Firm pays $83m to top up Concourse lease

Firm pays $83m to top up Concourse lease

 

THE authorities have permitted a property investment and development firm to pay $83 million to top up a lease on a redevelopment site to 99 years, from the 71 years it had left.

The firm, Hong Fok Corporation, aims to redevelop part of The Concourse on Beach Road as a residential project with a sweeping waterway and city views.

 

Hong Fok director S.E. Cheong said in a statement yesterday that the top-up will give the firm greater flexibility in its redevelopment plans.

 

The lease top-up was approved by the Urban Redevelopment Authority (URA) and Singapore Land Authority, and took effect from March 13, it said. The original lease was due to expire in 2079.

 

The Concourse comprises a 41-storey office tower block, a five-storey office podium and an annexed 11-storey retail-cum-residential block.

 

Earlier in January, Hong Fok had obtained approval from the URA to redevelop part of The Concourse. The proposed redevelopment, which does not affect the office tower, will see the removal of the existing retail-cum-residential block.

 

Plans are under way for a substantial residential development, the firm said. It added that it will release more information on the proposed project later.

 

The firm has plans for two residential blocks of up to 40 storeys comprising 360 apartments. The showflat has been completed, and the project is ready for launch, sources said.

 

Source: Straits Times

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