yesterday, there was a headlines in the teletex on cna that caught my eye confirming that frasers commercial trust has been given the nod to redevelop keypoint building (where our offices are located) into a commercial/residential development.
keypoint is located at the junction of beach road and jalan sultan and is situated almost diagonally opposite the concourse.
currently, keypoint consists of a 3 storey podium, a 22 storey office tower and a 4 storey carpark with 227 parking spaces.
fcot has been given permission to rezoning the site from commercial use to mixed commercial and residential use by the urban redevelopment authority but a formal application to the latter will also need to be submitted for approval before any development can take place.
fcot is exploring all options which include the following:
a. the sale of the building
b. redeveloping it or
c. retaining the property as an office building
which may include additional regulatory approvals.
my comments:
some of my advisors are already asking the obvious question of whether we will be affected by the latest news on keypoint. but this is really a premature reaction as fcot is still considering its options.
our offices are located on the 2nd floor and we have 2 more units on the 21st floor. but to address my advisers' query and if ceteris paribus or all other things being equal, i'm pretty sure we will love to stay-put at keypoint because we have been here for the past 8 years or more at least.
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