Keppel Point Pte Ltd, a joint-venture between Keppel Corporation Limited (70%) and Keppel Land Limited (30%), and PSA signed the Joint Venture Agreement for the development of the twin office towers at The HarbourFront Office Park. PSA, with a 61% stake, will be the majority shareholder and manager of the development whilst Keppel Point will hold the remaining 39% stake.
The twin office towers will be developed under Phase One of The HarbourFront Office Park project. Flanking the Cable Car Towers, the two 18-storey office towers are expected to be completed by early 2003. The Cable Car Towers will also be retrofitted and upgraded to meet the needs of modern office users and to complement the new developments in the vicinity.
Keppel’s headquarters will be located in Tower One, to the west of Cable Car Towers. The Keppel Group will eventually hold 70% stake in the company that owns Tower One. Space in both office towers — 41,823 square metres of gross floor area (or 35,131 square metres of net lettable area) for Tower One, and 40,277 square metres of gross floor area (or 33,833 square metres of net lettable area) for Tower Two – will be available for lease. The net lettable area for the Cable Car Towers is 11,557 square metres. Provisional planning approval for the twin towers has been granted by the Urban Redevelopment Authority, and the contract for the construction is expected to be awarded soon.
The Joint Venture Agreement, which is subject to approval by Keppel’s shareholders if required, was signed this afternoon by Mr Khoo Teng Chye, Group President, PSA Corporation Ltd, and Mr Teo Soon Hoe, Group Finance Director of Keppel Corporation. Mr Khoo said, “We are very pleased to be working with the Keppel Group on this prestigious project. The completion of this Joint Venture Agreement marks the beginning of the transformation of this locality into a prime waterfront establishment.”
With the completion of the MRT Station at their doorstep in about 2 years’ time, the office towers will offer their tenants a unique working environment with convenient accessibility, and unparalleled amenities befitting its prestigious business address. “This event also marks a milestone in the realisation of the vision of The HarbourFront as the iconic landmark along the coast of Singapore. We can expect more exciting happenings with the introduction of more retail/entertainment facilities by the waterfront. The HarbourFront will set alight the southern tip of Singapore as THE destination for both business and leisure.”
Mr Teo said, “We are happy to be working with PSA to kick off the first phase development of a new world-class waterfront district.” The office development will add to Keppel’s quality portfolio of premier office buildings located in prime locations. Apart from its strategic location and state-of-the-art features, the office development will enjoy the special ambience of the waterfront, the surrounding greenery and an exceptional waterfront residential development, Keppel Bay, making it the ideal business address in the new economy. “It is especially significant for Keppel who will be relocating its headquarters there. We look forward to returning to the birthplace of Keppel’s history as well as that of Singapore’s economy.”
JOINTLY ISSUED BY KEPPEL CORPORATION LIMITED AND PSA CORPORATION LTD Background on Master Plan for The HarbourFront The Master Plan for PSA’s 20.3 hectares of prime waterfront property, in the vicinity of the existing World Trade Centre (WTC) Building, was approved by the Urban Redevelopment Authority (URA) in March 1998.
Under the Master Plan, the site is to be developed into a world-class waterfront development offering prime business space and excellent leisure facilities. The Plan takes into consideration the integration and synergistic effects of the other properties and venues located at the southern tip of Singapore. Five precincts have been earmarked for development:
- Special Interest Village, involving the existing Keppel Automated Warehouse site
- Retail/Entertainment Hub to the east of the WTC Building, where the exhibition halls and Expo Gateway are currently located
- WTC Building
- Office Park to the west of WTC Building, in the vicinity of the Cable Car Towers
- Cruise Terminal/Hotel The WTC Building and Cable Car Towers will be retained and refurbished. The retail and entertainment hub will benefit from the patronage of workers from the Office Park and residents in the Keppel Harbour area. The site will also be easily accessible via the MRT, which is expected to be completed by the Year 2002.
