SINGAPORE: Chinese Internet giant Alibaba is partnering with a consortium led by Singapore-based real estate company Perennial Holdings to build a 63-storey mixed-used development at Shenton Way in the Central Business District.
The building, which is set to reach a maximum height of 305m and occupy up to 148,450 sq m in total space, will be the tallest in Singapore when completed by 2028, reported Forbes.
It will be built on the site currently occupied by the 50-storey AXA Tower at 8 Shenton Way in Tanjong Pagar.
The site first hosted the Treasury Building in 1986, which was previously the headquarters of state investment firm Temasek Holdings.
The current tallest building in Singapore, the 284m Guoco Tower, is also located in Tanjong Pagar.
When completed, the Alibaba-backed project will join Guoco Tower as the only two buildings in Singapore to exceed 280m in height.
A Urban Redevelopment Authority spokesperson said on Friday (Aug 5) that the approved building height of 305m at 8 Shenton Way is the highest granted by the authority for developments in Singapore.
“The allowable building heights are subject to technical requirements as well as evaluation based on respective site context,” she said. "Developments would have to be built in accordance to the approved plans and guidelines."
A grant of written permission issued by the URA on Jul 7 showed approved plans for retail, restaurant, office, hotel and residential components - as well as an underground pedestrian link - in the new project.
Based on URA's approval, 59 per cent or 87,967 sq m of the building’s permitted gross floor area will be set aside for commercial use, while another 49,421 sq m will be allocated for 215 residential apartments with sky terraces.
The hotel will consist of 11 suites over a total of 6,775 sq m, while the remaining floor area will be for balconies, indoor recreational space and the rooftop.
In 2020, Alibaba Group agreed to buy a 50 per cent stake in AXA Tower in a deal valuing the property at S$1.68 billion.
A share purchase agreement was made between a consortium of investors led by Perennial Real Estate Holdings to sell the stake to the Singapore arm of Alibaba.
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The building, which is set to reach a maximum height of 305m and occupy up to 148,450 sq m in total space, will be the tallest in Singapore when completed by 2028, reported Forbes.
It will be built on the site currently occupied by the 50-storey AXA Tower at 8 Shenton Way in Tanjong Pagar.
The site first hosted the Treasury Building in 1986, which was previously the headquarters of state investment firm Temasek Holdings.
The current tallest building in Singapore, the 284m Guoco Tower, is also located in Tanjong Pagar.
When completed, the Alibaba-backed project will join Guoco Tower as the only two buildings in Singapore to exceed 280m in height.
A Urban Redevelopment Authority spokesperson said on Friday (Aug 5) that the approved building height of 305m at 8 Shenton Way is the highest granted by the authority for developments in Singapore.
“The allowable building heights are subject to technical requirements as well as evaluation based on respective site context,” she said. "Developments would have to be built in accordance to the approved plans and guidelines."
Related:
A grant of written permission issued by the URA on Jul 7 showed approved plans for retail, restaurant, office, hotel and residential components - as well as an underground pedestrian link - in the new project.
Based on URA's approval, 59 per cent or 87,967 sq m of the building’s permitted gross floor area will be set aside for commercial use, while another 49,421 sq m will be allocated for 215 residential apartments with sky terraces.
The hotel will consist of 11 suites over a total of 6,775 sq m, while the remaining floor area will be for balconies, indoor recreational space and the rooftop.
In 2020, Alibaba Group agreed to buy a 50 per cent stake in AXA Tower in a deal valuing the property at S$1.68 billion.
A share purchase agreement was made between a consortium of investors led by Perennial Real Estate Holdings to sell the stake to the Singapore arm of Alibaba.
Continue reading...