The land parcel won by tender by developer GuocoLand. (Photo: URA)
After winning the tender for the commercial site at Beach Road, GuocoLand revealed plans to transform the site into an “iconic city centre work-live-play destination”.
A 70:30 joint venture between GuocoLand and Guoco Group Limited has acquired the Beach Road site for $1.62 billion.
Launched for sale on 6 July, the site, which has maximum permissible gross floor area of 88,313 sq m, attracted five bids during the close of its tender on 28 September.
URA’s guidelines for the site include an allowance for up to two 45-storey towers. At least 70 percent of the sites’ gross floor area must also be set aside for office space, while the rest can be used for hotel, retail or residential, reported The Straits Times.
“We will be introducing a futuristic project that will cater to the changing trends of work-live-play,” said GuocoLand Singapore’s group managing director Cheng Hsing Yao.
“The large site gives us a lot of space to create amenities, and we will take full advantage of the spectacular views towards Marina Bay and Kallang Basin.”
GuocoLand Limited group president and chief executive officer Raymond Choong said the company will draw on its experience at Tanjong Pagar Centre in developing a new destination at Beach Road that will combine “the best of architectural design, efficiency, environmental sustainability and culture to serve the changing work-live-play trends”.
With a solid track record in mixed-use and residential developments, GuocoLand’s acquisition of the Beach Road site is in line with the company’s business growth plans and is reflective of its confidence in the Singapore property market, said the company in a release.
This article was edited by Keshia Faculin.
