Developer shoots for moon on Capitol site but braces for chill

[mr funny]

http://www.businesstimes.com.sg/sub/...24541,00.html?

Published February 2, 2011

Developer shoots for moon on Capitol site but braces for chill

By KALPANA RASHIWALA


(SINGAPORE) The $750 million mixed development project that will come up on the Capitol site will include some 60-70 luxury apartments which are expected to be launched in the third or fourth quarter of this year.

The consortium developing the project has secured debt financing from OCBC. Market watchers reckon the project's gearing ratio could be about 70 per cent.

Internal rates of return will be 'very fantastic... more than the teens', Pua Seck Guan, CEO of Perennial Real Estate Pte Ltd, told reporters yesterday. He and his co-investors hold a 40 per cent stake in the consortium developing the retail/theatre, hotel and residential project that will be developed on the Capitol site.

The historic Capitol Theatre, Capitol Building and Stamford House will be conserved and restored for adaptive re-use while a new 15-storey structure will be built on the existing Capitol Centre site.

The other members of the consortium - Chesham Properties (controlled by members of the Kwee family who own Pontiac Land Group) and Sukmawati Widjaja's Top Global - each hold a 30 per cent stake.

Mr Pua said the consortium is in 'a very comfortable position' with regard to its breakeven costs for all components of the project, given the competitive price it paid for the site - $250 million or nearly $461 per square foot per plot ratio.

'We can make very good money from this project, but it's not just about making money. We must do justice to this project,' he said.

The final pricing for the apartments, which are slated for launch later this year, will depend on market conditions prevailing at the time. For now, the pricing expectation has been clipped to about $2,500-3,000 per square foot from an initial range of $3,000-3,500 psf following the introduction of the Jan 13 property cooling measures, according to Hano Maeleo, CEO of Top Global.

The apartments will range from 1,200 sq ft to over 2,000 sq ft and likely comprise two- to four-bedroom units. They will be housed on the third to 15th levels of the building that will be built on the current location of Capitol Centre.

Levels one and two, and basements one and two, of the same building will house retail space. The existing street between Capitol Theatre and Stamford House/Capitol Building will be transformed into a glass-covered pedestrianised galleria lined with eateries.

There will also be an underground mall link to City Hall MRT Station, and retail space on the ground floors of Capitol Building and Stamford House.

The development will have at least eight flagship retail and 30 F&B stores, and at least 40 per cent of total retail space in the project will be dedicated to new-to-market brands, revealed Mr Kwee Liong Seen, director of Chesham Properties.

Said Mr Pua: 'We will be different because this site is unique and deserves a lot of our careful attention and effort to make it different. So if you are just another Bugis Junction, I think we will fail and we will not have done this site justice.'

The $750 million total development cost includes the land price of $250 million, construction costs (inclusive of at least $30 million to restore Capitol Theatre) and the cost of fitting out a luxury hotel with about 200 rooms on the second to fourth levels of the four-storey Capitol Building and Stamford House.

A building agreement was signed yesterday between the consortium members and the Singapore government, which sold the Capitol site to the consortium in 99-year leasehold tenure.

Capitol Theatre will be restored and upgraded into a single-screen cinema with about 800 seats and alternate as a performance theatre. Ground level access will enable the hosting of a wide range of activities from first-run screenings to red carpet movie premieres, to in-house theatre and dance productions.

The project is slated for completion by end-2014.

Richard Meier, managing partner of the eponymous US firm that is the design and concept architect, said: 'The new structure will complement the existing historical architecture, creating a new civic centre that will look to the future while it is respectful of the past.'

The consortium's bid was selected following a dual-envelope tender last year, which drew 14 bids. The winning consortium offered the highest land price among the three bidders that were shortlisted based on their concept proposals.

[mr funny]

http://www.straitstimes.com/Money/St...ry_630759.html

Feb 2, 2011

Apartments at Capitol site to be priced lower

Luxury units at iconic site to go for at least $2,500 psf

By Esther Teo, Property Reporter


NEW high-end apartments to be built on the Capitol site have been priced lower than originally planned due to the recent round of property cooling measures, one of its developers revealed yesterday.

