Officials of the Urban Redevelopment Authority (URA) of Singapore approved on Friday plans by Alibaba and a consortium led by a Singapore-based real estate company to build a 63-story mixed-use development at Shenton Way in the Central Business District, Singapore.
According to a URA spokesperson, Alibaba’s and Perennial Holdings’ skyscraper would be 305 meters high, overtaking the current tallest building in Singapore, which is 284 meters high.
The URA spokesperson also confirmed the new skyscraper would soon rise on the site currently occupied by a 50-story building, formerly known as AXA Tower, at 8 Shenton Way in Tanjong Pagar.
In 2020, Alibaba Group agreed to buy 50% of the stake in AXA Tower at S$1.68 billion, and a share purchase agreement was made later between Perennial Holdings Private Limited and its consortium to sell the stake to Alibaba Singapore.
According to reports, the skyscraper is set to be completed by 2028.
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