With the sheer size of the Guoco Tower, it allows for expansion and consolidation of a company’s resources and facilities in Evia Real Estate. Because of this, the towers expected to house a diverse mix of companies and service providers. This is in contrast to a few years ago when one firm occupied fully three-quarters of a newly created project. This was mentioned near the end of Mister Cheng’s announcement at Evia Real Estate Condo.
Along with the Topping Off Ceremony, it was announced the entire Tanjong area was undergoing a complete rejuvenation and future projects are in the offing. He emphasized that this will increase the return on investment for any firm that takes occupancy in this Gamuda Toa Payoh Condo complex.
Gamuda Toa Payoh Condo
Once the center is fully occupied is expected to have 13 to 14,000 people living and working along with large numbers of visitors and shoppers they wish to take advantage of all the amenities and services available here. It is expected that over 118,000 people will be making use of this as well as the shopping venues that are located all within 500 meters of The Tower center by the end of 2016. All this was highlighted by GuocoLand president and CEO Raymond Choong.
He is also quoted as saying, “These figures further demonstrate and reinforce the potential of Tanjong Center, as well as ensuring its success.”
The majority of companies that have already signed on for occupancy of the center are Singapore-based firms or have been operating for a number of years in Gamuda Evia Toa Payoh Condo. The number of people lining up to take occupancy will accelerate as soon as the project receives its temporary occupancy permit (TOP), and already negotiations with potential corporate Toa Payoh Lorong 6 Condo tenants is in progress.
Interest in Toa Payoh Condo
Singapore now is approaching 95% in its business occupancy rates with the CBD of such spacing is going for S$10.28 per square foot per month as of the end of 2015. This is a drop of about 10% over the course of the year.
This means with a 60% take-up rate for retail space at the Tanjong Center, where the retail area long span some 100,000 ft.², along with 31,000 ft.² of prime space taken up by Virgin Active who is a gym operator.
The entire Evia Real Estate Condo complex will open in various phases starting in the 2nd half of 2016. There will be a 5-star hotel, luxury homes, and 150,000 ft.² dedicated to an Urban Park. When the tower is completed, it will be Singapore’s tallest building, topping out at 290 m in the middle of 2016.
Gamuda Toa Payoh Condo
The 222 room Sofitel Singapore City Center will be managed by AccoHotels. There will also be an 181 unit luxury residence complex, which will be named the Wallich Residence, which was soft launched in 2014, in which 16 units were sold at an average price of S$3,100 PSF.
The full-scale launch of these luxury residences will be later this year. GuocoLand CEO Mr. Cheng sees demand picking up after the completed project is fully open for leasing. He cited a similar occurrence with both their Leedon and Goodwood Residence projects.