Market Street Carpark, Singapore’s first ever multi-storey carpark (MSCP) built in 1964, will be walking into history in 2014, after 50 years of service.
Providing as many as 704 carpark lots in eight storeys and charging as high as $305 per month, the bookings of its season parking have always been regularly full in the Central Business District (CBD) where a parking lot is hard to come by. Season holders have already been paying 25% more over the past five years.
The MSCP underwent a major renovation in 2006 to convert its old but popular kopitiams into air-conditioned food courts.
With the continuing rise of office rental cost, there were plans to convert the carpark into office since years ago. It is not until April 2011 that the carpark’s owner CapitaCommerical Trust (CCT) confirms that it will enter a joint venture with CapitaLand to tear down the carpark and develop the area into a 40-floor office tower in 2014.
Published: 22 April 2011