of the NSE.

At the same time, if you noted during the GE, the PAP was the only party in favor of rail expansion. The others, were against it.

^^ I'd say that the main reason PAP experienced such a serious loss of popularity is not in their support for MRT construction, but rather in their fairly reckless population policy. A million people was added here in 5 years and compared to that, transportation developments were dismal.

Speaking of the NSE, I can imagine the opposition to it is mostly driven by how invasive construction of an expressway is as opposed to an MRT line/station. I can't remember anyone complaining about DTL, or at least not anywhere as vocally as during the NSE.

Costs of developing an underground expressway is yet another reason to oppose it. I still say MCE is a waste of money and it should've been built on a bridge instead. Funds saved could've been then used on accelerating MRT construction by employing more TBMs.

In a nutshell, I think everyone, be it policy makers or the public, can agree that PT is the way to go in future. But PT right now is simply inadequate and I can't foresee this situation changing in the near future. Especially that, reading between the lines, the Govt is already gearing up for further population increase with the announcement of possible future New Towns. And increasing density of housing around MRT stations is already very clearly visible, especially on the western part of the EWL. With current ridership, a few years from now when those flats are handed over, I can't imagine how is the poor EWL going to take it.

Some small news article in TODAY regarding the project. :)

http://a1.sphotos.ak.fbcdn.net/hphotos-ak-snc7/321194_10150465108212040_671067039_10855372_1891264345_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-snc7/321194_10150465108212040_671067039_10855372_1891264345_n.jpg

According to CNA, the tower will be called CapitaGreen:)

^^ Here is the CNA article

New office tower at site of former Market Street Car Park
By Venus Hew | ChannelNewsAsia.com (http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1181342/1/.html) | 06 February 2012

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 into a new Grade A office tower. The demolition of the car park was completed in December 2011.

Under the agreement, CapitaLand, CCT and MEA own 50 per cent, 40 per cent and 10 per cent interest respectively in MSO Trust, an unlisted special purpose sub-trust set up to undertake the development.

The office tower, called CapitaGreen, will cost S$1.4 billion to develop. The new building, which sits on the 58,954 square feet site, will also have a change of address to 138 Market Street to mark its new beginning. When completed, CapitaGreen will have about 700,000 square feet in lettable office space over 34 levels, with around 180 parking lots. By then, analysts said CapitaGreen will provide the largest office supply around the Central Business District (CBD), once completed at the end of 2014.

Lynette Leong, CEO of CapitaCommercial Trust Management, said: "Our estimate is that by then, market rent should be between S$12 to S$14 per square foot for grade A office space, and given the high specification of this building, we should be able to attract tenants who are able to afford that kind of rental."

Nicholas Mak, executive director of research and consultancy at SLP International, said: "Any new building that is going to be completed in the next four years will have to be price takers. They can ask for a certain rental, but they will also have to be mindful of what their competitors are charging."

Colin Tan, head of research and consultancy at Chesterton Suntec International, said: "They have started their marketing pretty early, given the completion is only end-2014. I think...right now, the office market is on the verge of turning and we may be in the down cycle. So, I think they may be anticipating this and may be trying to secure best rentals that they can fetch right now."

Helping the effort, CapitaLand is flying the green flag over the project, saying it will be the most environmentally-friendly building in Singapore's CBD

Extract fom the press release (http://www.finanznachrichten.de/pdf/20120206_114146_C31_6E39527E9914189D4825799C000646A9.1.pdf) by Capitaland


NEWS RELEASE
6 February 2012

CapitaGreen at 138 Market Street, a new business address in Singapore’s CBD
Development on track for completion by 4Q 2014


Singapore, 06 February 2012 – CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia, the joint venture partners for the redevelopment of Market Street Car Park into a new iconic Grade A office tower are pleased to announce that the development schedule has crossed a milestone and is on track to complete by the fourth quarter of 2014. Demolition of the car park was completed in December 2011 and this morning, a ground-breaking ceremony was held at the Market Street site to signify that construction has begun. A new name for the development, “CapitaGreen”, was unveiled at the ground- breaking event, together with a change of address to 138 Market Street. The ground-breaking ceremony was graced by Minister of State for National Development and Manpower, Mr Tan Chuan-Jin.

CapitaGreen - a name encompassing the essence of a building and heritage of CapitaLand brand The name, CapitaGreen, signifies the emphasis on the eco-friendly features of the office tower. CapitaGreen's logo is directly linked to the heritage of the CapitaLand brand. It incorporates the iconic bouncing 'i' that reflects the vitality and innovation of the CapitaLand group and its expanding property business. The tag line 'For Business, Naturally' has been developed to convey CapitaGreen's marriage of natural elements with premium office space, an ideal environment for business and people to flourish. The address will be changed to 138 Market Street to suggest a new beginning for the development.

Improving Productivity in the Construction Industry
In order to improve the construction productivity in this mega project, the project is awarded to Takenaka Corporation, a design-and-build contractor. We envisage a 20% saving in construction time in reducing the normal completion period of 39 to 40 months to 32 months.

