IT IS yet to be launched, but the property market already seems to be abuzz about the 34 uber luxurious residential units that will be built on the old Capitol site.
Attributing the residential tower's popularity to its exclusivity and stellar location, executive chairman of Perennial Real Estate Pte Ltd (Perennial), Pua Seck Guan, noted that a number of 'serious buyers' have already expressed their interest in the project despite not knowing the finalised launch price.
Centrally located and just a short walk from the City Hall Interchange MRT station, which straddles both the major North-South and East-West lines, the residential units of the Capitol Development Project by Capitol Investment Holdings Pte Ltd (Capitol) will boast views of the Marina Bay area as well as that of the Saint Andrew's Cathedral.
An average apartment will be around 3,000 square feet. In addition, two garden villas (over 9,000 sq ft) and five penthouses will also form part of Capitol's residential offering upon the development's completion.
Commenting on the generous-sized units, Mr Pua highlighted that due to the site configuration and the surrounding landscape, larger units would be better able to bring out the 'advantages' of the development.
Due to the exclusivity of the units, Mr Pua also remains unfazed by the site's 99-year leasehold status and remains confident of the demand and pricing of the apartments going forward.
Just yesterday, Capitol - a consortium comprising Chesham Properties Pte Ltd, Perennial (Capitol) Pte Ltd and Top Property Investment Pte Ltd - held a ground-breaking ceremony to mark the commencement of the Capitol Development, which involves the redevelopment of conservation pieces such as Stamford House, Capitol Building and Capitol Theatre into a high-end mixed development.
The 34 highly exclusive residential units will be attached to a six-star hotel wing, retail components as well as a theatre-cum-cinema, and is expected to become a landmark destination in the downtown area when it is completed.
Leading Japanese construction player, Shimizu Corporation, will be the developer for the Capitol Development project, following a $338.2 million contract win from Capitol.
The development is slated to be completed by the last quarter of 2014.
Source: Business Times © Singapore Press Holdings Ltd
Martin Koh/ Sherry Tang