CapitaLand, CCT, Mitsubishi to redevelop Singapore park for $1.32b

Singapore-based CapitaLand and Japan-based Mitsubishi Estate have formed a joint venture to redevelop Golden Shoe Car Park in Singapore into a multipurpose building. The seller was CapitaLand Commercial Trust.

CapitaLand and its unit CapitaLand Commercial Trust will each hold 45 percent of the joint venture and Mitsubishi Estate will hold the remainder.

The three parties will set up two single-purpose trusts to develop the project; Glory Office Trust for the commercial portions of the development, and Glory SR Trust for the serviced residence portion.

The 51-story building, spanning up more than 1 million square feet, will cost $1.32 billion to develop. It will have 29 floors of class A office space with 635,000 square feet; an eight-story, 299-unit serviced residence to be managed by CapitaLand’s The Ascott; five floors of car park; and 12,000 square feet of ancillary retail space.