SINGAPORE, Jan 13 — The S$3.2 billion(S$1=RM3.05) Tanjong Pagar Centre in which the Employees Provident Fund (EPF) holds a 20% stake, is on schedule for completion by mid-2016.
GuocoLand (Singapore) Pte Ltd’s Managing Director Cheng Hsing Yao said a wide range of tenants would be moving in progressively.
“For the office space, the tenants coming in are from the technology, finance and shipping sectors,” he told a press conference after the topping up ceremony of the Tanjong Pagar Centre, here Wednesday.
GuocoLand’s President and Chief Executive Officer Raymond Choong said the Tanjong Pagar Centre is expected to have about 13,000 to 14,000 people working, living or visiting daily, once fully operational.
Singapore Minister of National Development Lawrence Wong and EPF’s Chief Executive Officer Datuk Shahril Ridza Ridzuan also attended the ceremony.
The Tanjong Pagar Centre is designed by Skidmore, Owings & Merrill, the architectural firm behind the One World Trade Center in New York, the world’s tallest building, the Burj Khalifa in Dubai and Singapore’s Changi Airport Terminal Three.
The 290 metre-tall building is an integrated mixed-use project of 1.7 million square feet in the heart of Tanjong Pagar and located above the Tanjong Pagar MRT station.
It integrates a premium 890,000 sq ft Grade A office space (Guoco Tower), 100,000 sq ft retail space, 181 luxurious homes of the Wallich Residence, 222 room-Sofitel Singapore City Centre and a 150,000 sq ft landscaped Urban Park.
The EPF teamed up with GuocoLand Ltd five years ago to develop the project, which is set to become the tallest building in Singapore.
Meanwhile, Jones Lang LaSalle Property Consultants Pte Ltd’s Managing Director, Singapore and South EastAsia, Christopher Fossick said the rental cost in Singapore is half that of Hong Kong’s.
He said so far, the Guoco Tower’s take-up rate is about 10%, with tenants such as Regus, DNB Asia Ltd, Hong Leong Bank and Open Link.
“Leasing commitment for the retail space now stands at about 60%, whereby Virgin Active is the anchor tenant, occupying a 31,000 sq ft fitness space,” he added.