Top Global, part of the consortium undertaking the $500 million makeover of the landmark site, said the units are expected to go for between $2,500 and $3,000 per sq ft (psf).

But the prices may be raised if the market holds up, said Top Global's chief executive Hano Maeloa.

He also disclosed that the initial target price was in the $3,000 to $3,500 psf range until the Jan 13 property cooling measures prompted a rethink.

The 60 to 70 luxury homes are part of a 15-storey development with shops and eateries, to be built on the site of Capitol Centre, which will be demolished.

The building will rise above the site's conservation heritage buildings: Stamford House, Capitol Building and Capitol Theatre.

A consortium comprising Top Global and Mr Kwee Liong Seen's Chesham Properties and led by Mr Pua Seck Guan's Perennial Real Estate is redeveloping the site. It revealed more details at a ceremony to sign the building agreement yesterday.

The homes, ranging in size from 1,200 sq ft to more than 2,000 sq ft, are expected to be launched for sale in the second half of this year. Mr Maeloa said they will be targeted mainly at owner-occupiers and not speculators, so the measures are unlikely to affect sales greatly.

The consortium also said that at least $30 million will be spent to conserve the Capitol Theatre, Singapore's first cinema.

It is expected to be converted into a single-screen cinema with about 800 seats. About half the season will be allocated to screening blockbuster films, with the rest to works by arts groups.

Six dance and theatre companies have been identified and plans are being finalised to present a primarily Singaporean and Asian repertoire.

The retail component of the project - which will take up almost half of the site's total gross floor area (GFA) - will include at least eight retail and 30 food and beverage flagship outlets.

At least 40 per cent of it will also be brands that have not been introduced to the local market before. A boutique hotel with about 200 rooms will sit atop the ground-level shop fronts of Stamford House and Capitol Building.

Mr Pua said the site has a historical background that will draw tourists.

He added that the consortium will see 'comfortable break-even costs' for the retail and residential segments due to the relatively low price at which the land was purchased. The winning bid of $250 million for the site tendered in October translates to just $461 psf of GFA.

Construction is set to begin in the third quarter with completion in 2014.

[email protected]

[mr funny]

http://www.straitstimes.com/Money/St...ry_630758.html

Feb 2, 2011

Developer rejects criticism of design


PERENNIAL Real Estate chief executive Pua Seck Guan has rejected criticism that the Capitol site's architectural design is a bit lacklustre.

When impressions of it were unveiled in October, some industry players commented that the design had been more 'okay' than 'wow'.

Mr Pua said yesterday that the winning design was sensitive to the civic and cultural district, and offered a concept that gelled with the Government's vision for the area.

The developers' consortium had initially submitted two proposals, with the rejected one having more of a 'wow' factor, he said. 'That approach could be 'too wow' to the extent that it may not complement the surroundings.'

Mr Michael Palladino, design partner of Richard Meier & Partners - the design architects of the project - added that not every building needs a 'wow' factor. 'This site has important iconic architecture already. Sometimes it's better to stand back and look at what else is around the site and how you can contribute,' he said, adding that the design will evolve as plans are finalised.

ESTHER TEO

[kane]

are the apartments FH or LH?

[bargain hunter]

LH of course.

are the apartments FH or LH?

[mcmlxxvi]

Any one has got the artist impressions of both the okay and wow?

[mr funny]

Feb 3, 2011

Capitol gains

Pritzker Prize-winning architect Richard Meier is aiming to turn the Capitol project into a landmark building in Singapore

By tay suan chiang


PHOTOS: AMY ETRA, CAPITOL INVESTMENT HOLDINGS

One of Singapore's most exciting landmark transformations is in the hands of his company.

It involves developing the site of the much-loved Capitol Theatre building and its Stamford Road surrounds into an iconic arts and commerce destination worthy of its former glory.

Meet American Richard Meier, one of the world's best-known architects. His company, Richard Meier & Partners Architects, which he founded in 1963, was appointed project designers last year.

