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Market Street Office Tower

In July 2011, a joint venture agreement was signed by CapitaLand, CCT and Mitsubishi Estate Asia (“MEA”) to redevelop Market Street Car Park into a Grade A office tower. Under the agreement, CapitaLand, CCT and MEA own 50%, 40% and 10% interest respectively in MSO Trust, an unlisted special purpose sub-trust set up to undertake the development. A management committee comprising members of CapitaLand Commercial Limited and the manager of CCT manages the day-to-day matters of the trust.

The total project development cost is estimated to be S$1.4 billion and will be funded by the three parties in proportion to their respective joint venture interest. The new Market Street office tower when completed is expected to generate a yield-on-cost of more than 6% per annum on a stabilised basis.

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