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CapitaLand Commercial Trust obtains URA nod to redevelop Golden Shoe Car Park

Wednesday, April 19, 2017 - 08:35

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Capitaland Commercial Trust (CCT) has been given the green light by one authority for its plans to redevelop Golden Shoe Car Park, and now awaits clearance from another.

CAPITALAND Commercial Trust (CCT) has been given the green light by one authority for its plans to redevelop Golden Shoe Car Park, and now awaits clearance from another.

The trust has "now obtained the Urban Redevelopment Authority's provisional permission for the proposed redevelopment" of the 10-storey building in the Central Business District (CBD), Lynette Leong, chief executive officer of the trust manager, was quoted in CCT's first-quarter financial results released on Wednesday morning. CCT had submitted the plans in the second half of 2016.

The manager now awaits the Singapore Land Authority's assessment of the differential premium (DP) payable for the "potential enhancement" in land use.

"Only when the DP is known can we complete the feasibility study of the proposed redevelopment and determine whether or not to proceed with it," said Ms Leong.

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In a recent interview with The Business Times, Ms Leong said that the trust manager planned to redevelop Golden Shoe Car Park into a higher-value commercial development that includes an office tower. The project could potentially create a commercial gross floor area of approximately one million square feet, comprising an office tower of up to 280 metres above ground, on par with the tallest buildings in the CBD.

CCT's counter closed 0.62 per cent higher on Tuesday at S$1.620.

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