As reported in BT today, the landmark site that includes Capitol Theatre, Capitol Building and Stamford House is ready for a makeover. It has been awarded to a partnership comprising a syndicate of investors arranged by Pua Seck Guan’s Perennial Real Estate, Kwee Liong Seen’s Chesham Properties, and Sukmawati Widjaja’s Top Global group for $250 million or $460.93psf ppr.
The group that won the tender is expected to invest $700 million in total (including land price) to transform the site into an iconic hotel, theatre, retail and residential development. The group is allocating about half of the 542,382sqft maximum gross floor area to retail and entertainment use, with 25% each for hotel and residential use.
US-based architectural firm Richard Meier & Partners will work with Architects 61 of Singapore to develop the project.
Capitol Theatre, Capitol Building and Stamford House will be conserved and restored while Capitol Centre will be torn down to make way for a new 15-storey building that will also house four basements. Basements 3 and 4 will be for car parking while Basements 2 to Level 2 will be for retail. Above that will be about 80 apartments of about 1,066sqft to 2,368sqft, which will be sold to help part finance the development.
A five-star hotel with over 200 rooms will be housed on the second to fourth levels of the 4-storey Capitol Building and Stamford House.
Capitol Theatre will be transformed into a single-screen cinema with the largest seating capacity in Singapore (some 800 to 1,000 seats) to be operated by Golden Village for most of the year. The building will also alternate as a performance venue for in-residence theatre groups for the rest of the time, and will be a choice venue for red carpet movie premiers and film festivals.
There will be an underground link to City Hall MRT Station.
The group has intended for the project to be completed in about three to four years’ time, although URA has given them up to eight years to complete the project.
Fancy a guess on the psf price of the apartments, anyone..?
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