Singapore’s skyline is set to welcome its tallest building in 2016 at a site above Tanjong Pagar MRT station.
Developer GuocoLand said the 67-storey office-cum-residential tower will form part of the upcoming integrated development called the Tanjong Pagar Centre.
At 290 metres high, the building will soar above Republic Plaza, One Raffles Place and UOB Plaza One, which are 280 metres tall each.
The Tanjong Pagar Centre will feature TP180 – Singapore’s tallest condominium that starts from 180 metres or 50 residential storeys above ground.
GuocoLand said this unique feature should appeal to international investors.
Group managing director of GuocoLand, Trina Loh said: “We are looking at the investment market, the international market. The product is very important. The product has to be unique in Tanjong Pagar.
“I mean the way we have gone about it, is really – the residential block is above the office. In fact, there are no buildings – residential buildings where it starts 180 metres above ground.
“We are very confident our product and the residential component starting at above 180 metres which is really above 50 storeys for residential should command a premium price compared to the area.”
Currently, a private condominium in the area is going for about S$2,000 per square foot.
GuocoLand is looking to put up TP180 for sale in the second half of the year depending on market conditions.
TP180 will have some 200 residential units of 1 to 4-bedroom apartments, and 38-storey Grade A Offices – making up 60 per cent of space in the mixed development.
GuocoLand said it has yet to confirm an anchor tenant.
Research head at Chesterton Suntec, Colin Tan said: “Most of the demand comes from the financial institutions. And I think at the moment, we may not see the light at the end of the tunnel yet. Demand is very uncertain, and because of that, rents may steadily come down.”
Besides residences and office space, Tanjong Pagar Centre spanning 1.7 million square of floor space will also feature six levels of retail and F&B space linked to the underground Tanjong Pagar MRT station.
A luxury business hotel will also be built next to the main tower housing the residences and office space.
Source : Channel NewsAsia – 2 May 2013