In Singapore’s Downtown Core business sector, Guoco Midtown, a massive integrated mixed development by GuocoLand Limited (“GuocoLand”), has added 709,000 square feet of new premium Grade A office space as its 30-storey office tower received its Temporary Occupation Permit (“TOP”).
The Network Hub, two shopping centres (Midtown Square and Midtown Market), the opulent Midtown Bay condominium, and the preserved historic Beach Road Police Station (Midtown House), which are all part of Guoco Midtown, will all be gradually finished in 2023.
Midtown Modern, Guoco Midtown’s second premium condominium, is being built across the street at Tan Quee Lan Street, while Midtown Common, a third retail complex being built directly above Bugis interchange MRT station, is also progressing according to plan. Guoco Midtown’s current phase is expected to be finished by 2024.
When fully finished, the 3.2-hectare Guoco Midtown will bring the city’s centre a distinctive combination of opulent offices and luxurious homes, as well as 30 gardens and landscaped spaces and cutting-edge retail concepts. A new “Midtown” neighbourhood of corporate executives, residents, retailers, and tourists is anticipated to arrive in the Beach Road-Bugis area every day, totalling more than 10,000 people.
Mr Cheng Hsing Yao, Chief Executive Officer, GuocoLand, said, “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. This will enhance GuocoLand’s track record as an expert in urban rejuvenation.”
Strong uptake as international MNCs are drawn to Guoco Midtown’s distinctive personality
Major international firms looking for high-quality office space in the city’s centre have expressed a lot of interest in Guoco Midtown, which has so far garnered 80 per cent of the pre-commitment business, including transactions that are still in the early stages of negotiation. A wide range of industries, including banking and finance, chemicals, consumer brands, energy, maritime, professional services, reinsurance, and technology, are represented among the secured and potential tenants.
Ms Valerie Wong, GuocoLand’s Managing Director of Asset Management, said, “At Guoco Midtown, we will have tenants from multiple sectors, just as we currently do over at Guoco Tower. Besides being a more resilient business model, we find that tenants enjoy the diversity and being part of a larger business community, which may at times result in unexpected networks and partnerships.”
Pacific International Lines (“PIL”), a global shipping corporation and the largest domestic carrier in Southeast Asia with a fleet of 100 boats, is one of Guoco Midtown’s key tenants. Multinational firms including the Chinese Internet technology firm NetEase Interactive Entertainment, the German chemical company BASF, and the Liechtenstein-based VP Bank, a prominent bank for intermediaries and private clients, are among the building’s other tenants.
Mr Lars Kastrup, Chief Executive Officer, PIL said, “As PIL aims to be a future-focused organisation, we would like our workspace to support us in developing a collaborative and innovative workforce. Guoco Midtown’s office spaces, which facilitate good physical-digital alignment, are well-suited to achieve our goal. Being in an integrated and green development like Guoco Midtown, with its conveniences and offerings such as the Network Hub, will enable us to drive connectivity and sustainability as a dynamic shipping line. We also appreciate the fact that the development will help us promote a balanced live-work-health lifestyle among our people.”
Along with its high-end office spaces, Guoco Midtown also offers recreational amenities like a 40-metre swimming pool, end-of-trip amenities like bicycle racks, showers, lockers, and changing rooms, as well as BBQ pavilions at the Level 7 garden and the Level 29 roof garden. The Building and Construction Authority also awarded the development with the Green Mark Platinum Award for exceeding high sustainability standards with water and energy-saving features.
Added Ms Wong, “Many companies today are rethinking how their office real estate can better serve their organisational objectives. 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.”
Network Hub — meeting the future needs of companies
Guoco Midtown supports traditional office tenants’ move towards hybrid and shared workspaces by providing complimentary access to the Network Hub, Singapore’s first-of-its-kind business networking club with best-of-class facilities and amenities.
One of the key facilities of the Network Hub is a spacious hybrid meeting and event space that can accommodate townhalls, product launches, seminars, training and networking sessions for more than 200 people. Other facilities include soundproof pods for focus work, communal seating for hot-desking, collaborative work or just to have quiet time to work privately, as well as a spacious café lounge for informal discussions.
Ms Wong said, “With hybrid working here to stay, demand for flexible spaces, short-term office suites and meeting spaces will persist — especially as workplace practices continue to evolve.
We also support tenants’ future expansion needs by providing meeting and training facilities which can be booked on demand and private office suites on short leases.”
“These innovations are the result of GuocoLand’s continuous exploration to help tenants better utilise their spaces and future-proof their offices by increasing their agility to respond to changes in business cycles,” she added.
Innovative retail concepts and placemaking programmes
Through its new showroom, Porsche Studio Singapore, Porsche Singapore, one of Guoco Midtown’s anchor retail tenants, will debut a brand-new automotive retail concept. To provide more customer-centric experiences, the showroom mixes automobile displays with an integrated F&B experience, as well as co-working and community exhibition spaces. The public event spaces at Guoco Midtown will host larger-scale community events because of the relationship between Porsche Singapore and GuocoLand.
Guoco Midtown will play a significant part in redefining the Beach Road-Bugis neighbourhood as Singapore’s new “Midtown” because of GuocoLand’s enviable track record of creating and managing top-notch integrated mixed-use complexes and its expertise in placemaking.
Ms Wong commented on Guoco Midtown’s placemaking and programming initiatives, saying, “Along with the ‘hardware’ like the Network Hub and the recreational facilities,’ the office tenants at Guoco Midtown will also enjoy the ‘software’ through routine activities that we will organize, like fitness classes, music performances, or even business events and executive training.
The East-West Line and Downtown Line both stop at the Bugis interchange MRT station, which is immediately connected to Guoco Midtown. In addition, the North-South and Circle Lines are accessible by foot. A network of second-level linkways and bridges, as well as an underground pedestrian network, connect Guoco Midtown to the larger Beach Road-Bugis area.
Guoco Midtown’s Beach Road location is a multi-billion-dollar complex that was co-developed by GuocoLand and the Hong Kong-listed Guoco Group Limited, whilst the Tan Quee Lan Street location was co-developed by GuocoLand, Hong Leong Holdings Limited, and Hong Realty (Private) Limited.
Read more about GuocoLand here.