GuocoLand aims for the sky with 78-storey homes

It submits highest of 6 bids for site above Tanjong Pagar MRT Station, plans $3 billion mixed-development project

http://www.businesstimes.com.sg/sub/news/story/0,4574,413635,00.html

By KALPANA RASHIWALA

(Singapore)
MALAYSIAN tycoon Quek Leng Chan's GuocoLand is planning to build Singapore's tallest residences, up to 78 storeys high, within a $3 billion mixed-development project on a site above Tanjong Pagar MRT Station.

http://www.businesstimes.com.sg/mnt/media/image/launched/2010-11-17/krtender17.jpg

The $3 billion development cost includes the $1.708 billion or $1,006 per square foot per plot ratio (psf ppr) that Singapore-listed GuocoLand will pay for the 99-year leasehold plot. It placed the highest of six bids for the 'white' site, which was offered at a state tender which closed yesterday.

GuocoLand is required to allocate at least 60 per cent of the maximum 1.7 million sq ft gross floor area (GFA) to offices and another 10 per cent for hotel use, under the rules for the site set by Urban Redevelopment Authority.

GuocoLand Singapore managing director Trina Loh says that with a maximum height of 280 metres above mean sea level the proposed development will join Republic Plaza, UOB Plaza and OUB Centre in Raffles Place as Singapore's tallest buildings.

'Within the Tanjong Pagar area, it will be the tallest project and we'll also offer the tallest residences in the whole of Singapore,' Mrs Loh added.

The proposed development will rank alongside Republic Plaza, UOB Plaza and OUB Centre in Raffles Place as one of the tallest buildings in Singapore, all of which are 280 metres above mean sea level.

The group plans to develop two towers, possibly with a mix of uses. In addition to offices, a hotel and apartments, there will also be ground-floor retail space. 'What makes this site very exciting is that it can be a truly, fully-integrated development above the MRT Station, plus the height of the project.

'And as the winner of two BCA Green Mark Platinum awards, we'll ensure this latest proposed development will also be eco friendly,' she added.

GuocoLand bid 11.8 per cent or about $180 million more than its closest rival. The partnership comprising Keppel Land, Hongkong Land and Cheung Kong Holdings which is developing the Marina Bay Financial Centre was the second highest bidder at yesterday's tender. It offered about $1.53 billion or $900 psf ppr.

Frasers Centrepoint teamed up with Far East Organization and Japan's Sekisui House to emerge as the third highest bidder, at around $1.43 billion or $844 psf ppr. The other bidders were CapitaLand group ($777 psf ppr), Malaysia's IOI Properties Berhad ($730 psf ppr) and Lippo-unit Overseas Union Enterprise ($362 psf ppr).

In addition to these six offers, URA received a submission from a tenderer that was disqualified - Wee Jong Dit.

A person bearing the same name received the Public Service Medal at the 2002 National Day Awards. He is understood to be a former banker (involved in forex dealing).

Typically, a bidder at a state land tender would be disqualified if he does not fulfil tender conditions, the most important of which is that the submission must be accompanied by a tender deposit (of at least 5 per cent of the bid price).

GuocoLand has been on the lookout for a mega development site in Singapore for years. It was unsuccessful in its bids for the plots that have since been developed into Marina Bay Financial Centre site and Ion Orchard/Or- chard Residences.

BT understands that some overseas parties are keen on teaming up with GuocoLand for the proposed Tanjong Pagar project.

The group's bid was above market expectations; property consultants polled in late July when the site was launched had forecast bids of up to $1.4 billion.

However, Cushman & Wakefield Singapore vice-chairman Donald Han said yesterday that GuocoLand's bid was 'still workable'. 'Singapore Grade A office rents have been recovering nicely and investors' appetite in completed office buildings has also returned. GuocoLand may sell the Tanjong Pagar project's office portion after completion. The group has experience in developing residential and office properties. And its sister company, Thistle Hotels of UK, may get an entry to manage a Singapore hotel,' he added.

CBRE Research executive director Li Hiaw Ho said: 'In order to obtain this top bid of $1,006 psf ppr, the gross development value for the 60 per cent office component is estimated at $2,200-2,300 psf.

