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Property developer GuocoLand on Wednesday topped out Tanjong Pagar Centre, its $3.2 billion integrated mixed-use project located above Tanjong Pagar MRT station.

At 290 metres high, the development is set to become the tallest building in Singapore, once completed in mid-2016.

National Development Minister, Lawrence Wong, was the guest-of-honour at the ceremony to mark the important milestone.

The building will integrate 890,000 sq ft of Grade A office space at Guoco Tower, a 100,000 sq ft dynamic lifestyle and F&B component, 181 luxury homes at Wallich Residence, the 222-room Sofitel Singapore City Centre and a 150,000 sq ft landscaped Urban Park.

“Tanjong Pagar Centre makes two key contributions to the Singapore city. It will act as a catalyst in accelerating the rejuvenation and transformation of Tanjong Pagar District into a business and lifestyle hub in the CBD. Additionally, its ‘Integrated Vertical Living’ design concept offers a model for Singapore’s urban future. Through intelligent and sustainable designs, we can still achieve excellent quality of life in a highly-urbanised environment,” said Raymond Choong, President and CEO of GuocoLand Group.

Meanwhile, Channel NewsAsia reported that GuocoLand will start selling the residential units upon the project’s completion. Wallich Residence will house Singapore’s tallest and largest penthouse – a triple floor duplex on levels 62 to 64.

Credits: Propertyguru

(View Other Developments by GuocoLand - Goodwood Residence Bukit Timah Road, Sim Urban Oasis Sims Drive & Leedon Residence Holland

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The tender for two residential sites in Upper Serangoon View (pictured) closed on Thursday, with both plots attracting eight bids and top bids of more than S$200 million each. 

Launched for sale on 30 September and offered on 99-year leases, Parcels A and B have land areas of 165,140 sq ft and 128,663 sq ft respectively.

Kingsford Development submitted the highest bids for both sites at S$258.8 million for Parcel A and S$201.63 million for Parcel B. 

This was followed by bids from El Development for Parcel A and Maxdin and SingHaiyi Residences for Parcel B, at S$223.1 million and S$178.89 million respectively.

“The eight bids submitted for each of the two sites demonstrate developers’ continued interest for residential sites. The top bid of S$522 psf per plot for both sites reflects an average 14 percent differential between the first and the second bid for Parcels A and B,” noted Joseph Tan, Executive Director, Residential, CBRE.

“This is not surprising given that the top bidder is a fairly new entrant who wants to compete with mainstream developers to shore up their landbank,” he added.

Kingsford Development is currently developing the 512-unit Hillview Peak condominium in the Hillview area.

Chia Siew Chuin, Director of Research & Advisory at Colliers International, said: “The estimated breakeven cost for the proposed developments on both sites could range from S$860 to S$920 psf and the selling price could start from S$1,000 per sq ft.”

 

Taken PropertyGuru

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