Alibaba, Perennial consortium to redevelop AXA Tower into Singapore’s tallest skyscraper
Alibaba, Perennial consortium to redevelop AXA Tower into Singapore’s tallest skyscraper

Alibaba, Perennial consortium to redevelop AXA Tower into Singapore’s tallest skyscraper

 

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Alibaba Group and a Perennial Holdings-led consortium plan to rebuild the AXA Tower at 8 Shenton Way in Singapore into a 63-storey mixed-use, two years after the e-commerce giant bought half of the S$1.68 billion ($1.2 billion) property, according to Chinese news outlet Caixin.

The project is expected to be completed in 2028, set to be the tallest building in Singapore, according to the report. The approved plan showed that the maximum approved height of 305 metres (1,000 feet) would surpass the current record held by the 284-metre Guoco Tower, also located in the vicinity.

The redevelopment of the properthas received the go-ahead from Singapore’s Urban Redevelopment Authority (URA), according to an earlier report by local media Channel News Asia.

Alibaba bought a 50% stake in AXA Tower, which has 1.05 million sq ft of gross floor area, in June 2020 from a consortium of investors including Perennial Real Estate Holdings, according to stock exchange filings. Perennial was taken private by its major shareholders and delisted in September 2020 and renamed Perennial Holdings Pte Ltd.