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Guoco Midtown's office tower achieves TOP with 80% pre-commitment take-up

Felicia Tan
Felicia Tan1/31/2023 03:56 PM GMT+08  • 3 min read
Guoco Midtown's office tower achieves TOP with 80% pre-commitment take-up
Guoco Midtown's office tower. Photo: GuocoLand
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Guoco Midtown’s office tower has achieved its temporary occupation permit (TOP), announced GuocoLand Limited on Jan 31.

Guoco Midtown, which measures 3.2 hectares, is an integrated mixed development located along Beach Road. The development comprises a unique mix of premium Grade A offices and luxury residences, retail concepts, gardens and landscaped spaces in the heart of the city.

The integrated mixed development’s office portion spans some 709,000 sq ft over 30 storeys. So far, the office has achieved a pre-commitment take-up of 80% to-date. According to GuocoLand, the integrated mixed development’s offices have received “robust interest” from major multinational corporations (MNCs) from a wide range of industries, who are looking for quality offices within the city. The 80% includes deals that are in the advanced stages of negotiation.

One of Guoco Midtown’s anchor tenants is global shipping company Pacific International Lines (PIL), German chemical company BASF, Chinese Internet technology company NetEase Interactive Entertainment and Liechtenstein’s VP Bank.

The other components of Guoco Midtown, including the Network Hub, its retail clusters, luxury condominium Midtown Bay and the conserved former Beach Road Police Station (Midtown House) will be progressively completed in 2023.

Across the road at Tan Quee Lan street, Guoco Midtown’s second luxury condominium, Midtown Modern, as well as a third retail cluster (Midtown Common) which sits atop Bugis MRT on the East West and Downtown Lines are on schedule and targeted to be completed by early 2024.

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Upon its completion, Guoco Midtown is expected to welcome over 10,000 people daily into the Beach Road-Bugis district.

“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,” says Cheng Hsing Yao, GuocoLand’s CEO.

“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,” says Valerie Wong, GuocoLand’s managing director of asset management.

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“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,” she adds.

Guoco Midtown’s site on Beach Road is a joint venture between GuocoLand and Hong Kong-listed Guoco Group Limited, while the site at Tan Quee Lan Street is jointly developed by GuocoLand, Hong Leong Holdings Limited and Hong Realty (Private) Limited.

As at 3.56pm, shares in GuocoLand are trading 2 cents lower or 1.21% down at $1.63.

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