Fraser Centrepoint awards contracts worth S$774m

Singapore

FRASERS Centrepoint Limited (FCL) has awarded main contracts totalling S$774 million for the construction of two projects: Frasers Tower in Cecil Street and Northpoint City in Yishun Central. Both projects, to be built on 99-year leasehold sites awarded at state tenders, are slated for completion in 2018.

The contract for Frasers Tower, an office development, went to Hyundai Engineering & Construction Co for about S$287 million.

The Northpoint City contract, valued at S$487 million, was clinched by Lum Chang Building Contractors. This project will include the 920-unit North Park Residences, a 330,000 sq ft mall and a bus interchange. The plan is to integrate, upon approval, Northpoint City with the next-door Northpoint Shopping Centre, which is owned by Frasers Centrepoint Trust.

Northpoint City will also include a community club (housed within the mall) and a town plaza.

Over in the CBD, Frasers Tower will have 688,000 sq ft total net lettable area (NLA), comprising 664,000 sq ft in a 38-storey Premium Grade A office tower; and 24,000 sq ft in an adjacent three-storey cascading retail podium. The latter will have a roof garden and various retail, and food and beverage offerings.

The development will also have a large park of 17,200 sq ft; a restaurant will be located within the park. The project has a three-storey basement car park.

The office tower will offer column-free space of 19,000-21,000 sq ft on square floor plates, enhancing efficiency in space planning, said an FCL spokesman. The group has appointed CBRE and JLL as joint marketing agents for the leasing of Frasers Tower.

"Marketing for the space is targeted to kick off end of 2015 and potential companies we are targeting include those in the insurance, technology and information communication, energy and commodities, financial, professional services and the maritime trade," said the spokesman.

When asked about the competition for office tenants from other office projects being built in the CBD including Guoco Tower, 5 Shenton Way, Marina One and Duo, FCL's spokesman said: "Most of the office supply is expected to come on stream in 2016-2017. Frasers Tower is expected to be the only CBD Grade A office development completing in 2018.

"We are confident that it will be highly sought after given its strategic location at the gateway to the core CBD of Singapore and its unique concept and lush greenery."

DP Architects is designing Frasers Tower. Frasers Centrepoint is gunning for Green Mark Platinum award by the Building and Construction Authority for this development. The project's energy-efficient features include glass emitting low levels of heat on the facade of the office tower. There will also be parking lots catering for hybrid vehicles with charging stations. Floor-to-ceiling high glass windows will allow maximum daylight to shine through, reducing the need for electric lighting.

Frasers Tower's office lobby will be directly connected to the Tanjong Pagar MRT Station on the East West Line via an underground pedestrian walkway. The project is also near the Telok Ayer station on the Downtown Line and the future Shenton Way station on the Thomson-East Coast Line.

On the stock market yesterday, Frasers Centrepoint closed half a cent lower at S$1.685.