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10-02-15, 17:06
http://www.straitstimes.com/archive/thursday/premium/money/story/skyscraper-make-tanjong-pagar-shine-20150205
Skyscraper 'to make Tanjong Pagar shine'
GuocoLand hopes to transform area with its mixed development project
Published on Feb 5, 2015
By Cheryl Ong
DEVELOPER GuocoLand hopes to shake up the Central Business District in Tanjong Pagar when its Tanjong Pagar Centre skyscraper is completed.
The 64-storey integrated development spanning more than 1.7 million sq ft could give the area some of the sparkle associated with Marina Bay, Singapore's newest business district.
"We are very confident we will catalyse a transformation," GuocoLand managing director Cheng Hsing Yao told The Straits Times on the sidelines of the marketing launch.
"I'll give an example of New York. It's always been downtown Manhattan where all the financial institutions are. But over time, midtown Manhattan, where Times Square is, has also emerged as another financial district... We see a similarity between Tanjong Pagar and midtown Manhattan.
"When we decided to call it Tanjong Pagar Centre, it also represents our aspirations and philosophy for the development... We want it to be the heartbeat and centre of Tanjong Pagar."
Construction of Guoco Tower, the 890,000 sq ft office component of the development, has reached the 37th floor of the 38-storey block while the 20-storey Clermont Singapore hotel has been built up to only the second floor.
Construction of the 181-unit Clermont Residence will begin soon although 15 luxury homes have been sold at an average price of $3,100 per sq ft.
Guoco Tower's office floors, which span 27,000 to 30,000 sq ft, are expected to draw firms primarily from the technology, financial and business service industries, said the company.
The development will also include a 100,000 sq ft mall with six floors, featuring a "food-heavy" concept to complement the hodgepodge of bars, cafes and restaurants that have sprung up in the vicinity, said Mr Cheng. This will feature upscale international restaurants to takeaway counters for office workers and residents living in the area.
"We do see and note the trend that people pay attention to where they work. Beyond a prestigious address, they also want to be in an environment where there's a whole range of food from local hawker fare to high-end cuisine," said Mr Cheng.
The plan, he said, is to turn the area into a destination much like Orchard Road. Besides being directly connected to the Tanjong Pagar MRT station, the development will also feature a 150,000 sq ft park at its heart with a sheltered event space that can accommodate up to 2,000 people.
While the market faces a shortage of new office space this year, about 3.2 million sq ft will come on stream next year with the completion of other projects such as DUO and Marina One, both by developer M+S.
GuocoLand was unable to provide details of leasing interest but Mr Cheng was optimistic that the development will benefit from pent-up demand building up this year as the project will be the first to hit the market in mid-2016.
Mr Christopher Fossick, regional managing director of property consultancy JLL, said that prime rents are between $10.60 to $12.90 per sq ft a month now but could change by the time of the development's completion.
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Skyscraper 'to make Tanjong Pagar shine'
GuocoLand hopes to transform area with its mixed development project
Published on Feb 5, 2015
By Cheryl Ong
DEVELOPER GuocoLand hopes to shake up the Central Business District in Tanjong Pagar when its Tanjong Pagar Centre skyscraper is completed.
The 64-storey integrated development spanning more than 1.7 million sq ft could give the area some of the sparkle associated with Marina Bay, Singapore's newest business district.
"We are very confident we will catalyse a transformation," GuocoLand managing director Cheng Hsing Yao told The Straits Times on the sidelines of the marketing launch.
"I'll give an example of New York. It's always been downtown Manhattan where all the financial institutions are. But over time, midtown Manhattan, where Times Square is, has also emerged as another financial district... We see a similarity between Tanjong Pagar and midtown Manhattan.
"When we decided to call it Tanjong Pagar Centre, it also represents our aspirations and philosophy for the development... We want it to be the heartbeat and centre of Tanjong Pagar."
Construction of Guoco Tower, the 890,000 sq ft office component of the development, has reached the 37th floor of the 38-storey block while the 20-storey Clermont Singapore hotel has been built up to only the second floor.
Construction of the 181-unit Clermont Residence will begin soon although 15 luxury homes have been sold at an average price of $3,100 per sq ft.
Guoco Tower's office floors, which span 27,000 to 30,000 sq ft, are expected to draw firms primarily from the technology, financial and business service industries, said the company.
The development will also include a 100,000 sq ft mall with six floors, featuring a "food-heavy" concept to complement the hodgepodge of bars, cafes and restaurants that have sprung up in the vicinity, said Mr Cheng. This will feature upscale international restaurants to takeaway counters for office workers and residents living in the area.
"We do see and note the trend that people pay attention to where they work. Beyond a prestigious address, they also want to be in an environment where there's a whole range of food from local hawker fare to high-end cuisine," said Mr Cheng.
The plan, he said, is to turn the area into a destination much like Orchard Road. Besides being directly connected to the Tanjong Pagar MRT station, the development will also feature a 150,000 sq ft park at its heart with a sheltered event space that can accommodate up to 2,000 people.
While the market faces a shortage of new office space this year, about 3.2 million sq ft will come on stream next year with the completion of other projects such as DUO and Marina One, both by developer M+S.
GuocoLand was unable to provide details of leasing interest but Mr Cheng was optimistic that the development will benefit from pent-up demand building up this year as the project will be the first to hit the market in mid-2016.
Mr Christopher Fossick, regional managing director of property consultancy JLL, said that prime rents are between $10.60 to $12.90 per sq ft a month now but could change by the time of the development's completion.
[email protected]