Singapore-listed property developer GuocoLand on Monday (10 October) has received the temporary occupation permit (TOP) for the retail and office components of its integrated mixed-use development, Tanjong Pagar Centre. Operations will commence in phases beginning November this year.
According to GuocoLand, the 890,000 sq ft of Prime Grade A office space at Guoco Tower are 80 percent committed—including signed leases and those under advanced negotiations.
“The demand for Guoco Tower has come from a wide range of industries, some of whom come from other buildings in the existing CBD, as well as from the city fringes. Many of the multi-national companies are in fact expanding and setting up their regional headquarters at their new offices at Guoco Tower because they see growth potential in the region,” said GuocoLand Singapore managing director, Cheng Hsing Yao.
Committed tenants of Guoco Tower includes Amadeus, Teva Pharmaceutical and Industries, Danone, and The Straits Trading company which will move out from 9 Battery Road, and shoe company ASICS which will exit PWC building. Travel website Agoda is also moving into the development next year.
“We will be moving to a flagship office in the Tanjong Pagar Centre in January of 2017,” said Agoda Outside managing director Peter L. Allen. “This office will house a large number of Agoda’s core functions, including IT, partner services, partner marketing, customer support, and external affairs.”
The offices will occupy the lower 38 storeys of the 64-storey tower, which stands at 290 metres—making it the tallest building in Singapore.
Meanwhile, retail and services tenants that will open at Tanjong Pagar Centre include Virgin Active which will occupy 31,000 sq ft for its second gym in the city-state, and new-to-market brands like JAPAN RAIL CAFÉ, SBCD Tofu House and The Little Island.
The integrated commercial, retail and lifestyle complex, which includes the 181-unit luxury apartments, Wallich Residence, the 222-room Sofitel Singapore City Centre hotel, and a 150,000 square feet Urban Park, is scheduled for completion in early 2017.
Sources: CommercialGuru, Oct 10, 2016