By the middle of 2016, the Tanjong Pagar Centre will become the tallest building in all of Singapore, towering over the other buildings in the Central Business District with its height of 290 meters.
It is being developed by the GuocoLand Group who launched the retail and office components of this project on the 4th of February 2015. The project is an integrated mixed-use one. It is going to have 6 stories of lifestyle and F&B offerings. There will also be public spaces where community and recreational activities can take place.
The Food and Lifestyle Mall with its 100,000 sq. ft. of space is certainly going to shape the urban landscape. More importantly, it is expected that vibrancy can be injected into the Tanjong Pagar district with the new mall. The managing director of GuocoLand Singapore, Cheng Hsing Yao said that 70% of the mall will be F&B if the gym is not taken into consideration. He added that the company believes that F&B has a lot of potential to be a success in the Central Business District.
The project also involves an Urban Park whose size will be 150,000 sq. ft. The Urban Park can be used for a plethora of activities including food festivals. However, the biggest part of the Tanjong Pagar Centre will be its office building called the Guoco Tower. The Guoco Tower will have 890,000 sq. ft. of Grade “A” office space.
According to JLL, the leasing agent, the potential tenants of the office space in the Guoco Tower can originate from the sectors of wealth management technology businesses or business services. GuocoLand is unable to reveal the rental rates or the lease commitments of the Guoco Tower at the present moment.
JLL also added that Guoco Tower is just a part of a total of about 4 million sq. ft. of office space that are going to enter the real estate market within the next 4 years. Most of these new buildings are possibly going to be completed by 2016 or 2017. That is why a few market watchers have already started people to exercise caution. This is because an imbalance may occur in the demand and supply of the needed office space. GuocoLand informed that it had no worries regarding this particular matter. It believes that there is a balance of sorts in the demand and supply of the space taking into consideration a net annual absorption rate of approximately 1 million sq. ft.
According to experts, an urban renewal or, in other words, a complete makeover, is going to take place in the area of Tanjong Pagar. The other components of the Tanjong Pagar Centre will include 181 luxury apartment units and a 5-star hotel.