Alibaba-Perennial-led group to build Singapore’s tallest building, at 305 metres

by Albert02

Alibaba-Perennial-led group to build Singapore’s tallest building, at 305 metres

Alibaba-Perennial-led group to build Singapore’s tallest building, at 305 metres. On the site of the demolished AXA Tower, immediately across from Tanjong Pagar MRT station, ALIBABA and a Perennial Holdings-led consortium want to build a mixed-use building that will likely topple Guoco Tower as Singapore’s tallest building.

The Urban Redevelopment Authority (URA) has given the go-ahead for the proposed 63-story office, retail, residential, and hotel complex at 8 Shenton Way to have a maximum height of 305 meters. This is taller than the 290-meter URA-approved height for the Guoco Tower, an integrated mixed structure that was phased-completed between 2016 and 2017. According to a URA spokeswoman, the only project that has been awarded permission to rise over the 290 meters Singapore Height Datum (SHD) permissible for Guoco Tower is the proposed development at 8 Shenton Way.

“The greatest building height that URA has allowed for buildings in Singapore is 305 m SHD (for 8 Shenton Way). She continued, “The permitted building heights are subject to technical criteria as well as appraisal depending on respective site circumstances.

In the award of written approval for the project provided by URA in July, the maximum height for the planned project on the site of the former AXA Tower was outlined. The proposed plan calls for a tower block with 63 stories and a pedestal with two stories for shops and restaurants. The development’s first floor will include lobbies for the office, hotel, and residential parts, as well as a plaza. There will be 4 basement levels in the project.

The shops should be located in basement 1, levels 1, and 2, respectively (including F&B area). Office space is planned to occupy more than half of the project’s gross floor area (GFA). Above the offices, there will be 215 rental flats, followed by an all-suite hotel with only 11 suites. Sky terraces will also be a part of the project. For the AXA Tower renovation, URA has approved a maximum 13.51 plot ratio based on the nearly 118,230 sq ft site area, with a maximum GFA of about 1.6 million sq ft. Compared to the original AXA Tower, which had a GFA of roughly 1.03 million square feet, or 8.7 times the land area, this is a substantial increase.

The almost 1.6 million square feet GFA includes a 25% overage (amounting to 310,350 square feet) authorized under the CBD Incentive Scheme over the 1.24 million square feet GFA ceiling based on the site’s 10.5 plot ratio in the present Master Plan of URA. The 2019 implementation of the program intends to encourage owners of older, mostly office-based buildings in designated parts of the central business district to convert their buildings into mixed-use developments and boost the area’s energy. The planned project’s plan appears to have 60% business uses (in this example, offices and retail) and 40% non-commercial uses (in this case, residential and hotel).

The website is held by Perennial Shenton Property, a fully owned subsidiary of Perennial Shenton Holding. PRE 13, Alibaba Singapore Holding, and Perennial Shenton Property are all joint owners of Perennial Shenton Holding. Perennial Holdings, its largest stakeholder Kuok Khoon Hong, and Wilmar International jointly possess a 58 percent stake in PRE 13. The remaining 42 percent is jointly owned by Sing-Haiyi Emerald, C29 0%, and Chip Eng Seng Corporation. The controlling shareholders of Chip Eng Seng, a company registered on the Singapore Exchange, are Gordon and Celine Tang, who jointly own Sing-Haiyi Emerald.

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Source: 
https://www.businesstimes.com.sg/real-estate/alibaba-perennial-led-group-to-build-singapores-tallest-building-at-305-metres


 
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