mr funny
20-06-11, 13:14
http://www.businesstimes.com.sg/sub/companies/story/0,4574,443644-1308340740,00.html?
Published June 17, 2011
End of the road for Market Street Car Park
By FELDA CHAY
MARKET Street Car Park will be closed for good at the end of this month for demolition and an ultra-modern Grade A office tower will spring up in its place before the end of 2014.
CapitaCommercial Trust (CCT), which has been granted permission to demolish the car park amid concerns of a resultant shortage of car park space in the area, said the 245-metre tall tower to be developed will be an exciting addition to the skyline of Singapore's Central Business District (CBD). It is expected to have a gross floor area of 887,000 square feet.
Announcing the redevelopment yesterday, CCT said: 'As a result, Market Street Car Park, including the food court and all the shops, will be closed permanently from 2359 hours on Thursday, 30 June 2011 for demolition.'
The car park, which was built in 1964 and has 704 lots, is one of the major sources of parking space in the Central Business District today.
CCT said that existing season car park holders have already been told since April to start sourcing for alternative car parking and have been provided with a list of alternative car parking facilities in the surrounding commercial buildings.
There has since been 'a steep decline' in the number of season car parkers at the car park, said CCT.
BT had earlier reported that owners of some developments near the property had jointly written to the Urban Redevelopment Authority (URA) for a dialogue to address concerns over the supply of parking lots in the area when Market Street Car Park is being redeveloped.
Several buildings in the vicinity have either few or no parking lots, which means that many of their tenants or visitors have hitherto been relying on Market Street Car Park for their parking needs.
Plans for the redevelopment of the car park emerged more than 15 years ago but firmed up only recently. CCT said in April that it will work with CapitaLand to re-build the car park into a Grade A office tower for around $1.4 billion. This includes a differential premium for the change of land use.
Published June 17, 2011
End of the road for Market Street Car Park
By FELDA CHAY
MARKET Street Car Park will be closed for good at the end of this month for demolition and an ultra-modern Grade A office tower will spring up in its place before the end of 2014.
CapitaCommercial Trust (CCT), which has been granted permission to demolish the car park amid concerns of a resultant shortage of car park space in the area, said the 245-metre tall tower to be developed will be an exciting addition to the skyline of Singapore's Central Business District (CBD). It is expected to have a gross floor area of 887,000 square feet.
Announcing the redevelopment yesterday, CCT said: 'As a result, Market Street Car Park, including the food court and all the shops, will be closed permanently from 2359 hours on Thursday, 30 June 2011 for demolition.'
The car park, which was built in 1964 and has 704 lots, is one of the major sources of parking space in the Central Business District today.
CCT said that existing season car park holders have already been told since April to start sourcing for alternative car parking and have been provided with a list of alternative car parking facilities in the surrounding commercial buildings.
There has since been 'a steep decline' in the number of season car parkers at the car park, said CCT.
BT had earlier reported that owners of some developments near the property had jointly written to the Urban Redevelopment Authority (URA) for a dialogue to address concerns over the supply of parking lots in the area when Market Street Car Park is being redeveloped.
Several buildings in the vicinity have either few or no parking lots, which means that many of their tenants or visitors have hitherto been relying on Market Street Car Park for their parking needs.
Plans for the redevelopment of the car park emerged more than 15 years ago but firmed up only recently. CCT said in April that it will work with CapitaLand to re-build the car park into a Grade A office tower for around $1.4 billion. This includes a differential premium for the change of land use.