SINGAPORE (July 13): CapitaLand, CapitaLand Commercial Trust (CCT), Mitsubishi Estate (MEC) have formed a joint venture (JV) to redevelop Golden Shoe Car Park (GSCP) into a landmark integrated development in Raffles Place, which is estimated to cost a total of $1.82 billion.

This comes after CCT’s assessment of the redevelopment’s financial feasibility with the differential premium (DP) amount payable for GSCP’s enhancement in land use from ‘transport facilities’ to ‘commercial’, which has been determined and notified by Singapore Land Authority (SLA).

The new integrated development will stand at 51-storey with a height of 280m – on par with the tallest buildings in Raffles Place, according to the companies in a joint release on Thursday.

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