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Guoco Midtown’s office tower obtains TOP, achieves 80% take-up rate

/ EdgeProp Singapore |

January 31, 2023 4:01 PM SGT

The 30-storey Grade A office tower at Guoco Midtown will inject more than 709,000 sq ft of office space in the Beach Road area. (Picture: GuocoLand)

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SINGAPORE (EDGEPROP) - GuocoLand’s Guoco Midtown, the integrated development along Beach Road, has received its temporary occupation permit (TOP). This milestone in the construction process signals that the 30-storey Grade A office tower is close to completion.

Read also: GuocoLand reports 1HFY2023 earnings of $59 million

The entire Guoco Midtown project comprises the office tower, three retail clusters (Midtown Square, Midtown Market, and Midtown Common), and two condos (Midtown Modern and Midtown Bay).

“The phased completion of Guoco Midtown will grow our portfolio of investment properties and boost our recurring income. Like how Guoco Tower transformed and uplifted Tanjong Pagar, Guoco Midtown will in time also do the same for the Beach Road-Bugis area,” says Cheng Hsing Yao, CEO of GuocoLand.

The office tower has also achieved a 80% pre-committed take-up rate, and several deals are in advanced stages of negotiation. Secured and prospective tenants span various industries including banking and finance, chemical, consumer brands, energy, maritime, professional services, and technology.

Notable tenants include global shipping company Pacific International Lines, Germany petrochemical company BASF, Chinese Internet technology company NetEase Interactive Entertainment, and Liechtenstein’s private bank VP Bank.

“As a landlord, we see tenants as long-term partners and strive to support them in their transformation journey. The offerings at Guoco Midtown, including the Network Hub and our flexible leasing concept, as well as the amenities focused on wellness and recreation, are the results of our engagement with tenants and prospects at Guoco Tower and Guoco Midtown,” says Valerie Wong, GuocoLand’s managing director of asset management.

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