SINGAPORE: Chinese Internet giant Alibaba and a consortium led by Singapore-based real estate company Perennial Holdings have obtained approval for plans to build a 63-storey mixed-use development at Shenton Way in the Central Business District.
With a maximum approved height of 305m as seen in Urban Redevelopment Authority (URA) documents, the building could overtake the 284m-tall Guoco Tower as the tallest building in Singapore.
A URA spokesperson said on Friday (Aug 5) that the approved building height of 305m at 8 Shenton Way is the highest granted by the authority for developments in Singapore.
“The allowable building heights are subject to technical requirements as well as evaluation based on respective site context,” she said. "Developments would have to be built in accordance to the approved plans and guidelines."
The new development will be built on the site currently occupied by a 50-storey building, formerly known as AXA Tower, at 8 Shenton Way in Tanjong Pagar.
The site first hosted the Treasury Building in 1986, which was previously the headquarters of state investment firm Temasek Holdings.
When completed, the Alibaba-backed project could join Guoco Tower as the only buildings in Singapore to exceed 280m in height.
The building is set to be completed by 2028, reported Forbes.
A grant of written permission issued by the URA on Jul 7 showed approved plans for retail, restaurant, office, hotel and residential components - as well as an underground pedestrian link - in the new project, which will occupy up to 148,450 sq m in total gross floor area.
Based on URA's approval, 59 per cent or 87,967 sq m of the building’s permitted gross floor area will be set aside for commercial use, while another 49,421 sq m will be allocated for 215 residential apartments with sky terraces.
The hotel will consist of 11 suites over a total of 6,775 sq m, while the remaining floor area will be for balconies, indoor recreational space and the rooftop.
In 2020, Alibaba Group agreed to buy a 50 per cent stake in AXA Tower in a deal valuing the property at S$1.68 billion.
A share purchase agreement was made between a consortium of investors led by Perennial Holdings Private Limited to sell the stake to the Singapore arm of Alibaba.