Golden Shoe Carpark building to be redeveloped as office tower

For many Raffles Place workers, the 1984 building is best known as home to a favourite hawker centre. The project is expected to start in the second half of next year, and could be finished by 2021.
For many Raffles Place workers, the 1984 building is best known as home to a favourite hawker centre. The project is expected to start in the second half of next year, and could be finished by 2021.PHOTO: CAPITALAND

Revamped place to have a hawker centre; tower may be one of the tallest in the area

Golden Shoe Carpark building in the Raffles Place financial district is to be redeveloped as an office tower up to 280m high - one of the Central Business District's tallest.

For many hungry Raffles Place workers, the 1984 building is best known as home to a favourite lunchtime hawker centre.

But they can rest assured lunch will still be served there as the redeveloped site will include a hawker centre owned by the Government.

The manager of CapitaLand Commercial Trust (CCT), the property owner, said yesterday it has put in redevelopment plans for the 10-storey building to the authorities.

The trust said if the necessary approvals are obtained, the project will start in the second half of next year, and could be finished by 2021.

EYEING VALUE

We are confident of the long-term demand for quality office space in Singapore, and there is no known new supply in Raffles Place beyond 2018.

MS LYNETTE LEONG, chief executive of CapitaLand Commercial Trust (CCT) Management.

FAVOURITE HAWKER PLACE

There are other places in the area, but Golden Shoe is very conveniently located and we know most of the hawkers here. I hope they will bring back the hawkers after the redevelopment of the place.

MR SELVA NATHAN, a property investment executive who has been frequenting the food centre for 20 years.

Mr Alan Phua, who manages the Ah Heng Curry Chicken Bee Hoon Mee in the food centre at Golden Shoe Carpark, said yesterday at about noon that he had not been informed of the redevelopment.

But he said he had been expecting the redevelopment next year as the lease will end then.

Mr Phua said his stall was popular with lots of regulars and that he would definitely want to return to the redeveloped food centre.

Mr Selva Nathan, 61, a property investment executive, is sad to see the food centre go as he has been eating there a few times a week for 20 years.

"There are other places in the area, but Golden Shoe is very conveniently located and we know most of the hawkers here. I hope they will bring back the hawkers after the redevelopment of the place."

Others such as financial adviser Ella Lim, 23, lamented the loss of Singapore's hawker heritage.

"It's a waste to see it go, we should try to preserve hawker culture. I hope that they keep some of the hawkers."

CCT said it will work with the authorities to provide an interim food centre in the vicinity of Golden Shoe Car Park to ensure that current stallholders can continue their business during the redevelopment.

For CCT, one nearby converted carpark, the former Market Street Carpark, is already helping its bottom line.

The trust yesterday unveiled strong third-quarter financial results. Net property income rose by 8.3 per cent to $57 million for the three months ended Sept 30, while gross revenue increased 8.9 per cent to $74.4 million.

Distribution per unit also rose to 2.3 cents, up 7.5 per cent from 2.14 cents for the same period last year.

CCT attributed its strong showing to CapitaGreen, redeveloped from the former Market Street Carpark building.The trust bought a 60 per cent stake in MSO Trust, which owns CapitaGreen.

Ms Lynette Leong, chief executive of CCT Management, said the trust hopes to "to repeat the same value- creation success of CapitaGreen, which was redeveloped from the former Market Street Carpark".

"We are confident of the long- term demand for quality office space in Singapore, and there is no known new supply in Raffles Place beyond 2018."

A version of this article appeared in the print edition of The Straits Times on October 20, 2016, with the headline 'Golden Shoe Carpark building to be redeveloped as office tower'. Print Edition | Subscribe