Sustainable Design
CapitaGreen’s innovative and stunning façade design minimises solar heat gain with an energy-efficient double-skin high-performance glass and extensive vertical greenery. The large expanse of greenery as well as sky terraces on levels 14 and 26 helps to reduce heat gain by the building, and a cool void as the centre core allows air flow through the building. The high floor-to-ceiling height (3.2 metres) allows for natural lighting to come through, thus creating a feeling of spaciousness. Other sustainable design strategies include water-saving techniques such as rainwater harvesting to irrigate the building’s plants.

Building Features Fit for Green Mark Platinum Award
CapitaGreen has a net lettable area of about 700,000 square feet, with a typical floor plate ranging from 20,000 square feet to 25,000 square feet. There will be greenery on every floor, sky terraces on two levels, and a roof garden with a restaurant nestled among the trees for a “sky forest” dining experience. The ground floor will feature a sheltered public plaza with art sculptures. With the inclusion of numerous state-of-the-art energy-saving features, the completed office tower is designed to achieve the Green Mark Platinum award, the highest accolade in recognising environmentally-friendly buildings from the Building & Construction Authority of Singapore.

Mr Liew Mun Leong, President and CEO of CapitaLand Group said, “We are delighted that, after more than a decade of seeking to redevelop Market Street Car Park to optimize land use and enhance the asset’s value, we have finally succeeded with the ground-breaking today to commemorate the construction start of CapitaGreen. As a responsible developer, CapitaLand is committed to innovating and raising construction productivity with every project we undertake. CapitaGreen will be constructed using the latest design-and-build contract arrangement. We expect to save 20% in construction time, reducing it to 32 months from the usual 39 to 40 months. CapitaGreen will also be the most “green” building in the CBD given its façade’s 55% green ratio with the east and west façades having a larger amount of greenery, which will minimise solar heat gain and improve energy efficiency for the building.”

Mr Chong Lit Cheong, Chief Executive Officer of CapitaLand Commercial Limited said, “CapitaLand continually seeks ways to enhance the value of our assets, in line with our active portfolio management strategy. The redevelopment of the former Market Street Car Park site into an ultra-modern Grade A office tower is CapitaLand's second redevelopment project in Singapore's Central Business District (CBD), since the completion of One George Street in 2004 (from former Pidemco Centre site). Standing tall at 242m, CapitaGreen will stand out with a visually green exterior and illuminated facade at night. Prominent art pieces will be showcased in the office tower's lobby. We are confident that when CapitaGreen is completed, it will be a memorable landmark in Singapore’s CBD skyline.”

Ms Lynette Leong, Chief Executive Officer of CapitaCommercial Trust Management Limited said, “CapitaGreen’s building design has integrated efficient floor plates, eco-friendly features and state-of-the- art specifications. Combined with its excellent location within the CBD, and good connectivities to Raffles Place MRT station and the future Telok Ayer station at Cross Street, we are confident CapitaGreen will be a well sought-after office building among tenants seeking premium quality office space. This is an exciting development being the first office project that CapitaCommercial Trust is building. We are targeting the completion of CapitaGreen by fourth quarter of 2014 when there will be no new Grade A office supply in Singapore’s CBD, and we expect CapitaGreen will be the jewel choice then.”

Artist Impression

http://i630.photobucket.com/albums/uu22/don_diego_2000/CapitaGreenonMarketSt.png

^^nice!!:cheers:

CAPITALAND, Y U NO GIVE SINGAPORE NICE SKYSCRAPERS?

Comparing Singapore and Chinese forums, Capitaland is CLEARLY giving the nicer looking projects to China. :ohno:

^^ agree!! But I don't like how they are developing a building in china that resembles MBS.......

Well, it depends on how you define "nice". If you equate "nice" to "iconic", then maybe. But architecture is more than that isn't it? From the rendering, I can see a triple volume naturally ventilated atrium, lots of skyrise greenery, and what looks like a secondary skin for the building to block out heat and sunlight. That makes it "nice' in it's own way. If you are looking for a slender tower, I'm sorry but it's just not energy efficient based on our climate.

By the way, we have a name, a height and a completion date for this project... Can a mod please change the name of the thread? :)

The old CBD is getting more dense. This building will pop up in between ORQ & the new OFC if seen from MBS. Nice!

Started a thread in the Skyscraper forum for Capitagreen:http://www.skyscrapercity.com/showthread.php?t=1486379

Some pics I took of the site.

http://a3.sphotos.ak.fbcdn.net/hphotos-ak-ash4/418483_10150665773537040_671067039_11560170_1786855857_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-ash4/418483_10150665773537040_671067039_11560170_1786855857_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc7/427683_10150665773737040_671067039_11560171_1401267477_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc7/427683_10150665773737040_671067039_11560171_1401267477_n.jpg

Some pics I took of the site.

https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/535884_10150898741202040_671067039_12167915_273087448_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/535884_10150898741202040_671067039_12167915_273087448_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/559444_10150898741702040_671067039_12167917_1598653226_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/559444_10150898741702040_671067039_12167917_1598653226_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/581254_10150898742292040_671067039_12167918_880179584_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/581254_10150898742292040_671067039_12167918_880179584_n.jpg

