by Jared Heng
Artist impression of CapitaGreen
Construction of a new Grade A office tower has begun on the former Market Street Car Park site in Singapore, with completion expected by the fourth quarter of 2014.
Demolition of Market Street Car Park was completed in December last year.
At a ground-breaking ceremony on Monday, CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia ‒ the joint venture partners for the project ‒ said the new development’s name would be ‘CapitaGreen’.
They also announced that the site’s address would be changed to 138 Market Street to suggest a new beginning for the development, which has a net lettable area of about 700,000 square feet.
According to CapitaLand, the building’s design will include several state-of-the-art energy-saving features.
It also noted the building’s excellent location within the Central Business District, with good accessibility to Raffles Place MRT station and the future Telok Ayer station at Cross Street.
With these factors, “we are confident CapitaGreen will be a well sought-after office building among tenants seeking premium quality office space,” said Lynette Leong, Chief Executive Officer of CapitaCommercial Trust Management Limited.
Moray Armstrong, CBRE’s executive director for office services, said: “CapitaGreen represents the only office development that will complete in prime Raffles Place between now and 2014. Moreover at this point, there are no other confirmed developments in this key micromarket in the heart of the business district. We believe that this will be a crucial contribution to the further enhancement of the city’s office market.”
“Whilst Singapore’s office market faces challenges in the immediate future, it is important to understand that the cycles here are short and the market has always demonstrated an ability to recover sharply. The projected completion of CapitaGreen at the end of 2014 would be perfectly placed to capitalise on the next growth cycle,” he added.
CapitaLand Limited Monday closed on the Singapore Exchange at S$2.70, up from its previous close of S$2.65. CapitaCommercial Trust’s closing price on the same day was S$1.12, compared with its previous close of S$1.10.