23 Feb 2006

SoHo units will be main draw of Selegie Rd project

There will also be serviced residences and retail space, says CapitaLand

By KALPANA RASHIWALA

OFFICES and small office, home office (SoHo) units will be the main components in the new project CapitaLand is building on the former Selegie Complex site.

There will also be some serviced residences and retail space. The project, being built on a 7,000 square metre site at the foot of Mount Sophia, is slated for completion in 2008.



A CapitaLand spokeswoman said: 'The Selegie site will be redeveloped into a vibrant integrated lifestyle hub within the new Singapore Arts, Culture, Learning and Entertainment precinct.'

Selegie Complex was part of the portfolio of the former Pidemco Land, which in 2000 merged with DBS Land to form CapitaLand. Pidemco is said to have acquired Selegie Complex when it bought Urban Development Management Company, which had owned the property, in 1995 as part of a reshuffling of assets within its parent Temasek Holdings.

It was reported in 2004 that the Selegie Complex site had about 65 years left of its original 99-year lease. Market watchers reckon CapitaLand would have had the lease topped up to the original 99 years by now, or at least that it would be in negotiations on the matter.

The CapitaLand spokeswoman said that the office units in the new development will be intended for business schools, professional consulting firms, trading companies and creative services operations, while the SoHo units will be pitched at professionals and those in the creative industry, in addition to students from overseas.

The project's retail concept will target young, trend-setting individuals studying, working and living nearby. 'Trendy pubs and alfresco cafes will offer cool hangouts, while the shop units will showcase eye-catching designs and a unique retail offering with differentiating identities,' the spokeswoman said.

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