So just who is the man on whom Singaporeans are pinning their hopes to do justice to reviving the faded grand dame Capitol Theatre, plus Capitol Building and Stamford House?

Well, someone not without his quirks.

Mr Meier says he loves building houses but, ironically, his home of 40 years is not one that he built.

Home is a 5,000 sq ft duplex on New York's Upper East Side in a pre-war limestone building, where Mr Meier lives on his own.

Asked why he has not built his own home, he says: 'I've no time, I'm too busy. Someday I will build my own home and I look forward to that time.'

This from a man aged all of 76.

He spoke to Life! on the telephone from his New York office last month. The divorced father of two is the managing partner of his architectural company.

Fans of the old white neo-classical building that is Capitol Theatre will be pleased to know that Mr Meier is renowned for the use of white in his buildings.

'In architecture, I feel white best reflects the colours of nature around you, and allows you to appreciate the architecture in its context,' he says.

His love of white extends to all aspects of his life. 'My office is white, my kitchen is white, my shirts are white. It's my colour,' he adds.

On the other hand, he is also known for his Modernist style - using plain geometry, layered definition of spaces and the effects of light and shade to create clear, comprehensible spaces.

He reassures: 'We have proposed a timeless architecture to give the area the authority of a landmark without diminishing the quality and presence of the historic Capitol Theatre, Capitol Building and Stamford House.'

The primary goal in redeveloping the Capitol site is to create a strong sense of place by enhancing and transforming the existing site in a dramatic way, he adds. What is more, he foresees the Capitol project as the landmark building in Singapore when it is completed.

'We hope it becomes a landmark, a destination for art, culture and commerce,' he says. 'People can visit the theatre, they can enjoy the public spaces and they can live and stay in beautifully, well-appointed environments.'

Mr Meier landed the prestigious project after being appointed by Capitol Investment Holdings, the consortium that made the winning bid for the Capitol site for $250 million last year.

It consists of joint venture partners Kwee Liong Seen's Chesham Properties, Pua Seck Guan's Perennial Real Estate and Sukmawati Widjaja's Top Global, all property developers.

'Mr Kwee approached us to ask if this is a design competition in which we would like to participate. There is a lot of great architecture being built in Singapore and we wanted to be part of it,' says MrMeier.

The Capitol development is his second project in Singapore. His first was Camden Medical Centre in Orchard Boulevard which was completed in 1999.

Though the silver-haired architect has not been back to Singapore since completing the Camden building, he has seen Singapore's development since then through photographs.

'There is a very high quality of architecture built throughout the city, although there is not one building that stands superior to the others,' he points out.

While he has not seen the site of the Capitol project, Mr Michael Palladino, the firm's design partner, has. 'This is an opportunity for us to create a unique civic centre that will reflect the city's past through the historic structures and celebrate the future with the new and contemporary additions,' says Mr Palladino.

Under the project, Capitol Theatre, Capitol Building and Stamford House will be conserved and restored.

The theatre will be refurbished and transformed into Singapore's largest single-screen cinema with about 800 seats. It will be operated by Golden Village for most of the year.

The theatre will also alternate as a performance venue for dance and theatre groups.

Capitol Building and Stamford House will be restored into a new luxury hotel with about 200 rooms.

Capitol Centre will be torn down to make way for a 15-storey building that will have retail space, and 60 to 70 apartments.

There will also be a public plaza with a glass canopy that will provide sheltered outdoor space.

Construction of the $500-million development will start in the third quarter of this year and it is expected to be ready by 2014.

With just a few years to complete the project, MrMeier says one of the challenges he foresees is the deadline.

'The construction schedule is very ambitious,' he says. 'Our goal is to make this as fine a project as humanly possible.'

His longest project so far was the Getty Center art museum in Los Angeles, which opened in 1997 and is named after its benefactor, the late oil tycoon J. Paul Getty.

It is also Mr Meier's most famous building. 'The Getty is probably my most important building. It was 13 years of my life,' says Mr Meier, who was commissioned to design the US$1-billion building in 1984.

