The Tanjong Pagar Centre complex in Singapore has been dubbed a “vertical city” and sits atop one of the wealth city state’s busiest train stations even as the city state’s canyons of skyscrapers get a new peak with the opening of the Tanjong Pagar Centre on the fringes of the central business district.
The revival for an area of the business core of Singapore is marked by the commissioning of the complex. The Marina Bay Financial Centre (MBFC) complex built on land reclaimed from the sea and adjacent to the Marina Bay Sands hotel and casino, with three soaring burnt-glass colored towers is just about a kilometer away from the latest complex.
The new complex will be home to more than 150,000 square feet of green community space with office, retail, residence, hotel, fitness, and even an urban park. With three other building in Singapore at 280 meters high, One Raffles Place, UOB Plaza One and Republic Plaza, the Tanjong Pagar site at 290 meters high pips its nearest rivals by just 10 meters.
In recent months, with the expected launch of new services by U.S.-based Amazon and the arrival of a Singapore-based unit of China’s massive e-commerce firm Alibaba, there has been an increased pace for online shopping. Additionally in recent months there has also been a rising trend in Singapore’s office and retail vacancy rates. The new complex comes amidst these two trends.
“The approach of an integrated development solves the congestion problem so that we minimize travels. It also helps people do more things within the same location,” Cheng Hsing Yao, Managing Director of GuocoLand Singapore told the media during a tour of the property.
With the intelligent use of glazing and directional shading which reduces the sun’s glare from Singapore’s year-round tropical climate, the towers promise 32-percent in energy savings compared to similar code-compliant buildings.
Singapore’s office vacancies has hit its highest levels in more than four years and been on its longest stretch of declines since the financial crisis and the project–which includes nearly 30 floors of office space–comes to market at such a time.
“The market has been challenging in terms of the leasing, because of the economic situation as well as the supply, but we’re quire fortunate to experience a very strong tick up rate of our office as well as our retail and f-and-b (food and beverage)space,” Cheng said.
While the retail space is more than 90-percent leased, the office space is already more than 85-percent leased at the Tanjong Pagar Centre, Guoco says. Still, there are no signs of inventory slowing down.
nearly 2-million square feet of space to market would be brught in to the market next year with the expected opening up of the Marina One, adjacent to MBFC. That sale would be the first in nine years as the Singapore’s government is reportedly selling prime land in the Marina Bay financial district.
(Adapted from CNBC)