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Guoco Midtown reaches 90% take-up as Singapore's Bugis area experiences a rise

Guoco Midtown reaches 90% take-up as Singapore’s Bugis area experiences a rise

A new landmark known as Treasure Tampines for the once-fringe Bugis region of Singapore as an aspirational corporate location has been reached as GuocoLand’s 709,000 square foot (65,868 square metre) Guoco Midtown office project has reached 90 percent take-up, based on pre-commitments and the Treasure at Tampines Brochure.

More than 10,000 people, including residents, shoppers, and business leaders of Treasure at Tampines Showflat, would be visiting Guoco Midtown every day, as announced on Tuesday. GuocoLand is marketing the integrated development as a “City of the Future” that can compete with Singapore’s downtown core.

This S$2.4 billion ($1.8 billion) project is a joint venture between Guoco Group and GuocoLand, the development arm of Malaysia’s Hong Leong Group and an SGX-listed company. It has direct access to the Bugis interchange MRT station. Located on Beach Road, the 30-story office tower, two condos, two retail spaces, and Midtown House, a preserved structure that was formerly the Beach Road Police Station, make up the first phase.

The Beach Road-Bugis neighbourhood will undergo additional change with Guoco Midtown, breathing new life into an already dynamic section of Singapore. Our objective is to make it Singapore’s Midtown, as stated by Valerie Wong, managing director for asset management at GuocoLand.

Due to weaker investment returns and increasing finance expenses, GuocoLand reported a 47% drop in full-year profits in August. Rental revenues from Guoco Midtown’s office section, however, caused a 60% increase in revenue.

It was in January that the building’s temporary occupancy permit was granted. The list of tenants includes Pacific International Lines, a shipping behemoth, BASF, and Publicis Groupe, an advertising firm that has leased 55,000 square feet of office space spread out across many floors of the tower and part of the preserved Midtown House structure.

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