SINGAPORE (Jan 9): CapitaLand Commercial Trust could be set for growth as it prepares to redevelop Golden Shoe Car Park (GSCP) into a higher value commercial building, and RHB Research has named it its top pick for the office property sector.

According to RHB research analyst, Vijay Natarajan, GSCP could add another 1 million sq ft of commercial gross floor area to the prime CBD area when it is completed in 2021.

“We estimate total development costs (including a differential premium) to be in the range of SGD1.5-2bn, based on a similar redevelopment of Market Street Car Park. We are positive on the value-unlocking move, considering the prime location and limited visibility of office space coming onstream post 2020,” said Natarajan.

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