It was a complex project due to site challenges and other restrictions but Mr Meier speaks of it fondly: 'There are as many people visiting it today as there were when it first opened. People come up to me when I'm at the centre and they tell me how much they enjoy it. It is very gratifying.'

When asked for three words that best describe his buildings, he says: 'Beautiful, inspiring... functional. No, forget functional, memorable is the third. Any good building is functional. Architecture has to go beyond functional, but have meaning for the place and the people who use it.'

His favourite moment of a project is 'when it is finished, but that is also the saddest moment'.

'I enjoy working on the project so much that I want to keep working on it. But once it is done, it is no longer my building anymore,' he says.

As for which of his buildings is his favourite, he breaks into a chuckle and says: 'The next one is always my favourite.'

When it comes to building types, museums are a clear favourite of his. 'I love to build museums. I love to create public spaces where people can come together and appreciate art or just appreciate the environment around them,' he says.

Museums he has designed include the High Museum of Art in Atlanta, the Barcelona Museum of Contemporary Art and the Frankfurt Museum for the Decorative Arts.

Mr Meier says he rarely turns down jobs but there are some buildings that he 'wouldn't be interested in doing'.

A prison is one such building as 'it is a place without life, not a humanistic kind of place to build'.

The other is a hospital which he says is very special and specific. 'Its main role is in getting a patient well. Architecture is not important in a hospital. It is not a place I want to get involved in.'

In 1984, he was awarded the Pritzker Prize for Architecture, considered the field's highest honour. At 49, he was then the youngest recipient. 'It was great to get it but I didn't think about being the youngest,' he says. 'I thought it was gratifying to receive it but it was nothing that changed my life.'

He has wanted to be an architect since he was 14. 'I feel you need that passion and drive to be an architect. It takes total dedication,' he says.

He adds that his love for making things such as model airplanes and boats during his childhood created an interest in this profession. 'I could never get the airplanes to fly, and my boats sometimes sank,' he says with a laugh.

The man has humour. When asked what is the best thing about being Richard Meier, his immediate response is: 'I can tell you what's worst. Growing old,' before bursting into a chuckle.

His two children have not followed in his footsteps. His 33-year-old son Joseph is a sculptor, while daughter Ana, 30, designs furniture.

'It would be nice if they had become architects but it is up to them,' he says.

While some see architects such as Briton Norman Foster and American Daniel Libeskind as the design stars of today, Mr Meier does not think of himself as one. In Singapore, Mr Foster designed the Supreme Court building, while Mr Libeskind designed the Reflections at Keppel Bay condominium.

Mr Meier says there are stars in every field, be it in architecture, medicine, law or film.

'There are certain people who do well and people respond to that. Some of us are better than others. I am happy for the opportunity to build good architecture, but I don't respond to the notion of 'starchitects'.'

Despite his own stellar success, there are no airs about him.

When complimented, he replies with a polite 'thank you'.

Was there a moment in his career when he knew he made it as an architect? He answers: 'I'm not sure I have yet made it.

'There's no point at which you made it, but you keep working and do the best you can.'

[email protected]

[mr funny]

Meier's milestones




Design triumphs: The Jubilee Church in Rome (above) and the Getty Center (below) in Los Angeles were two of Meier's key projects. -- PHOTOS: GETTY TRUST, ALAN KARCHMER/ESTO
Born in Newark, New Jersey, on Oct 12, 1934
Graduated from Cornell University in 1957, where he studied architecture
In 1959, he worked for renowned American architecture firm Skidmore, Ownings & Merrill
Started his own firm, Richard Meiers & Partners Architects, in 1963
Received the Pritzker Prize in 1984
The same year, he was commissioned to design the Getty Center in Los Angeles
In 1995, the Barcelona Museum of Contemporary Art was completed
The Frankfurt Museum of Ethnology was completed in 1996
In 1997, he was awarded the Gold Medal from the American Institute of Architects
The Getty Center was completed and opened in 1997
In 1999, Camden Medical Centre (above) in Orchard Boulevard was completed
In 2003, the Jubilee Church in Rome was completed
Last year, his firm was selected to design the Capitol Theatre project in Stamford Road