'The mandatory 10 per cent of GFA for hotel use would translate into 330-350 rooms with each room estimated at $800,000-900,000. Based on the top bid, condo units at this mega development could possibly transact at $2,400-2,500 psf when ready for launch.'

Record $1.7b bid for site

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_604211.html

http://www.straitstimes.com/STI/STIMEDIA/image/20101117/ST_18235912.jpg

Artist's impression of building perspective for the land parcel at Tanjong Pagar. -- ST FILE PHOTO

A PRIME hotel and office development site right next to Tanjong Pagar MRT station has drawn the second-highest ever bid for government land: $1.71 billion.

Units of developer GuocoLand, controlled by Malaysian billionaire Quek Leng Chan, submitted the bullish offer, which was well above market expectations.

The tender closed yesterday with six bids for the sprawling 1.5ha plot at the corner of Peck Seah and Choon Guan streets.

Five of the bids were above $1 billion - the level analysts had predicted. Among them were offers from a consortium including Hongkong Land; Frasers Centrepoint; and a firm linked to CapitaLand.

GuocoLand's bid works out to $1,006 per sq ft per plot ratio.

Consultants said the site is set to become a landmark development in the heart of Tanjong Pagar, which is being touted as Singapore's next property hot spot. The area will be transformed into a vibrant waterfront precinct when its container terminals move out.

haha UOE bid so low.

Excited to see what they come up with!! Hope it will be something unique.

^^ i hope it will have a nice looking long spire at the top, something we've not seen in Singapore skyscrapers.

Interestingly, Quek Leng Chan was born a Singaporean, raised here, but is now one of Malaysia's richest man.

Apparently we are good for a 280m skyscraper! :banana: Looking forward to seeing the renderings.

Nov 22, 2010
URA awards site for $1.7b
By Lee Jia Xin | StraitsTimes.com


The Urban Redevelopment Authority (URA) has awarded the tender for the site at Peck Seah Street/Choon Guan Street to subsidiaries of GuocoLand Limited.

Perfect Eagle Pte Ltd, Guston Pte Ltd and Belmeth Pte Ltd put in the winning bid of $1,708,080,000 for the 99-year lease, the highest in the tender exercise. The winning bid works out to $10,828.59 per sq m for the site that has been designated for commercial/hotel/residential use. It was previously reported that the bid by GuocoLand was well above market expectations.

Analysts had accurately predicted that five of the bids put in during the tender exercise were above $1 billion. Among them were offers from a consortium including Hongkong Land, Frasers Centrepoint, and a firm linked to CapitaLand.

great, the award is faster than i've expected, no delays. I'm sure they are now busy working on the plans. Afterall prices are expected to pick up soon. With this new iconic development, more developments will come up. :banana:

The tower can straddle across the road?

Road to be expunged. http://www.ura.gov.sg/sales/PeckSeahCG/tenderdocs/PS-CG-LPnCP.pdf

23 February 2011

Building Agreement signing
for white site at Peck Seah Street / Choon Guan Street

The Building Agreement for the White site at Peck Seah Street / Choon Guan Street was signed today between the Government of Singapore and the successful tenderer of the sale site. The Agreement spells out the rights and obligations of the parties with regard to the development of the site.

Wholly-owned subsidiaries of GuocoLand Limited comprising Perfect Eagle Pte. Ltd., Guston Pte. Ltd. and Belmeth Pte. Ltd., were awarded the tender for the White site at Peck Seah Street / Choon Guan Street on 22 November 2010. The land parcel was launched for tender by the Urban Redevelopment Authority (URA) on 30 July 2010 and closed on 16 November 2010.

Mr Ng Lang, Chief Executive Officer of URA, signed the Agreement as Collector of Land Revenue for the Government of Singapore. Mrs Trina Loh, Group Managing Director of GuocoLand (Singapore) signed on behalf of Perfect Eagle Pte. Ltd., Guston Pte. Ltd. and Belmeth Pte. Ltd.

