AWARDS: GuocoLand’s Cheng vindicated as Wallich Residence, Martin Modern break new ground in luxury living

/ EdgeProp Singapore
October 15, 2018 3:21 AM SGT
For Cheng Hsing Yao, group managing director of GuocoLand Singapore, what is more satisfying than the many accolades that Tanjong Pagar Centre has received is the fact that the integrated development has become both a physical and social landmark in Tanjong Pagar. “We said we wanted to transform the district and we did,” he says. “It has even exceeded our expectations.”
Prior to the $3.2 billion Tanjong Pagar Centre, there was no Grade-A office space nor five-star hotel offering in the district. Tanjong Pagar Cente delivered a Grade-A skyscraper in the form of the 38-storey Guoco Tower and the luxury 223-room Sofitel Singapore City Centre. Perched on top of Guoco Tower is also a luxury residential offering, the 181-unit Wallich Residence.
Cheng: We said we wanted to transform the district and we did. It has even exceeded our expectations (Credit: Samuel Isaac Chua/EdgeProp Singapore)
The project won six awards and GuocoLand garnered the title of Top Developer at the EdgeProp Singapore Excellence Awards 2018 on Oct 3.
It is no surprise that Cheng recently came across property advertisements for office space for sale in the Cecil Street and Robinson Road area in the CBD claiming to be part of Tanjong Pagar. “Obviously, people see value in the association now,” he says.
It was not always the case. In January 2016, at Guoco Tower’s topping-out ceremony, only 10% of the 890,000 sq ft office space was pre-committed. When the tower was completed 10 months later, the take-up rate had soared to 80%. Today, it is almost 100%.
“A large proportion of the companies that are tenants of Guoco Tower today are tech companies and others who had the vision to move into an area that wasn’t tried and tested then,” Cheng says.
Tanjong Pagar Centre is GuocoLand’s flagship property and houses the group’s headquarters (Credit: Samuel Isaac Chua/EdgeProp Singapore)
Tanjong Pagar was always a historical area, but close to a decade ago, it lacked a strong positioning, he adds. As part of URA’s plan to transform Tanjong Pagar, the statutory board...