In an FAQ section on its website, the church said that it would primarily fund the purchase of the property “using savings accumulated over the years”.
“To reduce pressure on our working capital, we may secure an external loan equivalent to one year’s expenditure,” it added.
According to data from the Ministry of Culture, Community and Youth (MCCY), the church’s expenditure was S$12,599,746 in 2022 and S$14,241,364 in 2023.
In the FAQ section, the church also said that it planned to build a new auditorium at the site with about 550 seats. The units across from the auditorium could be used by the Cornerstone Children’s Church it added.
The church is also discussing the possibility of moving its Bugis+ services to Orchard Towers as this will allow it to save on rental costs, it said.
The church added that it will ensure that all necessary safety protocols are carefully followed when it becomes fully operational at Orchard Towers.
Cornerstone, which according to its website has more than 5,000 members, is not the only church in Singapore to have invested in commercial properties in recent years.
In 2019, Singapore-listed developer CapitaLand sold The Star Vista for S$296 million to Rock Productions, the business arm of New Creation Church.
In 2012, City Harvest Church increased its stake in Suntec Singapore International Convention and Exhibition Centre to 39.2 per cent, from 20 per cent in 2010.
HISTORY OF ORCHARD TOWERS
Orchard Towers, which was once plagued by sleazy nightlife venues and a seedy reputation, has been looking to reinvent itself.
The vast majority of nightlife outlets at Orchard Towers had ceased operations as of August 2023 after the police stopped granting and renewing their licences, and they were replaced by family-friendly businesses including furnishing stores, pharmacies and eateries.
In his note on Cornerstone’s website, Pastor Yang said that moving into a property with a “dark past” was something that the church was familiar with.
“Since our first property purchase of Music World in 1997, our church has subsequently taken over six other units which were formerly KTVs, pubs and massage parlours,” he said.
“Redeeming dark places and being situated in commercial spaces in the heart of the community have come to be a significant part of our DNA as a church.
“The two adjacent properties at Orchard Towers would be the seventh and eighth such acquisitions.”
