Property  |  JANUARY 13, 2016 8:13AM

Tanjong Pagar Centre to be completed by mid-2016

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guocoland epf Tanjong Pagar CentreThe S$3.2 billion (RM9.78 billion) 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 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 today.

GuocoLand 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 National Development Ministry Lawrence Wong and EPF chief executive officer 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 3.

The 290m-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-square-foot Grade A office space (Guoco Tower), 100,000-square-foot retail space, 181 luxurious homes of the Wallich Residence, 222-room Sofitel Singapore City Centre and a 150,000-square-foot 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 managing director, Singapore and Southeast Asia, 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-square-foot fitness space,” he added.

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