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In Singapore’s Downtown Core business sector, Guoco Midtown, a large-scale integrated mixed development by GuocoLand Limited (“GuocoLand”), has added 709,000 square feet of new premium grade A office space as its 30-story office tower received a Temporary Occupancy Permit (“TOP “).
The Network Hub, two shopping malls (Midtown Square and Midtown Market), luxury Midtown Bay condominiums, and the historic Beach Road Police Station (Midtown House), which are part of Guoco Midtown, will all be completed in phases by 2023.
Midtown Modern, Guoco Midtown’s second premium condominium, is under construction across the street on Jalan Tan Quee Lan, while Midtown Common, the third retail complex to be built directly above the Bugis junction MRT station, is also going ahead as planned. The current Guoco Midtown phase is expected to be completed in 2024.
When fully completed, the 3.2-acre Guoco Midtown will feature a distinctive combination of luxury offices and downtown luxury homes, as well as 30 landscaped gardens and spaces as well as a state-of-the-art retail concept. The new “Midtown” neighborhood of corporate executives, residents, retailers and tourists is expected to arrive in the Beach Road-Bugis area each day, numbering over 10,000 people.
Mr Cheng Hsing Yao, Chief Executive Officer, GuocoLand, said, “The phased completion of Guoco Midtown will grow our investment property portfolio and increase our recurring income. Just like how Guoco Tower changed and raised Tanjong Pagar, Guoco Midtown will in time 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 gravitate towards Guoco Midtown’s signature personality
Large international companies seeking high-quality office space in the city center have expressed keen interest in Guoco Midtown, which has so far secured 80 percent of its pre-committed business, including transactions that are still in the early stages of negotiations. . A wide range of industries, including banking and finance, chemicals, consumer brands, energy, maritime, professional services, reinsurance and technology, are represented among the safe and potential tenants.
Artist rendering of Guoco Midtown
Ms Valerie Wong, Managing Director of Asset Management at GuocoLand, said, “In Guoco Midtown, we will have tenants from various sectors, just like we currently do in Guoco Tower. In addition to being a more resilient business model, we’ve found that tenants enjoy diversity and being part of a larger business community, which sometimes results in unexpected networks and partnerships.”
Pacific International Lines (“PIL”), Southeast Asia’s largest global shipping company and domestic airline with a fleet of 100 vessels, is one of Guoco Midtown’s principal charterers. Multinational companies include Chinese Internet technology company NetEase Interactive Entertainment, German chemical company BASF, and Liechtenstein-based VP Bank, a leading bank for intermediaries and private clients, among other building tenants.
Mr Lars Kastrup, Chief Executive Officer, PIL said, “As PIL aims to be a future-focused organization, we wanted our workspace to support us in developing a collaborative and innovative workforce. The Guoco Midtown office space, which facilitates good physical-digital alignment, is perfect for achieving our goals. Being in an integrated and green development like Guoco Midtown, with convenience and offerings like Network Hub, will enable us to drive connectivity and sustainability as a dynamic shipping line. We also appreciate the fact that this development will help us promote a balanced healthy work-life lifestyle among our employees.”
In addition to high-end office space, Guoco Midtown also offers recreational facilities such as a 40-metre swimming pool, end-of-ride amenities such as bicycle racks, showers, lockers and changing rooms, as well as a BBQ pavilion on Level 7 garden and Level 29 rooftop garden. The Authority also awarded the development with a Green Mark Platinum Award for exceeding high standards of sustainability with water and energy saving features.
Midtown Modern. Image: GuocoLand.
Added Ms Wong, “Many companies today are rethinking how their office real estate can better serve their organizational goals. As landlords, we view tenants as long-term partners and seek to support them in their transformation journey. Offerings at Guoco Midtown, including our Network Hub and flexible rental concepts, as well as wellness and leisure-focused facilities, are the result of our engagement with tenants and prospects at Guoco Tower and Guoco Midtown.”
Network Hub — meeting the future needs of enterprises
Guoco Midtown supports traditional office tenants’ move towards hybrid and co-working spaces by providing free access to Network Hub, Singapore’s first business network club with first-class facilities and equipment.
One of Network Hub’s key features is a spacious hybrid meeting and event space that can accommodate townhalls, product launches, seminars, training and networking sessions for over 200 people. Other amenities include soundproof pods for focused work, communal seating for hot-desking, collaborative work or just to have some quiet time to work privately, as well as a spacious cafe space for informal discussions.
Ms Wong said, “With hybrid working here to stay, the demand for flexible spaces, short-term office suites and meeting rooms will remain — especially as workplace practices continue to evolve.
We also support the needs of future tenant expansion by providing meeting and training facilities that can be booked upon request and private office suites for short leases.”
“This innovation is the result of GuocoLand’s ongoing exploration of helping tenants make better use of their space and their future-ready offices by increasing their agility to respond to changes in the business cycle,” he added.
Innovative retail concept and venue creation program
Through its new showroom, Porsche Studio Singapore, Porsche Singapore, one of Guoco Midtown’s retail anchor tenants, will launch a brand-new automotive retail concept. To provide a more customer-centric experience, the showroom combines car displays with an integrated F&B experience, as well as co-working spaces and community showrooms. The public event space in Guoco Midtown will host larger scale community events due to the relationship between Porsche Singapore and GuocoLand.
Guoco Midtown will play a critical role in redefining the Beach Road-Bugis neighborhood as Singapore’s new “Midtown” due to GuocoLand’s enviable track record of creating and managing the finest integrated mixed-use complexes and its expertise in venue creation.
Ms. Wong commented on Guoco Midtown’s programming and venue creation initiative, saying, “Along with ‘hardware’ such as the Network Hub and leisure facilities,’ office tenants in Guoco Midtown will also enjoy ‘software’ through the regular activities we will host. , such as fitness classes, live music, or even business events and executive training.
The East-West Line and the Downtown Line both stop at the Bugis interchange MRT station, which connects directly to Guoco Midtown. Additionally, the North-South and Circle Lines are accessible on foot. A second-tier network of link roads and bridges, as well as an underground pedestrian network, connect Guoco Midtown to the greater Beach Road-Bugis area.
The Guoco Midtown Beach Road location is a multi-billion dollar complex co-developed by Hong Kong-listed GuocoLand and Guoco Group Limited, while the Tan Quee Lan Street location is co-developed by GuocoLand, Hong Leong Holdings Limited and Hong Realty (Private) Limited.
Read more about GuocoLand here.
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