Move over, Guoco Tower. There’s a new tallest building in town taking over the AXA Tower.
Chinese multinational technology company Alibaba and Perennial Newco, a consortium led by Singapore-based real estate company Perennial Holdings, are forming a joint venture to construct the tallest skyscraper in Singapore.
It will be built on 8 Shenton Way, the site of the former 50-storey AXA Tower in the Central Business District, located opposite Tanjong Pagar MRT.
Alibaba Group bought a 50% stake in AXA Tower during the pandemic in May 2020, valuing the property at S$1.68 billion. It is an anchor tenant at the current tower.
On 7 July, URA gave the green light for a 63-storey mixed-used development with a maximum height of 305 metres – the highest ever granted Singapore Height Datum (SHD) for developers in the entire history of Singapore.
In comparison, Guoco Tower, which currently holds the title of the tallest building in Singapore, stands at an imposing height of 284 metres. The new tower will be almost 7.4% taller. Both towers are connected to the Tanjong Pagar MRT station.
Reaching new heights
Originally built in 1986 as the Treasury building, the AXA Tower is currently the tallest cylindrical building in the world. The new skyscraper will consist of commercial, hotel and residential units.
The future tower sits on a site spanning almost 118,230 sqft with a plot ratio of 13.51, giving it a maximum permissible total gross floor area (GFA) of around 1,597,905 sqft. A 25% additional GFA of 310,350 sqft is included under the CBD Incentive Scheme.
The initiative was introduced in 2019 to encourage older CBD office buildings to be redeveloped into mixed-use developments to inject more diversity and vibrancy into the area to turn it into prime real estate.
946,863 sqft (59%) of the 63-storey block will be dedicated to commercial space, with retail and F&B businesses running in basement 1 and on the first and second levels. More than half of the project’s GFA is expected to be taken up by offices.
Above the offices will be a small cluster of 11 hotel suites over 72,925 sqft (4.5%), with 215 residential apartments featuring sky terraces taking up 531,961 sqft (33.2%) above the suites. The rest of the space (3.1%) will be allotted to amenities, such as residential and hotel balconies, indoor recreational space and rooftop outdoor refreshment areas (ORAs).
Planning permission for the additional ORA GFA is granted for ten years, commencing from 7 July 2022.
With a balance of 59 years (from July 1982), the new project will also pay for a lease extension to top up to a fresh 99 years.
The development is projected to be completed by 2028.
AXA Tower: Connectivity
The site is well-served by a handful of MRT stations – Tanjong Pagar MRT (182m) is connected via an underground pedestrian link, while Prince Edward MRT (281m), Telok Ayer MRT (305m) and Shenton Way MRT (451m) are a short walk away.
AXA Tower: Amenities and schools
Residents can access amenities at Cold Storage Altez or China Square (331m) or FairPrice Finest at Finest Amara (421m).
There are only two education options: Outram Secondary School is 305m away while Cantonment Primary School is 1249m away.
Are you excited for the new iconic skyscraper? Let us know in the comments section below.
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