The term shoebox flat is definitely not what one would associate to the upcoming redevelopment of the old Capitol Theatre.

Instead, buyers will expect to see sprawling spaces, with the consortium developing it planning to have 34 luxury, four-bedroom units of 3,000 sq ft - with 12m long balconies.

This goes against the industry trend of developers building increasingly smaller units to be sold at lower price points to keep them affordable.

According to the Straits Times, the consortium of Perennial, Chesham Properties and TOP Property Investment said that prices have yet to be set for the 10-storey residential tower located at the junction of Stamford and North Bridge Roads. It adds that TOP Global had earlier said it was expecting prices to be between $2,500 and $3,000 psf.

This means that at a minimum, a flat here will go for $7.5 million.

Mr Pua Seck Guan, executive chairman of Perennial Real Estate, one of the consortium partners, told the paper that prices will be based on the site's strategic location as well as the limited number of units.

He says: 'The views offered are a very rare opportunity... You have a fantastic marina view.'

Apart from the residential tower, the integrated development will also have a four-storey shopping mall, a hotel, and a cinema/theatre in homage to the site's roots. The mall will have around eight flagship stores, 30 food and beverage outlets, as well as a basement-level link to the City Hall MRT station.