GuocoLand breaks ground for Guoco Midtown on newly-acquired Beach Road site

SINGAPORE (Nov 26): GuocoLand Group has named its upcoming Beach Road development Guoco Midtown, and says it will be positioned to “provide a new epicenter for this side of Singapore’s central business district (CBD)”.

With a total gross floor area (GFA) of approximately 950,000 sq ft, Guoco Midtown will comprise 770,000 sq ft premium Grade A office space; 30,000 sq ft of retail and entertainment; more than 200 units at its exclusive residences; and the former Beach Road Police Station, a conserved building.

The upcoming integrated development will be served by all four MRT lines in Singapore (East-West, Downtown, North-South and Circle lines), with a direct underground link to the Bugis MRT interchange station as well as above-ground links to surrounding developments.

A groundbreaking ceremony was held today where the development’s name was unveiled, less than two months after the group secured the 99-year leasehold site for $1.62 billion.

In a press release on Sunday, the group says GuocoMidtown will serve as “the final critical piece of jigsaw” that completes the transformation of the City Hall office micromarket area.

While GuocoLand intends to only release the development’s full concept and design in 1H19, it plans for the office aspect of Guoco Midtown to cater to “companies in the new economy” that want a dynamic collaborative working environment.

The residential project will target people who want a more engaging living environment, and the retail and F&B spaces will offer vendors the opportunity to develop novel concepts.

Completion of the integrated development is slated for the first half of 2022.

“Forward-looking companies wanting to attract more creative talents often move to midtown type locations because such talents prefer to work in more vibrant and fun districts. 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,” comments Cheng Hsing Yao, group managing director of GuocoLand Singapore.

As at 4:19pm, shares in GuocoLand are trading 1 cent lower at $1.74.