Guocoland, a property investment unit of Hong Leong Group, has announced that it will tie up with Malaysian pension fund Employees Provident Fund (EPF) to develop a Singapore project, which is set to become the city’s tallest apartment.
The company said it has sold a 20 percent stake (estimated to be worth S$640 million) to the EPF for the upcoming S$3.2 billion mixed-use development above Tanjong Pagar MRT station.
In November last year, GuocoLand acquired the 99-year leasehold site for S$1.708 billion (approximately S$1,006 psf ppr). The company, which holds an 80 percent stake in the project, is required to allocate at least 10 percent of the 1.7 million sq ft gross floor area (GFA) for hotel use and another 60 percent for office space.
The new project will potentially comprise more than a million sq ft of Grade A office space, retail space, a five-star hotel and Singapore’s tallest ever residences, which could be measured a height of 280 m.
Guocoland also appointed Skidmore, Owings & Merrill (SOM) as the development’s architects. SOM is the architectural firm behind the upcoming One World Trade Center in New York City and the world’s tallest building, Burj Khalifa in Dubai, as well as Singapore’s Changi Airport Terminal Three.
GuocoLand said the entire development is expected to be completed by 2015 or 2016. However, the residential units could be ready as early as 2012.
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