GuocoLand breaks ground at Guoco Midtown on Beach Road
By Cecilia Chow
/ EdgeProp Singapore |
GuocoLand marked the groundbreaking of Guoco Midtown the Singapore-listed property developer’s new mixed-use development at Beach Road, on November 25. GuocoLand and Guoco Group jointly won the 99-year leasehold, two hectare site with a bid of $1.622 billion in September last year with a bid of $1.622 billion or $1,706 psf per plot ratio.
The new development will be the “final critical piece of jigsaw that completes the transformation of the area”, says GuocoLand in a release. Guoco Midtown will have a total gross floor area of 950,500 sq ft, of which 770,000 sq ft will be Grade-A office space; 30,000 sq ft retail and entertainment; and more than 200 residences. On the site is the former Beach Road Police Station, a three-storey, colonial-era building constructed in 1934, and given conservation status in 2002.
Aerial view of the upcoming Guoco Midtown on Beach Road (Photo Credit: GuocoLand Singapore)
Guoco Midtown will boast unblocked views of Marina Bay, Kallang Basin, Orchard Road and the sea. The integrated development will have a direct underground link to the Bugis MRT station, an interchange for the East-West and Downtown Lines. It will also be linked above ground to neighbouring buildings such as South Beach, which has a direct link to the Esplanade MRT station on the Circle Line; and is within a short walk to Raffles City and City Hall MRT interchange station for the North-South and East-West Lines. It is well-served by highways such as Nicoll Highway and the future North-South Highway.
“We have a strong track record of building successful and transformative mixed developments,” comments Raymond Choong, group president & CEO of GuocoLand. He points to GuocoLand’s integrated development, Tanjong Pagar Centre: "Our Guoco Tower has uplifted the image of the Tanjong Pagar District; it is now perceived as a prime office location and leisure destination in the Central Business District."
Choong adds, “In the same way, Guoco Midtown will redefine the Beach Road area by introducing trend-setting concepts for office, retail and residential, It will also have some unique public spaces which will attract many people to Guoco Midtown.”
Guoco Midtown will be linked to the East-West, Circle, Downtown and North-South MRT lines (Photo Credit: GuocoLand Singapore)
According to Cheng Hsing Yao, GuocoLand Singapore’s group managing director, Guoco Midtown will appeal to forward-looking companies in the new economy who want a more vibrant, dynamic and collaborative work environment to attract the right talent. It will also appeal to retail and F&B operators looking for a different environment to develop novel concepts.
There will also be many lively and green public spaces, which will engage the community with year-round festivals and events, says Cheng.
“Guoco Midtown is a future-ready and ‘best-in-class’ development that will support the new way of working and living, and will elevate the positioning of the district,” adds Cheng. Guoco Midtown is scheduled for completion in 1H2022.
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