THE redeveloped Shaw Tower is expected to come onstream by 2024, adding 450,000 square feet of Grade A office to the area.
This comes as the Urban Redevelopment Authority (URA) is aiming to rejuvenate the Ophir-Rochor corridor as an up-and-coming destination for work, live and play to complement Raffles Place and Marina Bay.
With a height of nearly 200 metres, the integrated development will deliver office space as well as retail and food & beverage (F&B) offerings on the ground floor.
Lendlease, which was recently appointed by The Sir Run Run Shaw Charitable Trust to manage the redevelopment, said the new Shaw Tower has received preliminary planning permission from URA.
A report last year had indicated the target completion date for the new Shaw Tower as 2023. The overall redevelopment programme has been reviewed to factor in considerations such as the pandemic and the need to prioritise safety, Lendlease said in response to queries.
Other features of the new development will include lifestyle amenities, indoor community facilities, an outdoor amphitheatre, sky gardens and terraces as well as end-of-trip cycling facilities.
Under retail offerings, Lendlease is also looking to roll out up to four F&B outlets.
It will be designed in line with sustainable building standards, such as the International WELL Building Institute’s WELL rating for advancing human health and wellness, and the Singapore Building and Construction Authority’s Green Mark sustainability standards.
Other existing and upcoming developments in the area include Guoco Midtown and DUO Tower.
Christine Li, head of research (Singapore and South-east Asia) at Cushman & Wakefield, pointed out that it makes sense for Shaw Tower, as an older building, to undergo redevelopment given the building activity at the adjacent Guoco Midtown.
The din from construction activity beside the building may also deter tenants from leasing space in the old Shaw Tower, so constructing the new Shaw Tower while Guoco Midtown is being developed is timely, she highlighted.
Ms Li added: “In recent years, interest in Bugis has taken a backseat to other CBD submarkets due to the rapid development of Marina Bay and ongoing rejuvenation of Shenton Way/Tanjong Pagar.”
Still, she reckons that this won’t remain the case as Guoco Midtown and the new Shaw Tower hit the scene, enabling a more vibrant and active Bugis to lure more tenants. DUO Tower, for instance, has garnered tenants such as Abbott and Chevron.
Bugis is seen by analysts as an attractive location for office tenants given its central location, amenities, transport links as well as its proximity to other major CBD submarkets.
By Nisha Ramchandani, The Business Times/ 31-Oct-20