Development details

Strategically located partly above Tanjong Pagar MRT Station and fronting the key junction of several major roads such as Maxwell Road, Cecil Street, Anson Road and Robinson Road, the land parcel will be transformed into a high-quality office and hotel development that will further anchor the precinct as a prominent business hub within the city centre. Taking advantage of its location within the Central Business District (CBD), the future development will comprise predominantly office use, with a hotel component. This will build up the critical mass of prime office space in the Tanjong Pagar area while meeting the needs of business travellers and tourists. The site may also be developed for other commercial or residential uses. This mix of uses will ensure that the area remains vibrant round the clock.

A public space of at least 1,000 square meters will be built on the ground floor of the new development fronting Tanjong Pagar Park, which will be refurbished. This will allow for public events, such as exhibitions and performances to take place. Retail, food and beverage establishments will also help to enliven the street level space.

The new development will be linked directly to Tanjong Pagar Station and surrounding developments, including Capital Tower, International Plaza and 8 Shenton Way via an existing extensive underground pedestrian network. It will also enjoy easy access to other key districts within the city, such as the CBD and the Marina Bay area. Its proximity to the Ayer Rajah Expressway (AYE), East Coast Expressway (ECP) and Central Expressway (CTE) provides excellent connections to the rest of the island and Changi Airport.

About the White site at Peck Seah Street / Choon Guan Street

The White site at Peck Seah Street / Choon Guan Street occupies a site area of 15,023 square meters. A minimum of 60 per cent of the total permissible Gross Floor Area (GFA) is to be developed for office use and a further minimum 10 per cent of the total GFA has to be allocated for hotel use. The remaining GFA can be developed for additional office space and other allowable uses under the White land-use zoning, such as hotel, residential, retail and entertainment.

http://www.ura.gov.sg/pr/text/2011/pr11-17.html

GuocoLand's S$3b project holds new promise for Tanjong Pagar
by Jo-Ann Huang Limin 05:56 AM Feb 24, 2011
SINGAPORE - Property developer Guoco-Land's latest Tanjong Pagar project holds new promise for the fading business district, overshadowed by the Marina Bay area's swanky Marina Bay Financial Centre.

GuocoLand's S$3 billion project along Peck Seah Street and Choon Guan Street will have over 500,000 sq ft of residential space and more than one million sq ft of office space. Analysts expect keen investment interest in the project once it is ready in four to five years.

"In terms of a first class office building, combined with a good hotel, combined with leisure, combined with residential - so it will be populated: People will live here and work here and be involved with all the other activities," said Guocoland chairman Sat Pal Khattar.

World-renowned architects Skidmore, Owings & Merrill and Architect 6 will design the project, which currently does not have a name. The 78-storey project by GuocoLand, controlled by Malaysian tycoon Quek Leng Chan, will be one of the tallest buildings in the CBD.

It will also house one of the biggest apartment complexes in Tanjong Pagar, at 509,000 sq ft, second only to United Industrial Corporation's 927,000 sq ft new development, where 60 per cent or 556,000 sq ft of space will be allocated for residential units.

Median rentals for homes in the area increased 10 per cent last year. And they look set to rise now that Tanjong Pagar is becoming a choice destination to work, live and play.

Mr Donald Han, vice chairman at property consultants Cushman & Wakefield, said the new development will have proper one-, two-, or three-bedroom penthouse units, probably of the same size as of The Sail. "Any development which is iconic in nature, which is located near an MRT station, that offers excellent views, especially on the higher floors, will be able to sell fairly well and we will expect the end pricing to exceed the S$2,000 per sq ft mark easily," he said. If economic growth remains robust, at 4 to 6 per cent a year, analysts say occupancy for GuocoLand's project could be between 80 and 100 per cent.

Office rents in the CBD area rose 16.5 per cent last year. Analysts say that with strong demand from financial services firms, office rents there are expected to increase further.

GuocoLand won the tender for the Tanjong Pagar site, which is also a white site, in November last year. The site sits on Tanjong Pagar MRT Station and was bought for S$1.7 billion and has a site area of 161,703 sq ft and a gross floor area of 1,697,892 sq ft. Jo-Ann Huang

http://www.todayonline.com/Business/EDC110224-0000246/GuocoLands-S$3b-project-holds-new-promise-for-Tanjong-Pagar

I dont see this project can add much value to the area. Just another International Plaza.

