Singapore’s tallest skyscraper to be built by Alibaba and local partners
Singapore’s tallest skyscraper to be built by Alibaba and local partners. Alibaba, a Chinese internet behemoth, and a group of investors led by the Singapore-based Perennial Holdings have received authorisation to proceed with plans to erect a 63-story mixed-use building at Shenton Way in the Central Business District.
According to Urban Redevelopment Authority (URA) papers, the building might surpass Singapore’s 284m-tall Guoco Tower as the highest structure by reaching its maximum allowed height of 305m.
The highest building height permitted by the URA for developments in Singapore is 305 meters, according to a spokeswoman on Friday, August 5. The permissible construction heights must meet technical specifications and be evaluated depending on the circumstances of the specific site, she explained. Construction of developments would have to follow approved plans and regulations.
At 8 Shenton Way in Tanjong Pagar, a 50-story structure formerly known as AXA Tower will be demolished to make way for the new construction. On the property for the first time in 1986 was the Treasury Building, which once served as Temasek Holdings’ corporate headquarters. The Alibaba-funded project may eventually join Guoco Tower as the only over-280-meter-tall buildings in Singapore.
The proposed project, which would occupy up to 148,450 sq m in total gross floor area, has plans approved for retail, restaurant, office, hotel, and residential components in addition to an underground pedestrian link, according to a grant of written approval issued by the URA on July 7. According to the URA’s clearance, 87,967 square meters, or 59% of the building’s permissible gross floor area, will be used for commercial purposes, and 215 residential apartments with sky terraces will receive 49,421 square meters in total. The hotel will have 11 suites totaling 6,775 square meters, with the rooftop, internal common areas, and balconies taking up the remaining floor space.
Alibaba Group has agreed to pay S$1.68 billion for a 50% ownership in AXA Tower in 2020, which represents the total transaction value.
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