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, 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. In early May 2022, AXA Tower closed to the public and all tenants relocated in preparation for its demolition.
Subsequent use of the site 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. 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. ==Architecture and gallery==