SINGAPORE: A new mixed-use development in the Beach Road district, Guoco Midtown, will offer 200 residential units and 770,000 sq ft of office space when it is completed in the first half of 2022.
There will also be more than 32,000 sq ft of retail space, which spans two storeys, in a development that is aimed at rejuvenating the district.
Unveiling the concept and design of Guoco Midtown on Monday (Apr 22), developer GuocoLand said the project will "redefine public spaces and enhance street life".
"Although Guoco Midtown is a mega mixed-development, it is unlike most such developments that often comprise podium blocks.
"Instead, street level buildings and public spaces have been designed to the human scale," said GuocoLand, adding that all ground floor restaurants will have alfresco dining spilling into the two large sheltered public spaces.
"An internal street - called Seawater Street - has been created, flanked by public spaces and low-rise retail and restaurants."
A series of community spaces will allow public activities and events to be held, the developer added.
The former Beach Road Police Station, a three-storey conserved building, is a part of the development as well.
The 99-year leasehold land parcel was sold for S$1.62 billion in 2017, which translates to about S$1,706 per square foot per plot ratio.
The project is the latest in series of recent developments in the Beach Road district, following the completion of South Beach and Duo.
"The name Guoco Midtown represents GuocoLand’s vision for the area to be like the Midtown areas in many capital cities around the world where there is an exciting mix of shopping, culture, entertainment, amenities and prime corporate offices," said the developer.
GuocoLand added that it is introducing a "new leasing concept" which allows companies to expand or contract their teams without having to move or renovate their main offices.
Fifteen per cent of the office net lettable area has been set aside for such “flexible and adaptable spaces”, it said, to cater to companies with "dynamic business needs and shorter business cycles".
It added that there will be two floors for tenants to set up “innovation laboratories” or experimental start-ups.
The 30-storey office tower includes amenities such as a 40m swimming pool, a jogging circuit, a skygarden as well as an outdoor gym.
More details of the residential segment will be announced in the second half of this year.