If there’s one thing you can’t deny when it comes to property is that the bigger the project, the greater the attention. Take for example Singapore-headquartered developer GuocoLand’s latest large-scale mixed-use project, Guoco Midtown.
To be completed in 2022, Guoco Midtown will consist of Grade A offices (770,000 sq ft), F&B and retail spaces, public plazas, a business and social club, the conserved former Beach Road Police Station, and Midtown Bay, a 33-storey residential tower consisting of 219, one- to three-bedroom 99-year leasehold units.
GuocoLand has also recently splashed $800.19 million to acquire the adjacent Tan Quee Lan Street site, which is zoned by URA as residential with retail but without an office component. By linking the plots with a connection across Beach Road, GuocoLand will aim to synergise the two developments, giving a combined 1.5 million square feet (sq ft) of total gross floor area.
As GuocoLand looks to continue the transformation of Bugis and District 7 with their new flagship project, here are five additional points of interest you may have missed:
#1: It is not Wallich Residence 2.0
Wallich Residence may have made GuocoLand synonymous with ultra-luxurious projects after British billionaire James Dyson paid a whopping $73.8 million for Singapore’s most expensive and highest penthouse, but Midtown Bay aims for a different headline.
READ: Wallich Residence review
This time, GuocoLand is positioning Midtown Bay as upmarket rather than luxurious, and is pricing the project far more competitively. For a Core Central Region (CCR) condominium, Midtown Bay’s sub-$1.5 million quantum for its cheapest one-bedder units will surely turn heads, even if the per-square-foot (psf) price won’t.
For comparison, psf prices Midtown Bay will start as low as $1.38 million (about $2,842 psf). A one-bedder at Wallich Residence is currently going for $2.4 million ($3,708 psf).
The latest price trends may also prompt those in the market to act fast. Specifically, data from the Q3 2019 URA flash estimates also indicated that prices for non-landed private residential properties in the CCR increased by 2.9% after a 1.5% increase in Q2 2019. These are optimistic figures that appear to fly in the face of the lacklustre global economy.
#2: It is SoHo 2.0
According to the developer, the units at Midtown Bay cater to people who want to live and work in the city. GuocoLand has “introduced a lot of flexibility” to the units and designed the units “to increase living and dining spaces“, according to Cheng Hsing Yao, Group Managing Director of GuocoLand Singapore.
An example of flexibility is the niche above the bedroom dresser and wardrobe that allows the support of an additional loft, without having to hack away the wardrobe.
The architect has also planned for partition walls to be built above the marble tiling, which again allows for flexible reconfiguration of space without having to lay tiles when hacking walls.
So, while there is very much a SoHo theme running through the various unit configurations, the impressive bit is how the functional elements blend seamlessly into the sleek marble and glossy white aesthetic.
And unlike most one-bedroom layouts, the units at Midtown Bay offer ample space for entertaining, with space for a six-seater table in the dining area. Meanwhile, the two-bedder configurations can easily accommodate a 10-seater dining table at the balcony.
#3: There’s access to an exclusive club
Located between the Guoco Midtown office tower and Midtown Bay condo, Midtown Hub is an exclusive members-only business and social club with private offices, lounges, and conference facilities.
GuocoLand is envisioning Midtown Hub to be an integral part of its future-proof leasing strategy, where office tenants can also rent out part of their space for short-term leasing, for instance.
How does this affect residents of Midtown Bay? Well, they automatically get a starters’ membership to the tastefully-appointed club.
#4: It completes a missing connectivity jigsaw
Without the Tan Quee Lan land parcel purchase by the same developer, residents of Midtown Bay might not have been assured of a seamless connection to Bugis MRT station (East West Line and Downtown Line) right across Beach Road.
In other words, GuocoLand’s strategic play means that the entire Guoco Midtown development will be the heart of a new city pedestrian corridor spanning from Bugis to Suntec City, leading from Bugis MRT to Promenade and Esplanade MRT stations.
In fact, Midtown Bay will be the condominium closest to the Suntec City precinct, one of Singapore’s largest commercial complexes with seven office towers (Suntec City Tower One to Five; Centennial Tower; Millenia Tower). This represents a sizeable tenant pool, who would likely view Midtown Bay as the ideal location to live.
#5: It is part of a notable collaboration
Guoco Midtown also adjoins the iconic Shaw Towers, one of the first skyscrapers in Singapore. The 44-year old building will be torn down next year to make way for a modern 35-storey office tower with retail space.
GuocoLand has also revealed that is “working closely with” Shaw Towers Realty in the design of the new Shaw Towers development, which will likely be completed at around 2023. The new development will nearly double its office space to 400,000 sq ft.
The promise of even more prospective tenants for Midtown Bay aside, the key objective of this collaboration is to create a visually harmonious and functionally seamless connection southwards. “We shouldn’t look [at Shaw] as competitors because we occupy the same street block. If we coordinate and make the street block more attractive, everyone will benefit,” Cheng said.
Victor Kang, Digital Content Specialist at PropertyGuru, wrote this story. To contact him about this or other stories, email email@example.com
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