Chinese internet giant Alibaba and a consortium led by Singapore real estate company Perennial Holdings have received approval to build a 63-story mixed-use building on Shenton Way in the Central Business District.
According to documents from the Urban Redevelopment Authority (URA), the building’s maximum approved height is 305 meters, which could surpass the 284-meter-tall Guoco Tower to become Singapore’s tallest building.
A URA spokesperson stated on Friday (August 5) that the approved building height of 305 meters for the tower at 8 Shenton Way is the highest ever approved by the URA for a property in Singapore.
“The permitted building height is dependent on technical requirements as well as an assessment based on various aspects of the site’s context,” she said. “The project must be carried out in accordance with the approved plans and guidelines.”
The new development will be built on the site of the former 50-story AXA Tower at 8 Shenton Way in Tanjong Pagar.
The site was previously home to the Treasury Building, built in 1986, which once served as the headquarters for state-owned investment company Temasek Holdings.
Upon completion, this Alibaba-invested project could replace Guoco Tower as the only building in Singapore exceeding 280 meters in height.
According to Forbes, the building is scheduled for completion in 2028.
The written permission issued by the URA on July 7 shows that plans for the new project’s retail space, restaurants, offices, hotel and residential units, and an underground pedestrian link have been approved, with a total gross floor area of 148,450 square meters.
According to the URA’s approval, 59% of the building’s approved gross floor area (87,967 square meters) will be for commercial use, while 49,421 square meters will be dedicated to 215 residential apartments with sky terraces.
The hotel will have 11 suites, covering a total area of 6,775 square meters. The remaining floor area will be used for balconies, indoor recreational spaces, and the rooftop.
In 2020, Alibaba Group agreed to acquire a 50% stake in AXA Tower for S$1.68 billion.
An investor consortium led by Perennial Real Estate Holdings reached a share purchase agreement to sell the stake to Alibaba’s Singapore subsidiary.
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