GuocoLand updates on its iconic project

[mr funny]

http://www.businesstimes.com.sg/sub/...27570,00.html?

Published February 24, 2011

GuocoLand updates on its iconic project

Development above Tg Pagar MRT station will be completed in 2015 or 2016, it says

By UMA SHANKARI


GUOCOLAND'S upcoming $3.2 billion mixed-use development above Tanjong Pagar MRT station will be completed in 2015 or 2016, the group said yesterday.

In fact, the residential units in the project could be launched as early as 2012, group managing director Trina Loh told reporters.

GuocoLand won the 99-year-leasehold plot in a government land tender in November last year with its offer of $1.708 billion or $1,006 per square foot per plot ratio (psf ppr).

Yesterday, the company said it has appointed Skidmore, Owings & Merrill (SOM) as the architects for the development.

SOM is the firm behind the world's tallest building, Burj Khalifa in Dubai, and the upcoming One World Trade Center in New York City. The firm also designed Singapore's Changi Airport Terminal Three.

'We have every intention to create a new world-class icon which will redefine the Singapore skyline and enhance the vibrancy of the central business district in Tanjong Pagar,' said GuocoLand chairman Sat Pal Khattar.

He was speaking at the signing of a building agreement between GuocoLand and the Singapore government.

GuocoLand is required to allocate at least 60 per cent of the maximum 1.7 million sq ft gross floor area (GFA) to offices and another 10 per cent for hotel use.

In line with this, the development will potentially feature over a million sq ft of Grade A office space, a five-star hotel and retail space, as well as Singapore's tallest ever residences, reaching a height of 280 metres, or the equivalent of about 78 storeys. The $3.2 billion development cost includes the price of the land.

GuocoLand said it is confident about the prospects of the office and residential markets in Singapore.

'We have tendered at a price which underlies our confidence that the market will be good in the forthcoming future,' said Mr Khattar.

During the tender, GuocoLand bid about 12 per cent or $180 million more than its closest rival. The property group has been on the lookout for a mega development site in Singapore for years.

The timing of this development is favourable, said CBRE's executive director for office services Moray Armstrong.

'The supply of new prime office space in the central business district tails off significantly post 2013 and 2014 and GuocoLand will likely be able to capitalise on a strengthening market,' he said.

[mr funny]

http://www.straitstimes.com/Money/St...ry_638170.html

Feb 24, 2011

GuocoLand project to revamp Tanjong Pagar

$3.2b project linked to MRT will have offices, shops, apartments, hotel

By Esther Teo, Property Reporter


GUOCOLAND'S confidence in the property market prompted it to pay $1.7 billion for a site in Tanjong Pagar that it plans to turn into a major commercial, hotel and residential development.

The Singapore-listed developer will build at least one million sq ft of Grade A office space, a five-star hotel, shops and apartments - all linked to the MRT station via a basement.

The project could have around 78 storeys and rank alongside Republic Plaza, UOB Plaza and the OUB Centre in Raffles Place as one of the tallest buildings in Singapore.

The project will cost about $3.2 billion - including the land cost - and it will be completed in 2015 or 2016.

GuocoLand chairman Sat Pal Khattar said at a signing ceremony yesterday that the firm's tendered price of $1.7 billion - or $1,006 per sq ft per plot ratio - shows its confidence in the market.

He noted that office rents have already recovered by about 25 per cent from the lows of 2008.

'This is not an easy site, it's not a cheap site, so we continue to believe there will be a good market for offices, and for the hotel and residential (as well),' he said.

Mrs Trina Loh, group managing director of GuocoLand (Singapore), also noted that 60 per cent of the office space going on stream until 2015 has been pre-committed.

Mr Khattar said that over time, the area of the site will be able to compete with the new financial hub in Marina Bay, given its proximity to The Treasury, the Monetary Authority of Singapore and the expansion of the Central Business District (CBD) in Tanjong Pagar.

'The cultural and heritage and residential component of the low-rise, you won't find that in the Marina Centre. That's a different kind of centre, whereas we are part of the heart of Singapore,' he added.

The development will be designed by American firm Skidmore, Owings & Merrill, which counts the Time Warner Centre in New York and Changi Airport's Terminal Three among its projects.

The site's residential component will be 'nearer to the maximum allowed', said Mr Khattar, and it is expected to be launched next year with a good mix of apartment sizes.

'That's the component that you can sell and it's important that there must be some cash flow also from (the project),' he added.

Mr Moray Armstrong, executive director of office services at CB Richard Ellis, said the timing of the development is favourable.

'The supply of new prime CBD office tails off significantly post 2013 and 2014, and GuocoLand will likely be able to capitalise on a strengthening market,' he said.

'The integration of office space with a hotel, residential and supporting retail directly linked to the MRT will prove a highly attractive proposition to office tenants.'

[email protected]

[devilplate]

GuocoLand won the 99-year-leasehold plot in a government land tender in November last year with its offer of $1.708 billion or $1,006 per square foot per plot ratio (psf ppr).

super prime site only 1kpsf ppr....bishan hit 8xxpsf...punggol hit 7xxpsf....bedok hit 8xxpsf.....

guocoland is laughing to the bank

anyway 3 cheers to all CBD owners tanjong pagar will catch up wif marina bay? hehe

[rattydrama]

GuocoLand won the 99-year-leasehold plot in a government land tender in November last year with its offer of $1.708 billion or $1,006 per square foot per plot ratio (psf ppr).

super prime site only 1kpsf ppr....bishan hit 8xxpsf...punggol hit 7xxpsf....bedok hit 8xxpsf.....

guocoland is laughing to the bank

anyway 3 cheers to all CBD owners tanjong pagar will catch up wif marina bay? hehe

it will as there are not many supply right now.

[hopeful]

.........
anyway 3 cheers to all CBD owners tanjong pagar will catch up wif marina bay? hehe

what is there at tanjong pagar?

[devilplate]

what is there at tanjong pagar?

wat is not there???

[hopeful]

wat is not there???

Bayview
But then Tanjong Pagar has container view?

[rattydrama]

wat is not there???

it can be there if not yet there.

[land118]

Bayview
But then Tanjong Pagar has container view?

I am hopeful and do believe someday, the containers will be moved, bayview will be there and am sure there will be a new retail belt, once Malayan railway land plans get executed..just have to wait...just don't know have to wait how long...

[devilplate]

Bayview
But then Tanjong Pagar has container view?

u goto pay for the bayview....ard 30-40% more den non-bayview units.....so for those non bayview units at marina bay.....any advantage?