CapitaGreen project to ease CBD crunch

A NEW 40-storey office building in the Central Business District (CBD) will boost the limited supply of office space in the area once it is completed by the end of this year.

CapitaGreen, which is on the site of the former Market Street Carpark in Raffles Place, marked its topping-out at a ceremony yesterday.

The block, the only Grade A office development in the CBD to be completed within the next two years, is being jointly developed by CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia.

About 21 per cent of the 700,000 sq ft of net lettable space has been prInline image 1e-committed, they said in a statement yesterday.

These tenants include multinationals like American commodities giant Cargill, Swiss private bank Bordier & Cie, insurance broker Jardine Lloyd Thompson, law firm Jones Day and an international gym operator.

CapitaLand president and group chief executive Lim Ming Yan said at the ceremony that “innovative technologies and … streamlining work processes” had helped to shorten its construction period to 36 months, down from the industry average of at least 40 months.

He added that CapitaGreen was Singapore’s first building under development to use a special grade of ultra-strong concrete called “supercrete”, which reduced the total amount of concrete needed.

In line with its “green” focus, slightly more than half of the building’s facade will be covered by living green plants.

The completion of CapitaGreen could bring partial relief from an office space crunch in the CBD, which has been pushing up rents.

Average CBD rents rose 4 per cent to $9.96 per sq ft per month in the second quarter from the preceding three months, according to consultancy JLL, which expects average CBD rents to rise as much as 16 per cent this year from last year.

The Straits Times – July 03, 2014