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Property News12 Feb 2018

People-Friendly Zone in Raffles Place

THE redevelopment of the former Golden Shoe Car Park will feature a 12,500 square foot public park, Minister for National Development and Second Minister for Finance Lawrence Wong said at a groundbreaking on Friday.

Market Street Public Park

CapitaLand, CapitaLand Commercial Trust and Mitsubishi Estate, which are jointly redeveloping the old carpark, had previously announced plans to turn the site at 88 Market Street, which used to house a popular food centre and carpark, into an S$1.82 billion integrated development.

Besides the public space, footpaths along Market Street, Malacca Street and Phillip Street will be widened with added greenery, along with sheltered linkways along Malacca Street between Raffles Place and other developments. There will also be new cycling paths along these streets, which will connect to upcoming developments planned as part of the Central Area cycling network.

Mr Wong said these moves were aimed at making the area greener, and a "vibrant people-friendly zone". "We hope that Raffles Place will be an area that is not only bustling with the working crowd in the daytime, but will also be a place where people will want to visit to gather and interact at night," he said.

At 280 metres, the 51-storey tower will be among the tallest in the Raffles Place area, and have 350 carpark spaces from levels four to eight. Golden Shoe Car Park had 1,053 carpark spaces.

The former Market Street Car Park had 704 spaces. CapitaGreen, the 40-storey Grade A office tower on the site and which opened in 2015, has 180 parking spaces.

Market Street Food Centre, previously housed in Golden Shoe Car Park, will reopen at the second and third levels . It will be owned by the Ministry of the Environment and Water Resources (MEWR). Currently, stallholders are operating at an interim food centre in Cross Street.

Plans for the new green space, walkways and cycling paths were developed as part of a multi-agency effort by the Urban Redevelopment Authority (URA), Land Transport Authority (LTA) and National Parks Board, in collaboration with CapitaLand, which will implement the enhancement works.

The works are expected to start in 2019, and will be completed by the first half of 2021 along with the integrated development.

With a gross floor area of about one million square feet, 88 Market Street will comprise 635,000 sq ft of Grade A office space; a 299-unit Citadines serviced residence to be managed by The Ascott Ltd; and ancillary retail space. It will also have a sky garden and a "City Room" on the ground floor which can be used for community events.

"We are confident that this integrated development will attract progressive companies seeking a future-enabled environment to grow their business, and attract the best talent," said Ng Kee Choe, chairman of CapitaLand at the groundbreaking.

Moray Armstrong, managing director of advisory and transactions for CBRE said: "The office space will be playing into a strengthening office market that is showing encouraging signs on the demand side."
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