URA awards Tanjong Pagar site to GuocoLand
GuocoLand Ltd has been awarded a massive mixeddevelopment site at Tanjong Pagar after having emerged as the top bidder with an offer of $1.7 billion. The 99-year leasehold site, covering 15,022.6 sq m (161,703 sq ft), is at Peck Seah and Choon Guan Streets.
It can be used to construct a development with a GFA of 157,738 sq m (1,697,891 sq ft) and a maximum building height of 280m, which would make it among the tallest in Singapore. Under the terms of the tender put out by URA, at least 60% of the floor space has to be used for offices and 10% for a hotel. Property analysts expect GuocoLand to use the remaining 30% to develop high-end residential properties. The development will be integrated with the Tanjong Pagar MRT station.