The space vacated by Singapore Petroleum Company in Golden Shoe Car Park earlier this week is to be used for shops and F&B outlets, the property’s owner said yesterday. The car park is owned by CapitaCommercial Trust, a real estate investment trust sponsored by property company CapitaLand.
The development is the last phase of the trust’s efforts to improve the look of the car park, and renovation works are expected to take several months.
After the revamp there will be about 20 fewer parking spaces. There are at present more than 1,000 spaces, CapitaLand told BT yesterday.
The refurbishment of Golden Shoe comes after CapitaLand’s renovation of the nearby Market Street car park, which reopened in November.
At Market Street car park, rents went up by 38 per cent and the net lettable area increased to 1,970 sq m from 1,550 sq m. Market observers expect rents to rise similarly at Golden Shoe car park once the revamp is complete.
CNA yesterday also reported that CapitaLand has received provisional permission to build a nine-storey office tower on top of the existing Funan DigitaLife Mall.
This will include additions and alterations to the building, home largely of retailers of electronics and computer products. To maximise the useable space, CapitaMall Trust is working out a plan with the Urban Redevelopment Authority.
The report said CapitaMall Trust wanted to achieve a more efficient floor plate when developing the proposed office block and to minimise disruptions to the retail tenants. The trust will release more details when the plans are finalised.
Source: The Business Times
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