Springleaf Tower

Infobox Skyscraper
|building_name = Springleaf Tower


caption = Springleaf Tower, with MAS Building on the left
location = Shenton Way, Downtown Core, Singapore
use = Commercial, Residential
type = High-rise
roof = 165m, 541ft
floor_count = 37
status = Occupied
architect =
developer =
management =
owner = Macquarie Global Property Fund II
contractor =
website =

Springleaf Tower (zh-s|s=春叶大厦) 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 [citeweb | title = Goodwins is at SpringLeaf Tower | publisher = Goodwins Law Corporation | url = http://www.goodwinslaw.com/main/contact.asp | accessdate = 2008-02-12 ] , in the zone of Shenton Way and Tanjong Pagar. The development is near other skyscrapers, such as 8 Shenton Way, MAS Building [citeweb | title = Asia Travel : Map of Springleaf Tower (S) 079909 | publisher = StreetDirectory.com | url = http://www.streetdirectory.com/asia_travel/travel/travel_id_8475/travel_site_3917/ | accessdate = 2008-02-12] , International Plaza, and Anson Centre, all of which are roughly 100 metres away [citeweb | title = Springleaf Tower is a place in Singapore on the Map of Singapore | publisher = SGPageNation | url = http://www.streetdirectory.com/asia_travel/travel/travel_id_8475/travel_site_3917/ | accessdate = 2008-02-12] . An office and residential building, it has a total floor count of 37, with a height of 165.0 metres. [citeweb | title = Springleaf Tower - SkyscraperPage.com | publisher = SkyscraperPage.com | url = http://sg.pagenation.com/sin/Springleaf%20Tower_103.8462_1.2752.map | accessdate = 2008-02-12] It is a Grade A office building [citeweb | title = Investments - Springleaf Tower | publisher = Macquarie Global Property | url = http://www.macquarie-gpa.com/investment_portfolio_springleaf.html | accessdate = 2008-02-12] .

History

Springleaf Tower was completed in 2002. Firms involved in the development include CapitaLand Commercial Limited, CapitaLand Limited, Benson Global, and DTZ Debenham Tie Leung (South East Asia) Private Limited. [citeweb | title = Springleaf Tower, Singapore | publisher = Emporis | url = http://www.emporis.com/en/wm/bu/?id=springleaftower-singapore-singapore | accessdate = 2008-02-12]

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.citeweb | title = UOB loses appeal in Springleaf Tower case | publisher = WordPress | url = http://propertymarketupdates.com/2007/07/17/uob-loses-appeal-in-springleaf-tower-case/ | accessdate = 2008-02-12]

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 Bank (UOB), who was the mortgagee.citeweb | title = UOB loses appeal in Springleaf Tower case | publisher = WordPress | url = http://propertymarketupdates.com/2007/07/17/uob-loses-appeal-in-springleaf-tower-case/ | accessdate = 2008-02-12]

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.citeweb | title = UOB loses appeal in Springleaf Tower case | publisher = WordPress | url = http://propertymarketupdates.com/2007/07/17/uob-loses-appeal-in-springleaf-tower-case/ | accessdate = 2008-02-12]

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. [citeweb | title = MGPA sells 12 floors of offices for quick profit | publisher = Marshall Cavendish | url = http://www.asiabuilders.com/asiabuilders/2007/ABnews_single.aspx?rec_code=22496 | accessdate = 2008-02-12]

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 Force 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. [citeweb | title = Cafe cabinet fire sends hundreds evacuating | publisher = STOMP | url = http://singaporeseen.stomp.com.sg/singaporeseen/viewContent.jsp?commentPageNo=2&id=13433 | accessdate = 2008-02-12]

See also

* List of tallest buildings in Singapore
* CapitaLand
* Shenton Way
* Tanjong Pagar

References

External links