Golden Shoe Car Park ripe for redevelopment
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RUMOURS have been swirling that CapitaLand Commercial Trust (CCT) could kickstart plans to redevelop Golden Shoe Car Park (GSCP) next year.
The speculation appears to have been fuelled by market buzz surrounding expiring leases in the 10-storey Market Street building in the Raffles Place financial district. CCT has office tenants on the property's top floor, with shops and F&B tenants on the ground floor. Some leases are ending next year while others are said to have been renewed recently but on shorter terms. Some tenants are also said to be scouting for alternative premises in anticipation of redevelopment.
But before exploring whether redevelopment makes sense for CCT, it's worth looking at some factors that may bear on CCT's ability to redevelop this ageing asset.
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