MALAYSIAN tycoon Quek Leng Chan’s GuocoLand is planning to build Singapore’s tallest residences(Tanjong Pagar Centre TP180), up to 78 storeys high, within a US$3 billion (S$3.9 billion) mixed-development project on a site above Tanjong Pagar MRT Station.
It comprises Guoco Tower, a 38-storey Grade A office space and close to 200 residential units called TP180, which will be located on top of the office component to be ready in 2016.
There will also be six levels of premium retail and F&B spaces, a luxury hotel linked to the main tower and a community space integrated with Tanjong Pagar City Park.
“Tanjong Pagar Centre is GuocoLand’s first integrated mixed-use project in Singapore. Its fusion of premier office, retail, residential and hospitality spaces raises the bar for what is available in this part of the CBD,” said Trina Loh, Group Managing Director of GuocoLand in Singapore.
She added that Tanjong Pagar Centre “signals a transformed portfolio for GuocoLand in Singapore. It will expand our focus on commercial properties in Singapore, and reaffirms our position as a developer of large-scale integrated developments here and in the region”.
The US$3 billion development cost includes the US$1.708 billion or US$1,006 per square foot per plot ratio (psf ppr) that Singapore-listed GuocoLand will pay for the 99-year leasehold plot. It placed the highest of six bids for the ‘white’ site, which was offered at a state tender which closed yesterday.
GuocoLand is required to allocate at least 60 per cent of the maximum 1.7 million sq ft gross floor area (GFA) to offices and another 10 per cent for hotel use, under the rules for the site set by Urban Redevelopment Authority.
GuocoLand Singapore managing director Trina Loh says that with a maximum height of 280 metres above mean sea level the proposed development will join Republic Plaza, UOB Plaza and OUB Centre in Raffles Place as Singapore’s tallest buildings.
‘Within the Tanjong Pagar area, it will be the tallest project and we’ll also offer the tallest residences in the whole of Singapore,’ Mrs Loh added.
The group plans to develop two towers, possibly with a mix of uses. In addition to offices, a hotel and apartments, there will also be ground-floor retail space. ‘What makes this site very exciting is that it can be a truly, fully-integrated development above the MRT Station, plus the height of the project.
‘And as the winner of two BCA Green Mark Platinum awards, we’ll ensure this latest proposed development will also be eco friendly,’ she added.
Tanjong Pagar mixed-use development will narrowly edge out One Raffles Place, Republic Plaza and United Overseas Bank Plaza One, which are all 280m tall. It will also trump Singapore’s tallest residential skyscraper, the 245m Marina Bay Tower, which is part of The Sail @ Marina Bay and boasts 70 storeys. The maximum building height allowed in Singapore is 280m but GuocoLand obtained permission to build Tanjong Pagar Centre up to 290m. The development will consist of a tower housing Grade A office space, residences and retail space. This will be linked to a posh business hotel with about 200 rooms. Its office portion – to be called Guoco Tower – will occupy 38 storeys and have 850,000 sq ft of net lettable space. As the office units have higher ceilings than the homes, the height of the office tower is roughly that of a 50-floor residential building. The residential portion will be on top, taking up the 39th to 64th storeys. Called TP180, it will have nearly 200 units ranging from one-to four-bedders and penthouses. TP180 starts at the 180m mark and reaches to 290m, eclipsing Far East Organisation’s nearby 62-floor condominium Altez which is 250m tall. GuocoLand Singapore group managing director Trina Loh said the homes will be priced at a premium to the surrounding area. HSR research head Elaine Chow reckons that they could be marketed at above $3,000 per sq ft (psf), given the project’s location right above the MRT and view of the city skyline.
The 100,000 sq ft of retail space in Tanjong Pagar Centre will be connected to the MRT station below. The development, which is GuocoLand’s first mixed-use project in Singapore, was estimated in 2011 to cost $3.2 billion, including the land cost. Mrs Loh declined to confirm the total project cost on Thursday but said construction alone will cost around $700 million.
GuocoLand, which is controlled by Malaysian billionaire Quek Leng Chan, paid $1.71 billion – or $1,006 psf per plot ratio – for the white site at the corner of Peck Seah Street and Choon Guan Street in February 2011
|Site Area||15,023 sqm|
|Components||Residential, commercial, office and hotel|
|Location||Peck Seah Street/Choon Guan Street|
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