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Old July 24th, 2008, 04:11 PM   #1
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SINGAPORE | CapitaGreen | 242m | 46 fl | Com

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
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Old April 19th, 2011, 12:09 PM   #2
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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
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Old April 19th, 2011, 12:12 PM   #3
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Wow!! Another new 245m tower!!! Any render of the project
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Old April 19th, 2011, 02:56 PM   #4
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Yes, finally after so long they've come up with concrete plans. can't wait for the renderings =)
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Old April 19th, 2011, 03:06 PM   #5
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Well, I hope it is unique but not too abstract.
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Old April 19th, 2011, 03:39 PM   #6
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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.
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Old April 20th, 2011, 01:28 PM   #7
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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/...435579,00.html



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.'
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Old April 20th, 2011, 01:31 PM   #8
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Looks interesting!!!
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Old April 20th, 2011, 02:57 PM   #9
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Quote:
Originally Posted by Vrooms View Post
Looks interesting!!!
Seems that a dinosaur has been accidentally trapped in the building


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Old April 20th, 2011, 03:03 PM   #10
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How high is the new office tower?
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Old April 20th, 2011, 03:20 PM   #11
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Err, the article above did say that it is going to be 245 metres high.
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Old April 21st, 2011, 05:05 AM   #12
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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).
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Old April 21st, 2011, 09:36 AM   #13
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At 245m, it can be seen from Marina Bay Sands, next to Republic Plaza.
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Old April 21st, 2011, 02:04 PM   #14
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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 ). 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...
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Old April 21st, 2011, 03:15 PM   #15
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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.
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Old June 16th, 2011, 06:02 PM   #16
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Market Street Car Park to be demolished

http://www.channelnewsasia.com/stori...135551/1/.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
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Old June 16th, 2011, 06:09 PM   #17
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Where would the 700 cars go to park
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Old June 24th, 2011, 03:28 AM   #18
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a model of the tower. ü
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Old June 25th, 2011, 06:15 PM   #19
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Pics of Market Street Carpark before they are gone forever...





Seems that there are going to be multiple demolition projects along Raffles Place area.
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Old June 27th, 2011, 12:51 AM   #20
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Such a waste since they had just goe to a heavy renovation and its just staarting to be hyper happening in that area..
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