CapitaLand breaks ground on CapitaGreen office tower

The proposed CapitaGreen development, an iconic Grade A office tower, has broken ground at the former Market Street Car Park site, according to joint venture (JV) partners CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia.

The project is set to be completed by the fourth quarter of 2014.

The name “CapitaGreen” was revealed, along with a change of the project’s address to 138 Market Street during the ground-breaking ceremony graced by Tan Chuan-Jin, Minister of State for National Development and Manpower.

CapitaLand said the name signifies the “essence of a building and heritage of CapitaLand brand” as well as the eco-friendly features, while the change of address suggests a new beginning.

“In order to improve the construction productivity in this mega project, the project is awarded to Takenaka Corporation, a design-and-build contractor. We envisage a 20 percent saving in construction time in reducing the normal completion period of 39 to 40 months to 32 months,” added the developer.

Moray Armstrong, Executive Director of Office Services at CBRE, commented, “CapitaGreen represents the only office development that will complete in prime Raffles Place between now and 2014.”

He added that no other developments within the micromarket have been confirmed. “We believe that this will be a crucial contribution to the further enhancement of the city’s office market.”

“The projected completion of CapitaGreen at the end of 2014 would be perfectly placed to capitalise on the next growth cycle,” noted Armstrong. CBRE and Market Street Office Trust (MSOT) have been appointed joint sole marketing agents.


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