The manager of CapitaLand Commercial Trust (CCT), the property owner, said on Wednesday (Oct 19) it has submitted plans to the authorities to redevelop the 10-storey building into a “higher-value commercial development” with a gross floor area of 1 million sq ft. The Government’s approval for the redevelopment is necessary as the site is currently zoned for transport use. CCT said it has started preliminary discussions on the proposed redevelopment with the relevant authorities.
Built in 1984, the Golden Shoe Carpark building in the Raffles Place financial district is set to be redeveloped as an office tower up to 280m high - one of the Central Business District's tallest. Regulars of the hawker centre can rest assured that lunch will still be served there as the redeveloped site will include a hawker centre owned by the Government.
Golden Shoe tenants have been informed that they have to vacate the property by Jul 31, 2017. Vehicle owners who have a season parking pass for the car park have also been notified to look for alternative parking when the car park ceases operation in end-July next year.
CapitaLand Commercial Trust (CCT) has another project CapitaGreen located nearby that has been reaping good rental yield and they believe they are able to repeat the same value - creation success of CapitaGreen, which was redeveloped from the former Market Street Carpark.
CapitaLand Commercial Trust (CCT) is confident of the long term demand for quality office space in Singapore especially when there is no known new supply in Raffles Place beyond 2018.