An iconic landmark that is worth saving

The iconic landmark along Stamford Road will be redeveloped into a new and vibrant retail, residential, hotel and arts precinct after it was sold for approximately $250 million.

A new 15-storey mixed-use building will soon rise above the conserved heritage buildings Capitol Theatre, Capitol Centre, Capitol Building and Stamford House, as part of a $700 million redevelopment plan, including the land cost.

The winning bidder for the 1.43-ha 99-year leasehold site, which was announced by the URA yesterday, is a consortium comprising Perennial Real Estate Group, Top Property Investment and Pontiac Land.

Stamford House and Capitol Building will be restored and converted into a new luxury five-star hotel, while Capitol Theatre will be redeveloped into a cinema-cum-performance theatre that houses up to 1,000 seats.