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AXA Tower
AXA Tower
AXA Tower
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AXA Tower, also known as 8 Shenton Way and formerly The Treasury and Temasek Tower, was the 16th-tallest skyscraper in Singapore, standing at 234.7 m (770 ft). It held the distinction of being the tallest cylindrical building in the world. In 2023, it became the tallest building ever to be voluntarily demolished to make way for the construction of Skywaters Residences.

Key Information

History

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Built in 1986 for the Ministry of Finance of Singapore as the Treasury Building, the 52-storey tower quickly became one of the most prominent buildings in the city’s business district. It was later home to the Asia Pacific Headquarters of the advertising agency BBDO Worldwide, while the 14th floor housed the Embassy of Belgium. When the Ministry moved to The Treasury on High Street, the building was transferred to Temasek Holdings, a government-owned corporation, and renamed Temasek Tower. It was later acquired by CapitaLand, which sold it in April 2007 to MGP Raffle Pte Ltd,[4] after which it was renamed AXA Tower. On 6 May 2020, Alibaba Group agreed to acquire a 50 per cent stake in the property, valuing it at S$1.68 billion.[5][6]

In early May 2022, AXA Tower closed to the public and all tenants relocated in preparation for its demolition.

Subsequent use of the site

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Main article: Skywaters Residences

On 7 July, the Urban Redevelopment Authority (URA) approved redevelopment plans submitted by a consortium involving Alibaba, Perennial Holdings and local partners. The proposal outlined a new 63-storey mixed-use skyscraper rising to 1,001 feet (305 metres), making it the tallest building ever approved in Singapore and the first supertall. The future development, named Skywaters Residences, will feature office, residential and hotel components, along with retail areas and an observation level, and is expected to be completed by 2028.[7][8][9] The developers appointed Skidmore, Owings & Merrill, the firm responsible for the design of the Burj Khalifa in Dubai, to lead the architecture for the new tower.[10]

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The structure consisted of steel beams cantilevered from a cylindrical concrete core, allowing full 360° views at the perimeter, unobstructed by perimeter columns. The tower housed sixteen double deck elevators supplied by Otis.

AXA Tower in September 2022, after it was closed to the public and preparations for demolition had begun.

See also

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References

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AXA Tower

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from Grokipedia
The AXA Tower, also known as 8 Shenton Way, was a 52-story in 's , standing at 234.7 meters (770 feet) tall and completed in 1986. Originally built as the Singapore Treasury Building to house government offices, it featured a distinctive cylindrical inspired by a stack of coins, making it the world's tallest cylindrical tower at the time. The structure was a concrete-steel composite with innovative , including cantilevered steel beams from an inner concrete core and a perimeter ring to allow unobstructed views without perimeter columns. Designed by The Stubbins Associates in collaboration with local firm Architects 61, with structural engineering by LeMessurier Consultants, the tower underwent several name changes reflecting its evolving tenancy: it became Tower in 1997 after government ministries relocated, and was renamed Tower in 2011 when the global insurance company became its and secured . Over its 37-year lifespan, it served as a prominent , hosting financial institutions and ranking as Singapore's 16th-tallest building for much of its existence. Ownership shifted multiple times, including a 2020 acquisition of a 50% stake by a consortium led by Perennial Real Estate Holdings and , which planned its redevelopment. The tower was the tallest building ever to be voluntarily demolished in 2023 through manual deconstruction to clear the site for 8 Shenton Way, a proposed 63-story mixed-use supertall designed by Skidmore, Owings & Merrill that will reach 305 meters and become Singapore's tallest building upon completion in 2028. This redevelopment exemplifies Singapore's strategy in the CBD, driven by land scarcity and evolving demands for taller, multifunctional structures.

History

Planning and Construction

The planning for the AXA Tower, originally conceived as the Treasury Building, began in the early 1980s as part of 's efforts to expand the Shenton Way area into a premier financial district. The project aimed to consolidate government financial operations, with the structure designed to house the and related agencies in a modern high-rise at the junction of Anson Road and Shenton Way. The initial developer was the , operating through its subsidiary Singapore Treasury Building Pte Ltd. Construction commenced in 1982, with groundbreaking occurring in 1983 following the awarding of the main contract. On 23 June 1983, the Singapore government announced the S$300 million contract for the basement and superstructure to Japan's (then Ohbayashi-Gumi Ltd.), marking a key milestone in the project's execution. The contract was formally signed on 18 July 1983 by J.Y.M. Pillay, chairman of Singapore Treasury Building Pte Ltd., and representatives from Obayashi. A significant design decision during planning was the adoption of a cylindrical form, selected for its structural efficiency in resisting lateral wind loads through a central core from which steel beams were cantilevered. Although initially targeted for occupancy in 1985, delays in pushed the timeline, with the 52-storey tower fully completed and ready for occupation in June 1986. The total construction cost reached approximately S$300 million, reflecting the scale of the project as one of Singapore's early landmark in the financial hub. Upon completion, it served its intended purpose as the Treasury Building until 1997, when it was renamed Temasek Tower following the relocation of government ministries.

