Malaysian tycoon Quek Leng Chan’s Singapore-listed property giant GuocoLand made a $1.7 billion bet when it won the 161,703 sq ft white site at Tanjong Pagar in 2011. Six years later, the bet has almost doubled to $3.2 billion with the brand-new integrated development, called Tanjong Pagar Centre, close to completion.
“The Tanjong Pagar district is historically and culturally rich, with a distinctive blend of modern skyscrapers and heritage conservation shophouses,” says Cheng Hsing Yao, group managing director of GuocoLand Singapore. “However, the area lacked a focal point.”
Tanjong Pagar Centre is the new focal point. At a height of 290m, it is Singapore’s tallest skyscraper. The development is designed by Skidmore, Owings & Merrill, the architectural firm behind many of the world’s leading skyscrapers, including Burj Khalifa in Dubai, Trump International Hotel & Tower in Chicago and Busan Lotte Town Tower in Busan.
Tanjong Pagar Centre’s 38-storey Guoco Tower with Wallich Residence above it
An integrated development, Tanjong Pagar Centre sits on top of the Tanjong Pagar MRT station. It comprises the 38-storey Guoco Tower, which has 890,000 sq ft of Grade-A office space; 181 luxury residences called Wallich Residence, on the 39th to 64th storeys; the 222-room Sofitel Singapore City Centre hotel; 100,000 sq ft of retail space across six storeys that is seamlessly linked to the MRT station; and a 150,000 sq ft urban park.
Tanjong Pagar Centre is a landmark and also a counterpoint to Singapore’s existing CBD, as well as the future Greater Southern Waterfront. The Greater Southern Waterfront is made up of land that will be freed up following the relocation of the port operations from Tanjong Pagar, Pasir Panjang and Keppel terminals to Tuas. At close to 1,000ha, the freed-up area is about three times the size of Marina Bay.
Artist’s impression of the urban park, which has a 32,000 sq ft public event space
Even though only two of the four components within Tanjong Pagar Centre have started operating — the office space at Guoco Tower and the retail/F&B podium — there are already 70,000 office workers and visitors passing through the development daily. “Tanjong Pagar Centre has introduced many best-in-class facilities to the area and attracted many MNCs, office workers and visitors,” says GuocoLand’s Cheng.
The urban park at Tanjong Pagar Centre is already partially open to the public, with the entire park to be completed by year-end. The highlight is the 32,000 sq ft event space that can accommodate 2,000 people. A series of activities such as mass fitness exercises, cultural events, musical performances and artisanal markets will be held at the park when it is opened, according to GuocoLand.
Tanjong Pagar Centre by GuocoLand is the tallest skyscraper in Singapore at 290m
Coveted office address
The office space at Guoco Tower is already 93% leased, with a wide range of well- recognised names as tenants. They include AccorHotels Group, global IT group Amadeus, travel booking website Agoda and ride-hailing giant Uber. Other MNCs include sports equipment company Asics, ING Bank, food company Danone and Norway’s largest financial services group DNB Bank.
The six-storey retail space at Tanjong Pagar Centre is already 95% taken up. The basement and first level are linked to the MRT station and the shops at Tanjong Pagar Xchange. Interesting F&B outlets in the basement and first levels of the retail podium include Japan Rail Café and Kuro Maguro by Misaki Megumi Suisan, a wholesaler of maguro (tuna) and sashimi in Japan’s Kanagawa Prefecture.
Other tenants include SBCD Korean Tofu House, with a menu comprising organic tofuspecialised and health-oriented dishes; modern concept French and Asian-style bakery, Proofer Boulangerie; and ROYCE, the famous Japanese chocolatier from Sapporo. The sixth level is occupied by Virgin Active, which takes up 31,000 sq ft of space.
Artist’s impression of the observation platform on Level 62 of Wallich Residence
Wallich Residence sets new benchmark in Tanjong Pagar
Wallich Residence, which takes its name from Wallich Street — the street fronting the development — is Singapore’s tallest residential development, according to GuocoLand. The 181 residences comprise one- to four-bedroom units.
Even before its official launch, 19 units totalling $48 million were sold, based on caveats lodged with URA Realis as at Aug 8. In terms of psf price, it translates into an average price of $3,091 psf, a new price benchmark for the Tanjong Pagar area.
Wallich Residence is located 180m above sea level, on the 39th to 64th floors of Tanjong Pagar Centre
Within Wallich Residence are four penthouses and a super penthouse. The super penthouse is a 21,108 sq ft triplex spanning the 62nd to 64th floors. It contains five bedrooms, including the master and junior master suites, private pool, cabana, Jacuzzi and an entertainment space on the top-most level. The penthouse will enjoy panoramic city views and is tagged at $108 million, or over $5,000 psf. If the price is achieved, it will set a new record in Singapore’s luxury residential space.
Purchasers of the other units will be able to enjoy the view from the observation deck on the 62nd level. Other amenities within the residential tower include an infinity pool on the 39th floor, a private library on the 52nd floor and hotel-style concierge service.
This article appeared in The Edge Property Pullout, Issue 792 (August 14, 2017) of The Edge Singapore.
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