Capitol Development set to push the luxury envelope

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A consortium comprising Perennial (Capitol) Ltd, Chesham Properties Ltd and Top Property Investment Ltd held a ground-breaking ceremony to mark the commencement of Capitol Development, which includes the redevelopment of the Capitol Theatre, Capitol Building and Stamford House conservation sites into a luxury mixed-use development.

The development will feature 34 luxury residential units, attached to a six-star hotel, retail shops and a theatre-cum-cinema. When completed, it is expected to become an iconic destination in the downtown area.

The consortium previously received preliminary permission to develop 38 2,000 sq ft high-end apartments across a 10-storey residential tower. However, they decided to build 34 luxurious 3,000 sq ft four-bedroom units with 12m-long balconies. This move goes against recent trends in the property market, which has seen developers react to policy changes by constructing smaller units with lower overall selling prices to keep them affordable.

Pua Seck Guan, Executive Chairman of Perennial Real Estate, noted that larger units would bring out the best of the development, given the site configuration and its surrounding landscape.

Located at the junction of Stamford and North Bridge roads, all the residential units will boast views of the Marina Bay area and Saint Andrew's Cathedral and is a short walk from City Hall MRT station.

Pua said a number of “serious buyers” have expressed interest in the development, despite not knowing the final launch price.

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