SINGAPORE: Singapore developer GuocoLand Ltd. plans to spend S$2.4 billion ($1.8 billion) on a new mixed-use development on the fringe of the central business district.
An office tower will be the largest component of the Guoco Midtown project with 770,000 square feet spread across 30 floors.
The residential portion will include a 32-story tower with about 200 apartments while the retail offering will be spread over 32,290 square feet, the company said Monday as it unveiled its concept for the site. The development should be complete by 2022.
Developers in the city-state are increasingly opting for mixed-use developments as the government seeks to boost living spaces within the CBD.
A draft plan released last month showed authorities propose to increase the number of residential developments and hotels by encouraging firms to convert existing office space.
The added incentives for conversion will specifically target older-style buildings around central areas such as Anson Road, Cecil Street, Shenton Way and Tanjong Pagar.
GuocoLand successfully bid for the plot in 2017 after coughing up S$1.62 billion -- the highest price per square foot for land in the city at the time.
The total development cost includes the land purchase price. Located at the northern edge of Singapore’s business district, the plot is bordered by Beach Road, Nicoll Highway and Rochor Road. - Bloomberg