Some pics I took of the site.

https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/524910_10150945768852040_671067039_12255487_590189043_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/524910_10150945768852040_671067039_12255487_590189043_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-prn1/560095_10150945769372040_671067039_12255488_1347528725_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-prn1/560095_10150945769372040_671067039_12255488_1347528725_n.jpg

Some pics I took of the site. I think we can safely call this thread Capitagreen(due 2014)

https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/548177_10151056781917040_255892679_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash3/548177_10151056781917040_255892679_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/426780_10151056782252040_2081898871_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/426780_10151056782252040_2081898871_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/599769_10151056782467040_1914559879_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/599769_10151056782467040_1914559879_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc6/283701_10151056782767040_1623260700_n.jpg
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc6/283701_10151056782767040_1623260700_n.jpg

Some pics I took of the site.

https://fbcdn-sphotos-g-a.akamaihd.net/hphotos-ak-ash3/522361_10151245375312040_452089831_n.jpg
https://fbcdn-sphotos-g-a.akamaihd.net/hphotos-ak-ash3/522361_10151245375312040_452089831_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-ash4/398299_10151245375622040_1810420628_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-ash4/398299_10151245375622040_1810420628_n.jpg
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-snc7/429180_10151245376527040_1546577026_n.jpg
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-snc7/429180_10151245376527040_1546577026_n.jpg

The old CBD is getting more dense. This building will pop up in between ORQ & the new OFC if seen from MBS. Nice!

At 245m it would probably be an imposing presence when viewed from the junction at Lau Pa Sat. There are definitely still some good sites and redevelopment plots left in the old CBD for major skyscraper projects..especially near Maxwell Road and Cecil Street areas.

Some pics I took of the site.

https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-prn1/28745_10151270682692040_60860980_n.jpg
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-prn1/28745_10151270682692040_60860980_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-ash3/525665_10151270682987040_681314884_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-ash3/525665_10151270682987040_681314884_n.jpg
https://fbcdn-sphotos-f-a.akamaihd.net/hphotos-ak-ash4/393988_10151270683462040_996029018_n.jpg
https://fbcdn-sphotos-f-a.akamaihd.net/hphotos-ak-ash4/393988_10151270683462040_996029018_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-snc7/384365_10151270686167040_1133868106_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-snc7/384365_10151270686167040_1133868106_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-snc6/196190_10151270686527040_1785537771_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-snc6/196190_10151270686527040_1785537771_n.jpg

Some pics I took of the site today.

https://fbcdn-sphotos-d-a.akamaihd.net/hphotos-ak-ash3/556893_10151307984917040_1763033318_n.jpg
https://fbcdn-sphotos-d-a.akamaihd.net/hphotos-ak-ash3/556893_10151307984917040_1763033318_n.jpg
https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-snc7/378788_10151307985027040_887698355_n.jpg
https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-snc7/378788_10151307985027040_887698355_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-snc6/189949_10151307985102040_13179626_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-snc6/189949_10151307985102040_13179626_n.jpg

Some pics I took of the site today.

https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-snc7/398586_10151352232852040_501182768_n.jpg
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-snc7/398586_10151352232852040_501182768_n.jpg
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-snc6/282798_10151352232907040_1096874145_n.jpg
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-snc6/282798_10151352232907040_1096874145_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-prn1/27292_10151352232942040_233407104_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-prn1/27292_10151352232942040_233407104_n.jpg
https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-ash3/547662_10151352232977040_1491707429_n.jpg
https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-ash3/547662_10151352232977040_1491707429_n.jpg
https://fbcdn-sphotos-d-a.akamaihd.net/hphotos-ak-snc7/430814_10151352233077040_25412137_n.jpg
https://fbcdn-sphotos-d-a.akamaihd.net/hphotos-ak-snc7/430814_10151352233077040_25412137_n.jpg
https://fbcdn-sphotos-f-a.akamaihd.net/hphotos-ak-snc6/281671_10151352233107040_1216780921_n.jpg
https://fbcdn-sphotos-f-a.akamaihd.net/hphotos-ak-snc6/281671_10151352233107040_1216780921_n.jpg
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-prn1/526028_10151352233157040_1967893137_n.jpg
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-prn1/526028_10151352233157040_1967893137_n.jpg
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-ash3/20715_10151352233177040_32809607_n.jpg
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-ash3/20715_10151352233177040_32809607_n.jpg

Some pics I took of the site today.

https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-prn1/65267_10151453751377040_1055827297_n.jpg
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-prn1/65267_10151453751377040_1055827297_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-ash3/543500_10151453751422040_143808592_n.jpg
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-ash3/543500_10151453751422040_143808592_n.jpg
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-prn1/536146_10151453751387040_542964880_n.jpg
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-prn1/536146_10151453751387040_542964880_n.jpg
https://fbcdn-sphotos-d-a.akamaihd.net/hphotos-ak-prn1/529784_10151453751552040_1016628618_n.jpg
https://fbcdn-sphotos-d-a.akamaihd.net/hphotos-ak-prn1/529784_10151453751552040_1016628618_n.jpg