The new development will be built on the site currently occupied by 50-storey AXA Tower which is currently being demolished located at 8 Shenton Way in Tanjong Pagar also formerly known as Treasury Building in 1986 as the headquarter of Temasek Holdings - Singapore's investment body.
World-renowned architectural design consultant Skidmore, Owings & Merrill (SOM) and local architect partners DCA Architects unveiled the design of this towering mixed-use, 63-storey development at a press event on 27 Oct this year.
This amazing skyscraper will be the tallest skyscraper in Singapore and it will be owned by Chinese Internet giant Alibaba and a consortium led by Singapore-based real estate company Perennial Holdings. The owners of this future towering project have already obtained approval for plans to build a 63-storey mixed-use development, with offices, mall and residential units at Shenton Way in the Central Business District. With a maximum approved height of 305m as seen in Urban Redevelopment Authority (URA) documents, the building will overtake the 284m-tall Guoco Tower built by Singapore's mega developer Guocoland as the tallest building in Singapore.
"Expected to be completed by 2028, this beautiful towering development and Guoco Tower will be the only two buildings in Singapore to exceed 280m in height." said Kiwi Lim from Huttons Asia.
Once China’s wealthiest and most prominent tech leader, Jack Ma retreated from the spotlight in recent years after his criticism of government regulation landed him in trouble with Beijing, causing the Alibaba Group to derail the initial public offering of fintech giant Ant Group Co - which was highly anticipated in the market to be the hottest and largest IPO in modern history. This led to huge decisions by Ant and Alibaba to separate their huge business operations as President Xi Jinping's government frowns upon concentration of power in the hands of private sector conglomerates.
For almost two years, the world did not hear any news about this legendary Chinese entrepreneur and he remained in super low profile after Beijing’s crackdown on the technology sector until recently when the media reported that Jack Ma has been living in Tokyo for nearly six months visiting hot spring and ski resorts in the countryside outside Tokyo coupled with regular low profile visits to various countries according to Financial Times.
Once the pride of Chinese, Alibaba group was seen as an innovation giant wielding immense corporate power on the global stage with some analysts even predicting the giant technological conglomerate that is involved in nearly every aspect of business to rival the world’s fifth largest economy.
Singapore has been admired by countries all around the world for being able to balance good governance with business-friendly regulations and taxes. Singapore's exceptional foresight in planning, building through pumping huge investments in public infrastructure and amenities for its people are also highly praised by urban development experts worldwide.
Singapore seem to be the obvious and convenient choice for Chinese businesses looking to relocate from mainland China and Hong Kong especially with Singapore's transparent operations, legal system for arbitration, robust business ecosystem, banking system of investment managers and other service providers.
With Singapore's masterplan on developing the Central Business District (CBD), Marina South, Marina East and Straits View into an attractive live-work-play environment integrated with efficient transport and quality infrastructure with beautiful waterbodies and greenery, real estate consultant Kiwi Lim believe Alibaba's choice to relocate their HQ in Tanjong Pagar will integrate the city centre seamlessly with the Greater Southern Waterfront city and revitalise the Central Business District of Tanjong Pagar.
"If Alibaba decides to relocate it's headquarters from Hangzhou, China to Tanjong Pagar in Singapore, there will be a dynamic transformation and increased demand for properties in the CBD and surrounding areas. This year, we are already seeing a rise in numbers of foreigners taking up new launch private residential properties in The Reef at King's Dock, One Bernam, One Pearl Bank, The Landmark and I believe there will also be keen interest for the upcoming Newport Residences (formerly Fuji Xerox) expected to be launched next year." said Kiwi Lim.