Market Street Carpark To Stay As It Is, For Now

Source : TODAY, Wednesday, April 30, 2008

THE planned redevelopment of the Market Street carpark has been deferred.

In January, CapitaCommercial Trust (CCT) was granted an outline planning permission to redevelop the property into a Grade A office building. Since then, it has been working with its appointed architect and consultants to finalise and submit design plans to the Urban Redevelopment Authority.

CCT said it does not expect a plan for the redevelopment to be made before mid next year. This is after considering the significant size of the project, rising construction costs and volatile financial markets, reported Channel NewsAsia.

The delay will be welcomed given the tight carpark space situation in the Central Business District. Analysts added that the deferment is prudent, given the bulk of office supply coming on stream between 2010 and 2012, and there is no hurry for CCT to redevelop the property amid rising construction costs.

CCT said it will continue to operate the carpark and take steps to obtain the provisional permission from the authorities.

Meanwhile, the 25-year-old Smith Street food centre at Block 335, in Chinatown, will reopen tomorrow, after 22 months of upgrading work costing $17.3 million. Given a facelift under the Hawker Centres Upgrading Programme, the building's architecture has been transformed with a new oriental façade, more seating and disabled-friendly features.