On June 28, listed developer GuocoLand set the market abuzz when it submitted the top bid of $595.1 million, or $1,239 psf per plot ratio (ppr), for a coveted residential site at Martin Place.
The 171,535 sq ft site can yield up to 450 residential units. It attracted a total of 13 bids, with GuocoLand’s bid edging out the second-highest by just 1.2%. Based on historical data of sites sold by URA, the price psf ppr paid by GuocoLand marks a new high for a pure residential Government Land Sales site.
Located at the intersection of Martin Place and River Valley Close in prime District 9, the new condo is within walking distance of the upcoming Great World MRT station, just one stop from the Orchard MRT station, which will be an interchange for the Thomson-East Coast Line and North-South Line.
The Tanjong Pagar landmark
At 290m, GuocoLand’s Tanjong Pagar Centre is the tallest building in Singapore. It is located above and directly linked to the Tanjong Pagar MRT station, and comprises 890,000 sq ft of Grade A office space at Guoco Tower; a 100,000 sq ft lifestyle and F&B component; 181 luxurious homes at Wallich Residence; the 222-room Sofitel Singapore City Centre, and a 150,000 sq ft landscaped urban park. The landmark development has won accolades, among them the World Architecture News Mixed-Use Award 2014 and the Asia Pacific Property Award for Mixed Use Development 2015.
GuocoLand’s Tanjong Pagar Centre is the tallest building in Singapore
The office component, Guoco Tower, and the basement retail component of Tanjong Pagar Centre received their Temporary Occupation Permit in September this year. According to GuocoLand Singapore group managing director Cheng Hsing Yao, Guoco Tower has an 85% occupancy rate while the mall has a 90% occupancy rate, including leases under advanced negotiations. Agoda, Amadeus, ASICS, Danone, Straits Trading and Teva Pharmaceautical Industries were among the committed tenants of Guoco Tower prior to the TOP. Uber has also leased about 55,000 sq ft of space, according to media reports in December.
Tanjong Pagar Centre aims to offer consumers experiences that go beyond shopping
Tanjong Pagar Centre aims to offer consumers experiences that go beyond shopping. Virgin Active’s second gym in Singapore occupies 31,000 sq ft of space. New to our shores are Japan Rail Café, SBCD Tofu House and The Little Island. The curated F&B concepts include Blue Lotus, Imakatsu and The Café by HIC. The urban park will be able to accommodate a range of events in its large community space.
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Wallich Residence is located on the 39th to 64th floors of Tanjong Pagar Centre, starting from 180m above sea level. It comprises oneto four-bedroom units, four penthouses and a super penthouse. Residents can enjoy four levels of facilities and hotel-inspired concierge services. According to GuocoLand, no launch date has been set.
“The project is transformative for the district as well as an important milestone for GuocoLand. When fully opened, Tanjong Pagar Centre will have an estimated 40,000 people working, living, or visiting daily,” says Cheng.
Wallich Residence is located on the 39th to 64th floors of Tanjong Pagar Centre
Wallich Residence offers four levels of facilities and hotel-inspired concierge services
Expanding global footprint
GuocoLand has operations in Singapore, China, Malaysia and Vietnam. This year marks its entry into the UK and Australia, markets with high growth potential. On Oct 27, it announced that it will subscribe for a 27% stake in Eco World International when the latter launches its IPO on Bursa Malaysia Securities. EWI is targeting to raise more than RM2 billion ($670 million) from its IPO to fund its four development projects in London and Sydney with an estimated total gross value of £2.4 billion ($4.1 billion).
Despite the uncertainty surrounding the UK’s historic vote in June to leave the European Union, GuocoLand saw 2016 as an opportune time to enter the London market at reasonable prices and terms. “We like the long-term prospects of London, given its housing needs and long history of success, and the ability of this truly sophisticated global city to attract talents,” says Raymond Choong, GuocoLand group president and CEO.
“Given the size and complexity of the UK and Australian markets, we believe the combined strengths of GuocoLand and Eco World Development Group will provide us with a stronger platform to compete better and more successfully in the two markets. We hope to increase our collaboration with EWI,” adds Choong
This article appeared in The Edge Property Pullout, Issue 760 (Dec 6, 2016) of The Edge Singapore.