Alibaba-headed consortium to build Singapore’s tallest tower

Singapore’s AXA Tower will be redeveloped into the country’s tallest skyscraper

Chinese e-commerce giant Alibaba Group, leading a consortium including Singapore property developer Perennial Holdings — which counts Singapore billionaires Kuok Khoon Hong and Ron Sim among its major shareholders — have won government approval to build the tallest skyscraper in the city state.

The consortium will redevelop an existing skyscraper in Tanjong Pagar near the downtown central business district, the AXA Tower at 8 Shenton Way, into a 63-storey mixed-use commercial, hotel and residential tower with up to 148,450 square meters in total space.

The building, which was originally built in 1986 as the Treasury Building, was once the headquarters of state-investment firm Temasek Holdings.

With a maximum height of 305 meters, the new building will be the tallest structure in Singapore when completed by 2028, surpassing the 284-meter Guoco Tower, currently the city’s tallest completed building.

Only two buildings in Singapore reach more than 280 meters

Both skyscrapers are linked to the Tanjong Pagar MRT station and are standing out as the only two buildings permitted to surpass the city’s maximum height limit of 280 meters.

The redevelopment of 8 Shenton Way comes amid robust demand for commercial properties in Singapore, which is among the hottest office markets in the Asia-Pacific. Investments in the city’s commercial properties increased 81 per cent in the first half of this year to $9.3 billion compared to the previous year, according to property consultant JLL.

Commercial space, residential flats and hotel suites

Based on the approved plan, 59 per cent or 87,967 square meters of the building’s permitted gross floor area will be dedicated to commercial use, with another 33 per cent or 49,421 square meters allocated for 215 residential flats, while the hotel component allows for 11 suites spanning 6,775 square meters in total. The remaining floor area is set aside for balconies, indoor recreational space and the rooftop.

Alibaba holds a 50-per cent stake in the development consortium, followed by a 29-per cent share held by a joint venture between Perennial Holdings, agribusiness giant Wilmar International and Wilmar/Perennial boss Kuok Khoon Hong. Other stakeholders are Singapore construction and property group Chip Eng Seng and a joint venture between local property firms SingHaiyi Group and Haiyi Holdings which are controlled by Singapore property tycoon Gordon Tang.



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[caption id="attachment_38671" align="alignleft" width="300"] Singapore's AXA Tower will be redeveloped into the country's tallest skyscraper[/caption] Chinese e-commerce giant Alibaba Group, leading a consortium including Singapore property developer Perennial Holdings — which counts Singapore billionaires Kuok Khoon Hong and Ron Sim among its major shareholders — have won government approval to build the tallest skyscraper in the city state. The consortium will redevelop an existing skyscraper in Tanjong Pagar near the downtown central business district, the AXA Tower at 8 Shenton Way, into a 63-storey mixed-use commercial, hotel and residential tower with up to 148,450 square meters in total space. The...

Singapore’s AXA Tower will be redeveloped into the country’s tallest skyscraper

Chinese e-commerce giant Alibaba Group, leading a consortium including Singapore property developer Perennial Holdings — which counts Singapore billionaires Kuok Khoon Hong and Ron Sim among its major shareholders — have won government approval to build the tallest skyscraper in the city state.

The consortium will redevelop an existing skyscraper in Tanjong Pagar near the downtown central business district, the AXA Tower at 8 Shenton Way, into a 63-storey mixed-use commercial, hotel and residential tower with up to 148,450 square meters in total space.

The building, which was originally built in 1986 as the Treasury Building, was once the headquarters of state-investment firm Temasek Holdings.

With a maximum height of 305 meters, the new building will be the tallest structure in Singapore when completed by 2028, surpassing the 284-meter Guoco Tower, currently the city’s tallest completed building.

Only two buildings in Singapore reach more than 280 meters

Both skyscrapers are linked to the Tanjong Pagar MRT station and are standing out as the only two buildings permitted to surpass the city’s maximum height limit of 280 meters.

The redevelopment of 8 Shenton Way comes amid robust demand for commercial properties in Singapore, which is among the hottest office markets in the Asia-Pacific. Investments in the city’s commercial properties increased 81 per cent in the first half of this year to $9.3 billion compared to the previous year, according to property consultant JLL.

Commercial space, residential flats and hotel suites

Based on the approved plan, 59 per cent or 87,967 square meters of the building’s permitted gross floor area will be dedicated to commercial use, with another 33 per cent or 49,421 square meters allocated for 215 residential flats, while the hotel component allows for 11 suites spanning 6,775 square meters in total. The remaining floor area is set aside for balconies, indoor recreational space and the rooftop.

Alibaba holds a 50-per cent stake in the development consortium, followed by a 29-per cent share held by a joint venture between Perennial Holdings, agribusiness giant Wilmar International and Wilmar/Perennial boss Kuok Khoon Hong. Other stakeholders are Singapore construction and property group Chip Eng Seng and a joint venture between local property firms SingHaiyi Group and Haiyi Holdings which are controlled by Singapore property tycoon Gordon Tang.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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