Springleaf Tower
Encyclopedia
Springleaf Tower is a high-rise skyscraper
located in the central business district
of Singapore
. It is located on 3 Anson Road and near Prince Edward Road, in the zone of Shenton Way
and Tanjong Pagar
. The development is near other skyscrapers, such as 8 Shenton Way, MAS Building, International Plaza
, and Anson Centre, all of which are roughly 100 metres away. An office and residential building, it has a total floor count of 37, with a height of 165.0 metres. It is a Grade A office building.
, CapitaLand Limited, Benson Global, and DTZ Debenham Tie Leung (South East Asia) Private Limited.
However, the Springleaf Tower's construction was not smooth. In the late 1990s, the developer of the building, a subsidiary
of the now defunct Ban Hin Leong Group, ran into financial problems. It was unable to pay its contractors for the completion of the 37-storey building. This led to the UOB Case.
(UOB), who was the mortgagee.
However, after Yongnam completed the work, UOB refused to release its mortgage. UOB said that it did not encourage or endorse the barter arrangement and later foreclosed on the building. Yongnam then sued UOB to protect its interest. UOB subsequently lost the case, and was asked to cede ownership of the floor to Yongnam.
sent two fire engines, two fire bikes, three support vehicles, one ambulance and one red Rhino to the scene. In total, about 300 occupants of the building were evacuated. It was soon found that a cabinet in the restaurant started the fire.
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
located in the central business district
Downtown Core
The Downtown Core is a 266-hectare urban planning area in the south of the city-state of Singapore. The Downtown Core surrounds the mouth of the Singapore River and southeastern portion of its watershed, and is part of the Central Area, Singapore's central business district...
of Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
. It is located on 3 Anson Road and near Prince Edward Road, in the zone of Shenton Way
Shenton Way
Shenton Way is a major trunk road in Singapore's central business district, most known for the commercial skyscrapers flanking both sides of the road. The Road is a one way street which starts at the junction of Cross Street, Central Boulevard and Raffles Quay and ends at Keppel Road...
and Tanjong Pagar
Tanjong Pagar
Tanjong Pagar is a historic district located within the Central Business District in Singapore, straddling the Outram Planning Area and the Downtown Core under the Urban Redevelopment Authority's urban planning zones....
. The development is near other skyscrapers, such as 8 Shenton Way, MAS Building, International Plaza
International Plaza
International Plaza may refer to:*the International Plaza in Singapore*the International Plaza and Bay Street in Tampa, Florida, United States...
, and Anson Centre, all of which are roughly 100 metres away. An office and residential building, it has a total floor count of 37, with a height of 165.0 metres. It is a Grade A office building.
History
Springleaf Tower was completed in 2002. Firms involved in the development include CapitaLand Commercial LimitedCapitaLand
CapitaLand Limited is the result of a merger in the year 2000 of then DBS Land and Pidemco Land. It is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's core businesses are real estate development, hospitality and real estate financial services...
, CapitaLand Limited, Benson Global, and DTZ Debenham Tie Leung (South East Asia) Private Limited.
However, the Springleaf Tower's construction was not smooth. In the late 1990s, the developer of the building, a subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of the now defunct Ban Hin Leong Group, ran into financial problems. It was unable to pay its contractors for the completion of the 37-storey building. This led to the UOB Case.
UOB Case
The Ban Hin Leong Group suggested that one of the contractors, Yongnam Holdings, purchase a floor, and that it set off the value of its work against the sale price of the floor. It was agreed to by United Overseas BankUnited Overseas Bank
United Overseas Bank Limited , abbreviated as UOB is a bank incorporated in Singapore. It was founded 6 August 1935 by Kuching-born Datuk Wee Kheng Chiang, father of the present United Overseas Bank Group Chairman, Mr...
(UOB), who was the mortgagee.
However, after Yongnam completed the work, UOB refused to release its mortgage. UOB said that it did not encourage or endorse the barter arrangement and later foreclosed on the building. Yongnam then sued UOB to protect its interest. UOB subsequently lost the case, and was asked to cede ownership of the floor to Yongnam.
Selling of building
Twelve floors in Springleaf Tower were sold in January 2007 for S$134 million, bought by Macquarie Global Property Advisors. Just a few months later, in October 2007, the same twelve floors were sold again, at $225 million. This equates an increase of almost 70 percent. It was bought by SEB Asset Management, part of German pension fund manager SEB.Cabinet fire
On January 31 2008, there was a fire at Han's restaurant and the tenants at Springleaf Tower were all asked to evacuate their offices. The Singapore Civil Defence ForceSingapore Civil Defence Force
The Singapore Civil Defence Force is the main agency in charge of the provision of emergency services in Singapore during peacetime and emergency.A uniformed organisation under the purview of the Ministry of Home Affairs, the main role of SCDF is to provide...
sent two fire engines, two fire bikes, three support vehicles, one ambulance and one red Rhino to the scene. In total, about 300 occupants of the building were evacuated. It was soon found that a cabinet in the restaurant started the fire.
See also
- List of tallest buildings in Singapore
- CapitaLandCapitaLandCapitaLand Limited is the result of a merger in the year 2000 of then DBS Land and Pidemco Land. It is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's core businesses are real estate development, hospitality and real estate financial services...
- Shenton WayShenton WayShenton Way is a major trunk road in Singapore's central business district, most known for the commercial skyscrapers flanking both sides of the road. The Road is a one way street which starts at the junction of Cross Street, Central Boulevard and Raffles Quay and ends at Keppel Road...
- Tanjong PagarTanjong PagarTanjong Pagar is a historic district located within the Central Business District in Singapore, straddling the Outram Planning Area and the Downtown Core under the Urban Redevelopment Authority's urban planning zones....