Ownership and Tenancy

Upon its completion in 1986 as the Singapore Treasury Building, the structure primarily housed government offices, including those of the . In 1997, following the ministry's relocation to The Treasury at 100 , the building was renamed Temasek Tower. , which had acquired the property earlier, sold Temasek Tower in April 2007 to MGP Raffle Pte Ltd—a vehicle associated with Macquarie Global Property Advisors—for S$1.039 billion (approximately $660 million). The transaction marked one of the largest office sales in at the time. The building was renamed Tower in 2011, reflecting the presence of Insurance as a key that secured . Ownership later transferred to , which held the property until 2015. In January 2015, a led by Perennial Real Estate Holdings acquired AXA Tower from for S$1.17 billion, equivalent to S$1,735 per square foot of net lettable area. The deal included partners such as and , emphasizing the tower's strategic value in Singapore's . In May 2020, purchased a 50% stake in the from the Perennial-led for S$1.68 billion, with the transaction completing by June of that year; this valued the entire asset at approximately S$3.36 billion and positioned Alibaba as a co-owner alongside the . From 1986 to its closure in 2022, AXA Tower played a pivotal role in Singapore's financial ecosystem, located along Shenton Way in the core of the and contributing to the area's reputation as Asia's premier financial hub. The 52-storey office tower attracted high-profile multinational tenants, bolstering the district's appeal to global firms in , , and . Notable occupants included the Asia Pacific headquarters of Worldwide, an ; the Embassy of on the 14th floor; and various financial entities such as , Asia Pacific, and Lazada South East Asia. Operational performance remained robust throughout the , with occupancy rates peaking at 93% in 2011 amid strong demand for premium Grade A in the CBD. The building's diverse tenant mix and prime positioning supported consistent leasing activity, underscoring its significance in Singapore's commercial landscape until tenant relocations began in preparation for .

Demolition

In 2022, the owners of AXA Tower announced its closure to facilitate the site's , with all tenants required to vacate by early May to allow preparations for . Major occupants, including and , relocated their operations and assets to nearby central business district properties such as and One Raffles Quay South Tower, ensuring a smooth transition without operational disruptions. The voluntary process commenced in early 2023 and concluded by mid-2023, employing a systematic floor-by-floor dismantling method to safely remove the 52-story structure while preserving the existing foundation for future use. This controlled approach minimized dust, vibrations, and structural risks in the densely built area, where the tower stood at 235 meters, marking it as the world's tallest ever voluntarily demolished. To address environmental impacts, the project adhered to Singapore's stringent construction and demolition protocols, achieving near-total of materials such as and , consistent with the nation's 99% rate for such since 2013. Temporary measures during included traffic diversions around Shenton Way and noise barriers to reduce disturbances to adjacent offices, residences, and the .

Architecture

Design Features

The AXA Tower's defining architectural feature was its innovative cylindrical form, which evoked the image of a stack of coins in homage to its original function as the Singapore Treasury building. This shape optimized space utilization by maximizing floor plate efficiency around a central core while minimizing the building's footprint on the densely developed Shenton Way site. Additionally, the cylindrical profile enhanced aerodynamic performance against tropical winds, reducing structural loads and contributing to overall stability in 's equatorial climate. Upon completion in , it stood as the world's tallest cylindrical at 234.7 meters, setting a benchmark for circular high-rise . The facade employed a sleek curtain wall system clad in panels, creating a seamless, reflective surface that blended with functionality. This glazing not only amplified the building's luminous presence in the urban landscape but also supported passive solar control suited to Singapore's hot, humid environment. The uniform cylindrical envelope ensured consistent visual continuity from base to crown, with the curtain wall's subtle joints concealing structural elements to maintain clean lines and unobstructed 360-degree vistas from interior spaces. At the base, the design incorporated a broad, open plaza that facilitated seamless pedestrian connectivity along Shenton Way, fostering public accessibility and integrating the tower into the bustling financial district's flow. This ground-level expanse provided a welcoming forecourt, enhancing the building's role as a civic anchor amid surrounding commercial structures. The roof level featured a mechanical penthouse that housed essential building systems while preserving the tower's streamlined . These elements underscored the design's practical integration of utility with aesthetic restraint. Visually, the AXA Tower's rounded profile created a distinctive against Singapore's , often captured in notable photographs as a harmonious counterpoint to the angular forms of neighboring high-rises like . Its smooth, coin-like stacking appeared dynamic from afar, symbolizing financial solidity and contributing to the CBD's evolving modernist identity in the . No major architectural awards were recorded for the design during that era, though its pioneering form influenced subsequent circular developments in the region.

