A 63-Storey Mixed-Use Development to Redefine the Skyline in the Central Business District
SINGAPORE: Alibaba, the Chinese tech giant, along with a consortium led by Singapore-based real estate firm Perennial Holdings, has received approval to construct a 63-storey mixed-use development at Shenton Way in the Central Business District.
With an approved height of 305 meters, according to documents from the Urban Redevelopment Authority (URA), the new building is poised to surpass the existing tallest structure, Guoco Tower, which stands at 284 meters. A spokesperson from the URA confirmed on Friday (Aug 5) that the authorized height of 305 meters at 8 Shenton Way is the highest ever granted for a development in Singapore.
“The allowable building heights are determined by technical specifications and assessments based on the specific site context,” she explained. “All developments must adhere to the approved plans and guidelines.”
This new skyscraper will replace the existing 50-storey building, previously known as AXA Tower, located at 8 Shenton Way in Tanjong Pagar. The site originally housed the Treasury Building in 1986, which served as the headquarters for the state investment firm, Temasek Holdings.
Once completed, the Alibaba-backed project will join Guoco Tower as one of the only two buildings in Singapore to exceed a height of 280 meters. The completion date is set for 2028, as reported by Forbes.
A grant of written permission issued by the URA on July 7 outlined the approved plans for a variety of uses including retail, dining, office space, hotel accommodations, and residential units, along with an underground pedestrian link. The total gross floor area of the new development will reach up to 148,450 square meters.
According to the URA’s approval, 59 percent, or 87,967 square meters, of the permitted gross floor area will be allocated for commercial purposes, while 49,421 square meters will be designated for 215 residential apartments featuring sky terraces.
The hotel component will include 11 suites spanning a total of 6,775 square meters, with the remaining space designated for balconies, indoor recreational areas, and a rooftop garden.
In 2020, Alibaba Group entered into an agreement to acquire a 50 percent stake in AXA Tower, valuing the property at S$1.68 billion. This share purchase agreement was finalized between a consortium of investors led by Perennial Holdings Private Limited and Alibaba’s Singapore branch.
