CapitaLand to form JV for Golden Shoe Car Park redevelopment

It will partner with CCT and Mitsubishi.

CapitaLand (CAPL) announced that, for the redevelopment of Golden Shoe Car Park in Raffles Place into an integrated development, it will form a joint venture with CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co Ltd (MEC).

CAPL and CCT will both hold 45% stakes in the JV while MEC will take a 10% interest in two unlisted special purpose sub-trusts to own the office and serviced residence components of the development.

According to OCBC Investment Research analyst Eli Lee, the total development cost is estimated at $1.82b and will be funded by the JV partners in proportion to their respective interests.

The new integrated project will be 51 stories high and have a GFA of about one million square feet, of which 29 floors will comprise premium Grade A office space and an eight storey 299-unit serviced residence to be managed by The Ascott Ltd – CAPL’s serviced residences unit.