Source: Straits Times 3 May 2013
The upcoming mixed-use development to be built on top of Tanjong Pagar MRT station is to be called the Tanjong Pagar Centre. It comprises a soaring skyscraper, Guoco Tower, with a residential component at the top called TP180, and a podium block housing retail spaces.
The 64-storey Tanjong Pagar Centre will stand at 290m and will be Singapore’s tallest building by the time it is completed in 2016, said the developer, Singapore-listed GuocoLand.
This means it will edge out One Raffles Place, Republic Plaza and United Overseas Bank Plaza One, which are all 280m high.
It will also trump Singapore’s tallest residential skyscraper, the 245m Marina Bay Tower, which is part of The Sail @ Marina Bay and stands at 70 storeys.
The maximum building height allowable in Singapore is 280m but GuocoLand manage to obtain permission to build Tanjong Pagar Centre up to 290m.
Tanjong Pagar Centre will consist of a tower housing Grade A office space (Guoco Tower), residences (TP180) and retail space. This will be linked to a luxury business hotel housing about 200 rooms.
Its office section will take 38 storeys and have 850,000 sq ft of net lettable space.
As the office units have higher ceilings than the residences, the height of the office tower is roughly that of a 50-floor residential building. This portion, TP180 will be on top, taking up the 39th to 64th storeys.
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 Organization’s 62-floor condominium Altez nearby, that is 250m high.
GuocoLand has said the homes will be priced at a premium to the surrounding area.
HSR research head Elaine Chow thinks that they could be sold at above $3,000 per sq ft (psf), given the project’s location directly above the Tanjong Pagar MRT station, and view of the city skyline. The 100,000 sq ft of retail space in Tanjong Pagar Centre will be integrated with the MRT station below.
Tanjong Pagar Centre is GuocoLand’s first mixed-use project in Singapore, and was estimated in 2011 to cost $3.2 billion, including cost of land.
According to Guocoland, construction cost alone is around $700 million.
GuocoLand, controlled by Malaysian billionaire real estate developer Quek Leng Chan, paid $1.71 billion – or $1,006 psf per plot ratio – for the white site at the corner of Choon Guan and Peck Seah Street in February 2011.