The Urban Redevelopment Authority (URA) yesterday awarded the $250 million tender for the Capitol Building commercial site to Capitol Retail Management, Capitol Hotel Management and Capitol Residential Development.

The 1.43 ha land parcel is located at the junction of Stamford Road and North Bridge Road. Occupying a prime location in the Civic District, the vision is for the site to be developed into a mixed-use development that will contribute positively to the built environment, and the lifestyle and entertainment offerings within the city.

URA says the future development will form a key component of the city landscape and will be highly visible from major approaches to the city as well as from key public open spaces and buildings within the Civic District. “The mixed-use development to be built will also contribute significantly to the urban character and enhance the streetscape in this part of the city centre,” it added.

The land parcel contains a cluster of three historically and architecturally significant buildings – Capitol Theatre, Capitol Building and Stamford House – which are to be conserved and restored for adaptive reuse. The Capitol Theatre, originally a purpose-built performance facility, is required to be restored into an arts or entertainment-related performance venue.

As there are existing hotels such as Swissotel The Stamford, Fairmont Singapore, Grand Plaza City Hall and Peninsula•Excelsior Hotel located in the vicinity, URA says the development on the land parcel is to include a hotel component which can synergise with the existing hotels and enhance the hotel cluster in the area. In line with this objective, the developer is required to develop a minimum of 25% of the total gross floor area (GFA) for hotel use.

The remaining GFA can be for more hotel use or other commercial uses such as retail, food & beverage, entertainment and other uses to add to the diversity of amenities and vibrancy of the surrounding area.