The Singapore government and GuocoLand Limited’s wholly-owned subsidiaries, Perfect Eagle, Guston Pte and Belmeth Pte, signed a building agreement for the white site located at Peck Seah Street / Choon Guan Street.
The 15,023 sq m site was launched for tender on 30 July, which closed on 16 November. A minimum of 60 percent of the total permissible gross floor area (GFA) will be developed for office use, while another 10 percent of the total GFA will be allocated for hotel use.
GuocoLand, which won the 99-year leasehold site with a bid of S$1.708 billion or S$1,006 psf ppr, said the upcoming mixed-use development will be completed in 2015 or 2016.
The project’s residential units could be launched as early as next year, said Group Managing Director Trina Loh.
“We have every intention to create a new world-class icon which will redefine the Singapore skyline and enhance the vibrancy of the central business district in Tanjong Pagar,” said Sat Pal Khattar, Chairman of GuocoLand.
The development will comprise a five-star hotel and retail space, more than a million sq ft of Grade A office space, as well as Singapore’s tallest ever residences, reaching a height of 280 metres or about 78 storeys.
GuocoLand said it is optimistic about the prospects of Singapore’s residential and office markets.
“We have tendered at a price which underlies our confidence that the market will be good in the forthcoming future,” said Mr. Khattar.