Property News · October 11, 2016

Singapore's tallest building nears completion


Strong take-up of offices at Guoco Tower, but many residential units remain unsold, including a $30 million super penthouse. (Photo: GuocoLand)
Tanjong Pagar Centre, Singapore’s tallest building at 290 metres high, is close to full completion, said property developer GuocoLand.
The 890,000 sq ft office component Guoco Tower and its basement retail space have already received the Temporary Occupation Permit (TOP).
Despite a highly competitive leasing market, Guoco Tower has recorded 80 percent commitment from commercial tenants, up from just 10 percent at the start of the year, said GuocoLand.
The tenant list includes online travel agency Agoda, investment company Straits Trading, and a 31,000 sq ft gym operated by Virgin Active.
“The demand for Guoco Tower has come from a wide range of industries, some of whom come from other buildings in the existing CBD, as well as from the city fringes,” said Cheng Hsing Yao, Managing Director, GuocoLand Singapore.
“Many of the MNCs are in fact expanding and setting up their regional headquarters at their new offices at Guoco Tower because they see growth potential in the region. They are moving more of their senior management staff to Singapore,” he added.
The integrated development also includes 181 luxury apartments in Wallich Residence, a 222-room Sofitel hotel and a 150,000 sq ft Urban Park, which will commence operations in phases from November. The project is also directly linked to Tanjong Pagar MRT station.
A spokesperson from GuocoLand said no launch date has been set for the residential units. “Units at Wallich Residence were made available for sale a couple of years back, but we have since not been actively marketing the project.”
According to Urban Redevelopment Authority (URA) data, 54 units at the condominium have been launched to date, but only 16 units have found buyers at an average price of $3,200 psf.
The most expensive unit at the 99-year leasehold project is a three-storey super penthouse measuring 21,108 sq ft, which has an estimated price of $30 million. The unit located at the very top of the 64-storey building remains unsold.
“The super penthouse at Wallich Residence is a one of a kind property and amongst the world’s most outstanding penthouses,” said GuocoLand’s spokesperson who declined to share further details about the unit at this stage.
Tanjong Pagar Centre is expected to be fully completed in early 2017.
 
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Source : proppertyguru.com.sg/Property Market
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