CapitaLand Limited - OCBC Investment 2017-07-14: To Jointly Redevelop Golden Shoe Car Park

CAPITALAND LIMITED C31.SI

CapitaLand Limited - To Jointly Redevelop Golden Shoe Car Park

CapitaLand (CAPL) announced that, for the redevelopment of Golden Shoe Car Park in Raffles Place into an integrated development, it will form a joint venture with CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co Ltd (MEC).
CAPL and CCT will both hold 45% stakes in the JV while MEC will take a 10% interest in two unlisted special purpose subtrusts to own the office and serviced residence components of the development.

The total development cost is estimated at S$1.82b and will be funded by the JV partners in proportion to their respective interests. The new integrated project will be 51 stories high and have a GFA of about one million square feet, of which 29 floors will comprise premium Grade A office space and an eight storey 299-unit serviced residence to be managed by The Ascott Ltd – CAPL’s serviced residences unit.
Maintain BUY on CAPL with an unchanged fair value estimate of S$4.07.

Eli Lee OCBC Investment | http://www.ocbcresearch.com/ 2017-07-14

OCBC Investment SGX Stock Analyst Report BUY Maintain BUY 4.070 Same 4.070