^^I can wait to see the design!! Shoud be pretty nice with Skidmore, Owings & Merrill designing it.:)

I was thinking that a better idea would be to combine the plots of the 2 "apartment" style office blocks ("Office by the Park" and "Wallich Building") at Peck Seah and Wallich Street with the carpark and the ex-cinema (or warehouse?) inside the carpark into one huge site. While having careful interface with Red Dot and Maxwell Chambers.

^^I can wait to see the design!! Shoud be pretty nice with Skidmore, Owings & Merrill designing it.:)
Oh no! Isn't this the same SOM that did ORQ and MBFC? :ohno:

Oh no! Isn't this the same SOM that did ORQ and MBFC? :ohno:

MBFC and ORQ weren't designed by SOM. Some projects SOM designed are thr Burj Khalifa Dubai, Changi Airport Terminal 3, One George Street and Jin Mao Tower Shanghai.:)

MBFC and ORQ are designed by KPF. They are kind of a developer's dream architect because their buildings are ruthlessly efficient, new york style, which my friend from LA described as "nothing bit glass boxes", but nonetheless has good taste, unlike the crap from the latter days of Dubai. However, their designs tend to be very "international", devoid of any response to local context and cultures, or even at times rather awkward. For example, their first proposal for Shanghai WFC had a circular void on the top, which was criticised by the Chinese as a homage to Japanese Imperialism. But they sometimes do low/mid-rise office buildings which turn out really well.

SOM on the other hand, has a richer design in terms of facade treatment and responding to context. To the developers however, their designs can sometimes be a bit inefficient, but facade treatment and spatial experience is their strong point.

I wonder how they will approach the Tanjong Pagar site though, their designs can be quite varied sometimes. I hope that it can be really "green" and sustainable like One George Street, or the iconic tower in Green Tech City.

Guocoland ties up with Malaysia’s EPF for Singapore project

http://www.btimes.com.my/articles/20110616140300/Article/

GuocoLand Ltd, the developer controlled by Malaysian tycoon Quek Leng Chan, said it will tie up with Employees Provident Fund of Malaysia for a Singapore downtown project where it will build the city’s tallest apartments.

Guocoland, whose units will hold 80 percent of the venture, said Feb. 23 it paid S$1.7 billion for the site. -- Bloomberg

Went through the area today. It seems that they have start to demolish the old buildings behind Tanjong Pagar MRT station. Here are some pics. :)

http://a1.sphotos.ak.fbcdn.net/hphotos-ak-ash4/263970_10150302727362040_671067039_9613679_1260675_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-ash4/263970_10150302727362040_671067039_9613679_1260675_n.jpg
http://a6.sphotos.ak.fbcdn.net/hphotos-ak-ash4/269464_10150302727442040_671067039_9613681_7223068_n.jpg
http://a6.sphotos.ak.fbcdn.net/hphotos-ak-ash4/269464_10150302727442040_671067039_9613681_7223068_n.jpg
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/261706_10150302727487040_671067039_9613682_2619943_n.jpg
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/261706_10150302727487040_671067039_9613682_2619943_n.jpg

great! thanks for the update.

Demolition works are on-going now....

http://i1122.photobucket.com/albums/l523/v_brandonn/Photo0187.jpg

For the other buildings, they have already removed the roofs....the lowrise 4-storey (at upper end of the photo) should be the next to go....

http://i1122.photobucket.com/albums/l523/v_brandonn/Photo0188.jpg

^^ Thanks for the updates. It seems that from the picture, it was taken from the Clift. :)

^^ I would rather think those pictures have been taken from the Icon. :)

^^ Haha, you're right. It is from the Icon. Got mixed up with all the private developments in the area. :nuts:

I took some pics of the buildings that are being demolished for this project. Looks like they are halfway through the demolition.

http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/265087_10150308419437040_671067039_9688138_4835969_n.jpg
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/265087_10150308419437040_671067039_9688138_4835969_n.jpg
http://a2.sphotos.ak.fbcdn.net/hphotos-ak-ash4/270768_10150308419507040_671067039_9688139_3122587_n.jpg
http://a2.sphotos.ak.fbcdn.net/hphotos-ak-ash4/270768_10150308419507040_671067039_9688139_3122587_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc6/264344_10150308419642040_671067039_9688140_1920898_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc6/264344_10150308419642040_671067039_9688140_1920898_n.jpg

