New Hub For One-North

Source : TODAY, Monday, September 10, 2007

$660m to develop cultural, retail and entertainment project

SOUTH-EAST Asia’s largest real estate developer CapitaLand will jointly develop a $660-million integrated civic, cultural, retail and entertainment hub at Vista Xchange, one-north, with Rock Productions.

The venture along North Buona Vista Road comes after Rock Productions won the $189-million tender from JTC Corporation on Sept 7, to build, lease and operate the hub on a 60-year lease. The project will comprise a civic and cultural zone with more than 30,000 sq m in gross floor area and a retail and entertainment zone about 24,000 sq m.

In a statement filed with the Singapore Exchange, CapitaLand Retail, the retail arm of CapitaLand, said it would be investing about $380 million to own and manage the retail and entertainment zone, plus approximately 1,000 car park lots at the proposed development.

Rock Productions, which has committed about $280 million, would own and manage the civic and cultural zone.

CapitaLand Retail will also project-manage the entire development.

“The civic and cultural zone of the integrated hub at Vista Xchange will be a worldclass venue for staging large-scale performances, shows and events,” said Mr Mathew Kang, director of Rock Productions.

“The proposed 5,000-seat high-tech theatre, backed by the expertise of Artec Consultants and IMG Artists, is expected to fulfil the needs of, and attract these target performing art and cultural groups.”

Mr Pua Seck Guan, CEO of CapitaLand Retail said: “Other than catering to the demand of the affluent crowd from the nearby Bukit Timah, Holland and Rochester Park areas, the retail and entertainment zone is expected to benefit from the natural visitor catchments from one-north communities, surrounding housing estates as well as tertiary institutions close by.”

The project is scheduled to be completed by 2011. CapitaLand shares rose 5 cents to close at $7.55 last Friday.