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Source:
www.capitaland.com |
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Rock Productions and CapitaLand Develop
Integrated Civic, Cultural, Retail and Entertainment Hub at Vista
Xchange, one-north |
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Rock Productions to own and manage Civic and
Cultural Zone and CapitaLand to own and manage Retail and
Entertainment Zone |
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Rock Productions Pte Ltd (“Rock”) was
awarded on 7 September 2007 the tender by JTC Corporation (“JTC”) to
build, lease and operate an integrated Civic, Cultural, Retail and
Entertainment hub (“Integrated Hub”) at Vista Xchange, one-north on a
60-year lease term at a land bid price of S$188.988 million. |
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The Integrated Hub will comprise a Civic and
Cultural Zone, measuring over 30,000 square metres (“sm”) in Gross Floor
Area (“GFA”), and a Retail and Entertainment Zone, measuring over 24,000
sm in GFA. |
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Upon the award of the tender by JTC to Rock,
CapitaLand Limited (“CapitaLand”), through its indirect wholly-owned
subsidiary, One Trustee Pte. Ltd., entered into a Sale and Purchase
(“S&P”) Agreement with Rock to acquire the Retail and Entertainment Zone
of the Integrated Hub. |
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One Trustee Pte. Ltd. is holding the benefit
of the S&P Agreement on trust for CapitaLand Retail Singapore
Investments Two Pte. Ltd., a wholly-owned subsidiary of CapitaLand
Retail Limited (“CapitaLand Retail”). |
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The Integrated Hub will be developed at a
total construction cost of S$660 million. Rock’s commitment will amount
to approximately S$280 million. |
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CapitaLand Retail’s investment will amount
to approximately S$380 million, which includes the ownership of
approximately 1,000 car park lots at the proposed development.
CapitaLand Retail will also project manage the entire development of the
Integrated Hub, which is expected to be completed by 2011. |
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The Integrated Hub will stand out in
the one-north precinct with its stunning iconic architecture.
Designed by Andrew Bromberg of AEDAS Hong Kong, the development
will boast over eight levels of Civic and Cultural Zone, and four
levels of Retail and Entertainment Zone, forming the base
structure. |
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The Integrated Hub will be well-served
by the Buona Vista and the future Circle Line Mass Rapid Transit
(“MRT”) stations. The Integrated Hub will also enjoy direct
connectivity to the adjacent Buona Vista MRT station via the
Retail and Entertainment Zone on Level 1. |
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The Civic and Cultural Zone, to be
owned and managed by Rock, is envisaged to become the new dynamic
art, cultural, meeting, convention and exhibition centre in
Singapore. ARTEC Consultants Inc, one of the world’s leading
performing arts facility design consultants, will be working on
the design with Andrew Bromberg, to ensure that the facility meets
the highest quality standards in acoustics, technology and
audience experience. |
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The proposed 5,000-seat
state-of-the-art theatre will be the choice venue for touring
concert productions, family entertainment and attractions, large
scale conferences, launches, as well as corporate and community
events. |
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Secondary performance and event
spaces, such as the multi-purpose function rooms and outdoor
amphitheatre, will support the main goals of the upcoming art,
cultural and convention centre, ensuring that the venue acts as a
central hub catering to various cultural and convention groups. |
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IMG Artists, the pre-eminent global
performing arts management company, has been appointed to consult
on and develop the strategies for the marketing and programming
efforts for the Civic and Cultural Zone. |
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The Retail and Entertainment Zone, to
be owned and managed by CapitaLand Retail, will comprise four
levels: two above ground and two basement levels. It will take on
an unique, open-concept with a spiral design that allows visitors
to take a casual stroll along the gradually gradient spiral
walkway to experience the full array of offerings on the various
floors. |
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The Retail and Entertainment Zone will
be positioned as a vibrant retail, Food and Beverage (“F&B”),
lifestyle, cum entertainment destination of choice for the
one-north communities, residents in the one-north vicinity and
beyond. |
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On Basement 2, the tenant mix is
expected to include a concept food hall, gourmet supermarket,
fastfood and family restaurants, casual café and convenience or
other services stores. |
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Basement 1 will see hip coffee joints,
casual dining outlets, café and desert bars, beauty services,
lifestyle fashion, fashion accessories and lifestyle gift shops
taking root. |
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Level 1 will be home to lifestyle
cafes, bistro, restaurant and wine bars, whilst Level 2 will
comprise chill-out wine bars and talk-of-the-town hip and thematic
dance clubs. |
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It is envisaged that the Retail and
Entertainment Zone will comprise concept retail, F&B and
entertainment outlets which will complement the offerings at the
Rochester and Holland Village areas, and successfully replicate
the atmosphere at Clarke Quay, the premier riverfront F&B,
lifestyle and entertainment precinct in Singapore owned and
managed by CapitaLand Retail. |
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Mr Matthew Kang, Director of Rock
Productions Pte Ltd, said, |
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"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. Our extensive
research indicates an overwhelming need for a sizeable performance
venue, away from the city and wellequipped with state-of-the-art
facilities, for concert (Western and Asian) and larger scale
family productions in Singapore. |
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"The proposed 5,000-seat high-tech
theatre, backed by the expertise of ARTEC Consultants Inc and IMG
Artists, is expected to fulfill the needs of and attract these
target performing art and cultural groups. We believe the
Integrated Hub will soon become the distinctive social gathering
destination which will significantly add to the vibrancy of the
one-north precinct and Singapore’s rapidly evolving retail and
cultural landscape." |
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Mr Pua Seck Guan, CEO of CapitaLand
Retail Limited, said, |
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"The Retail and Entertainment Zone of
the Integrated Hub at Vista Xchange presents a unique opportunity
for CapitaLand to extend our presence to the Buona Vista area in
Singapore. 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 the one-north communities,
surrounding housing estates, as well as tertiary institutions
close by. |
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"The successful repositioning of
Clarke Quay endorses our retail property management skillsets
beyond typical retail malls to include retail, F&B, lifestyle cum
entertainment precincts. We are confident that the unique
open-concept Retail and Entertainment Zone, set in a lush green
environment, will create a new hip and exciting destination of
choice for the art and cultural patrons, professional, academic
and residential communities in one-north and people from various
parts of Singapore." |
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More..... |
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Source:
www.capitaland.com
News Release 9 Sep 2007 |
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FrontPage Edition: Mon 10 September 2007
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