Technical Specifications

The AXA Tower stands at a of 234.7 meters (770 feet) and comprises 52 floors above ground level, along with 5 levels primarily used for . The building provides approximately 130,000 square meters (1,400,000 square feet) of gross , contributing to its role as a major commercial structure in Singapore's . The core structure consists of a cylindrical core, from which cantilevered beams support the slabs, enabling column-free perimeter spaces for unobstructed views. This - composite system forms the primary vertical and lateral load-bearing elements, with cast in place and integrated for spanning . The tower is equipped with 16 double-deck elevators supplied by Otis, among the first such installations in Singapore's high-rise buildings, enhancing vertical transportation efficiency in a structure of this scale. The total number of elevators reaches 22, including service units housed within the central core. The design accounts for seismic and wind engineering requirements typical of Singapore's equatorial environment, with the cylindrical form aiding in resisting lateral forces from monsoon winds and occasional tropical storms.

Redevelopment

Project Overview

The redevelopment of the AXA Tower site at 8 Shenton Way was announced on July 7, 2022, through a grant of written permission by Singapore's Urban Redevelopment Authority (URA), marking a significant step in transforming the plot into a landmark mixed-use development. The project, known as The Skywaters, is a joint venture between a Perennial Holdings-led consortium and Alibaba Singapore, established via a 50-50 ownership structure formalized in a 2020 share purchase agreement that valued the site at S$1.68 billion and committed both parties to collaborative redevelopment efforts. The Skywaters aims to become Singapore's tallest building at 305 meters, featuring a 63-storey tower that integrates Grade A offices, luxury residential units under Skywaters Residences, retail spaces, and an ultra-luxury branded Aman Singapore. This mixed-use configuration, approved under the URA's Incentive Scheme, emphasizes and high-density urban integration to revitalize the by fostering vibrancy, economic activity, and green public spaces. Following the voluntary demolition of the original AXA Tower, completed in 2023 to clear the site, the project advances goals of modernizing Singapore's skyline with environmentally conscious development that supports long-term urban resilience and attractiveness as a global business hub.

Design and Timeline

The Skywaters, a 63-storey supertall skyscraper rising to 305 metres, is designed by the international architecture firm Skidmore, Owings & Merrill (SOM) in collaboration with local partner DCA Architects. This design draws inspiration from bamboo forests, creating a slender, flexible form that integrates cascading garden terraces and sky gardens to foster an indoor-outdoor vertical community. Upon completion, it will surpass the 290-metre Guoco Tower to become Singapore's tallest building, encompassing over 1.6 million square feet of mixed-use space including residences, offices, retail, and a luxury hotel. Innovative features emphasize and wellness, with more than 11,000 square metres of landscaped green spaces incorporating over 400 trees and 170 plant across vertical gardens and elevated terraces. The project targets Building and Construction Authority Green Mark certification, achieving a 55% reduction in use compared to standard through passive elements like natural ventilation and daylight optimization, alongside low-carbon materials such as engineered and recycled terracotta. Smart building technologies include bespoke home systems for residences, integrated sensors for environmental , and systems to minimize operational carbon. These elements align with net-zero aspirations by repurposing 100% of the site's existing foundation and structure to reduce embodied carbon. The development enhances urban connectivity, located within a five-minute walk of , Shenton Way, and Maxwell MRT stations, with future links to the Prince Edward station on the Thomson-East Coast Line. extends from street level into the building, forming a seamless green pedestrian corridor that ties into Singapore's broader network of green spaces. Construction has commenced, with a mass concrete pour for the raft foundation completed in March 2025 by a subsidiary of Pan-United Corporation, and full completion projected for 2028, marking it as Singapore's first supertall structure. The , owned by a led by Perennial Holdings Private Limited in with Alibaba Singapore, is financed through a S$3 billion green loan, underscoring its scale and sustainability focus.

References

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