tat article never even say where wor. lucky the update has come.
$660m to develop cultural,
retail and entertainment project
Monday September 10, 2007
Johnson Choo
[email protected]
SOUTH-EAST Asia's largest real estate developer CapitaLand will
jointly develop a $660-million integrated civic, cultural, retail
and entertainment hub at Vista Xchange, one-north, with Rock
Productions.
The venture along North Buona Vista Road comes after Rock
Productions won the $189-million tender from JTC Corporation on
Sept 7, to build, lease and operate the hub on a 60-year lease. The
project will comprise a civic and cultural zone with more than
30,000 sq m in gross floor area and a retail and entertainment zone
about 24,000 sq m.
In a statement filed with the Singapore Exchange, CapitaLand
Retail, the retail arm of CapitaLand, said it would be investing
about $380 million to own and manage the retail and entertainment
zone, plus approximately 1,000 car park lots at the proposed
development.
Rock Productions, which has committed about $280 million, would own
and manage the civic and cultural zone.
CapitaLand Retail will also project-manage the entire
development.
"The civic and cultural zone of the integrated hub at Vista Xchange
will be a world-class venue for staging large-scale performances,
shows and events," said Mr Mathew Kang, director of Rock
Productions.
"The proposed 5,000-seat high-tech theatre, backed by the expertise
of Artec Consultants and IMG Artists, is expected to fulfil the
needs of, and attract these target performing art and cultural
groups."
Mr Pua Seck Guan, CEO of CapitaLand Retail said: "Other than
catering to the demand of the affluent crowd from the nearby Bukit
Timah, Holland and Rochester Park areas, the retail and
entertainment zone is expected to benefit from the natural visitor
catchments from one-north communities, surrounding housing estates
as well as tertiary institutions close by."
The project is scheduled to be completed by 2011. CapitaLand shares
rose 5 cents to close at $7.55 last Friday.