Here are some pics I took of the demolition. It seems almost done.

http://a6.sphotos.ak.fbcdn.net/hphotos-ak-ash4/264053_10150314655462040_671067039_9757718_7473781_n.jpg
http://a6.sphotos.ak.fbcdn.net/hphotos-ak-ash4/264053_10150314655462040_671067039_9757718_7473781_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-ash4/261495_10150314655612040_671067039_9757720_5145850_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-ash4/261495_10150314655612040_671067039_9757720_5145850_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-ash4/267713_10150314655752040_671067039_9757722_4827490_n.jpg
http://a1.sphotos.ak.fbcdn.net/hphotos-ak-ash4/267713_10150314655752040_671067039_9757722_4827490_n.jpg

^^ whoah that is fast. I can't wait for the rendering and more details.

^^
It's not quite done yet. They only managed to demolish 2 blocks of buildings. At present they have just demolished the row of 4-sty building along Peck Seah Street. Now they are clearing the debris.

There is still the last building (I think) which is the 7-8 storey building and a 2storey (used to be an eatery) to be demolished. The block is located at the intersection between Peck Seah Street and Wallich Street.

Meanwhile, I can see some SI at some other parts of the demolished site.

Yeah! All of my time in SG I always wished these buildings were gone!

LOL They arent that bad...just old school buildings that became irrelevant with the transformation of the Anson/Tanjong Pagar area. In their last days they housed a number of coffee shops popular with the office crowd. They were also rented out for offices.

But its better that they're gone!

But its better that they're gone!

^^^ Haha! Sounds like those buildings did not appeal to your architectural liking. :-)

No, I need perfection! :D

The demolition of the 7 storey 'school' building has commenced today. That should be completed by end of the week, i reckon. In its place, they will do up the Wallich Street which comes from Maxwell Road all the way to Peck Seah Street via the current 7- storey block. The road will end at where the shop houses are.

That will leave the Tg Pagar site big enough to build what they intent to build!

Heard that the new road will probably start in 2 years time only, developer will most likely focus on the building construction first. This will be massive!

Here are some pics I took of the building being demolished for the site.

http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc6/249238_10150326286857040_671067039_9880917_1096788_n.jpg
http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc6/249238_10150326286857040_671067039_9880917_1096788_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-ash4/251656_10150326286912040_671067039_9880918_2292809_n.jpg
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-ash4/251656_10150326286912040_671067039_9880918_2292809_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc6/197763_10150326286962040_671067039_9880919_6247280_n.jpg
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc6/197763_10150326286962040_671067039_9880919_6247280_n.jpg

deleted

Another view of the demolition in progress:

http://i1122.photobucket.com/albums/l523/v_brandonn/TgPagar28Jul11.jpg

Demolition soon to be completed. Rainy day this morning.

http://i1122.photobucket.com/albums/l523/v_brandonn/Photo0198.jpg

^^
As demolition will soon be completed, I wonder why dun they chop the trees down? Or will that be handled by NParks? Or trees will be there throughout construction?

^^ From what I have seen at the site, they are doing the soil investigation first so the trees are not removed yet until they can start on the project.

Just wondering if anyone got any updates of the site? It has been a long time since we got any updates. :)

^^

I think they have demolished a small single storey building on site (which could be a substation).
Else, there has been no work done on site, except for some re-hoarding.

There are more works at the Carlton Hotel, Altez and Skysuites, but lately, works are slow probably due to the rain. Skysuites seem to be rather slow, think they got 'stuck' at the current floor, they dun even do massive concreting now. :lol:

^^

I think they have demolished a small single storey building on site (which could be a substation).
Else, there has been no work done on site, except for some re-hoarding.

There are more works at the Carlton Hotel, Altez and Skysuites, but lately, works are slow probably due to the rain. Skysuites seem to be rather slow, think they got 'stuck' at the current floor, they dun even do massive concreting now. :lol:

^^ Certainly hope it's due to bad weather rather than due to the potential slowing economy.