Singapore’s AXA Tower to be redeveloped into the country’s tallest skyscraper A consortium led by Chinese e-commerce giant Alibaba Group and including Singapore property developer Perennial Holdings, whose major shareholders include Singapore billionaires Kwok Kong Hong and Ron Sim, has won government approval to build the city-state’s tallest skyscraper. The consortium will redevelop an existing skyscraper in Tanjong Pagar near the central business district, AXA Tower at 8 Shenton Way, into a 63-storey mixed-use commercial, hotel and residential tower with a total space of up to 148,450 sqm . This…
A consortium led by Chinese e-commerce giant Alibaba Group and including Singapore property developer Perennial Holdings, whose major shareholders include Singapore billionaires Kwok Kong Hong and Ron Sim, has won government approval to build the city-state’s tallest skyscraper.
The consortium will redevelop an existing skyscraper in Tanjong Pagar near the central business district, AXA Tower at 8 Shenton Way, into a 63-storey mixed-use commercial, hotel and residential tower with a total space of up to 148,450 sqm .
The building was originally constructed in 1986 as the Ministry of Finance building and was once the headquarters of state-owned investment company Temasek Holdings.
With a maximum height of 305 meters, the new building will be the tallest building in Singapore when completed in 2028, surpassing the Guoco Tower, currently the city’s tallest completed building, at 284 meters.
Only two buildings in Singapore reach more than 280 meters
Both skyscrapers are connected to the Tanjong Pagar MRT station and are the only two buildings allowed to exceed the city’s maximum height limit of 280 meters.
The redevelopment of 8 Shenton Way comes at a time of strong demand for commercial properties in Singapore, one of the hottest office markets in Asia Pacific. In the first half of this year, investment in commercial real estate in the city rose 81 percent year-on-year to $9.3 billion, according to real estate consultant JLL.
Commercial spaces, residential apartments and hotel suites
According to the approved plan, 59% or 87,967 sqm of the building’s permitted gross floor area will be earmarked for commercial use, with another 33% or 49,421 sqm allocated to 215 residential units, while the hotel portion will accommodate 11 The total area of the suite is 6,775 square meters. The remaining floor area is reserved for balconies, indoor recreational spaces and roofs.
Alibaba holds a 50% stake in the development consortium, which was later 29% held by a joint venture between Perennial Holdings, agribusiness giant Wilmar International and Wilmar/Perennial boss Kuok Khoon Hong. Other stakeholders include Singapore-based construction and property group Chip Eng Seng and a joint venture between local property companies SingHaiyi Group and Haiyi Holdings controlled by Singapore property tycoon Gordon Tang.
