Midtown Bay Condo Mix Development at Bugis
Midtown Bay is a prestigious project developed by Guocoland which situated in the midst of beach road. Guocoland’s futuristic mid town suite is developed in n a prime location of the iconic Bugies and Suntec City with a host of amenities built within the community. The project is a joint venture between Guocoland and Guoco Group Ltd companies in a ratio of 70:30%. The beach road property was acquired by the collaborators at a valuation of $1.62 billion. The launch of this project is scheduled for the first half of 2019 with Grade A office and unblocked view. The amenities provided by mid town suite includes guard house, club house, indoor gym, function room, tennis court, a huge 50 meter swimming pool , sun deck, BBQ pits and children’s play ground.. Experience a lifestyle filled with allurement and enchantment in the plush localities of the Midtonw Bay. The famous Beach Road Police Station building which is located in the vicinity of Midtown Bay is considered as a heritage site and efforts are on to retain the site as a mark of Singapore’s modern history. Another development by Guocoland will be Midtown Modern which is located right on top of Bugis and will be an iconic development as well.
Midtown Bay Location Near to Shopping Centre and Suntec City
Guocoland’s mid town suite is located near some of Singapore’s renowned shopping destinations such as Bugis junction, Bugis+, Suntec City and marine Square. Esplanade park, a famous outdoor destination where families can spend quality time is also situated nearby to the condos of our mid town suite. Along with all these recreation centers, there are beaches and parks near our mid town suite for entertainment and relaxation. Thus making our Midtown Bay as being located in the midst of Singapore’s best shopping and recreation spots. Located within Central Business District, at the intersection of two key development corridors along Beach Road and Ophir-Rochor Road, Midtown Bay is a key connector between 3 office micromarkets – City Hall, Marina Centre & Bugis. Midtown Nay will rejuvenate the Beach Road by being the final critical piece of jigsaw that completes the transformation of the precinct and will redefine the leasing concept for Grade A office.
Midtown Suites Integrated Development by Guocoland Singapore
The integrated mixed development model of the Midtown Bay gives residents access to many MRT stations such as Bugis, city halls as well as Esplanade. The Esplanade MRT station is located on the circle line near our property. For occupants who frequent in buses there are several bus stations located at Nilcoll Highway and Beach Road. The Central Expressway and East Coast Parkway are a few of the many major roadways connecting Guocoland Midtown Bays with Singapore City.
Access to education is not an issue as Midtown Bay is located close to some of Singapore’s elite and well regarded educational institutions such as Singapore Management University, School of the Arts (SOTA) and Farrer Park Primary School. There are many more such premier institutions which provide world class education situated at a commutable distance from our Midtown Bay. This paves way for your children to receive quality education.
Projects and Investments by Guocoland Singapore
In late 1990 Guocoland started its property investment and development business. The development of a 99 year lease hold apartment house in Singapore was the first milestone achieved by Guocoland. Since then the developer has developed and leased 35 condominiums yielding around 9000 households. In the year 2002 the group floated a new venture Guocoland Limited to redirect its efforts towards property development. The company is currently the leader in the best property corporation index which is listed in the Singapore Exchange Securities. The asset value of the company as on 2015 stood at S$9.51 billion. Midtown Bay site was auctioned for sale under the Reserve List in the Government Land Sale Program and Guocoland emerged as the top bidder in this auction. Guocoland GLL prosper and GLL thrive, which submitted a top bid of $1,706sqft per plot ratio for the site location The land bid was a record as the per square feet value was higher than the neighborhood south beach and bugis alike.
Guocoland in the International Scene
Guocoland Group entered Malaysia in 2005 and Vietnam in 2006 respectively. This are among the global expansion plans of the company in to Asia. Locally the Midtown Bay is the latest project handled by the company. In 2017, Guocoland expanded in to Australia and the United Kingdom further expanding its reach in the property development business outside Asia. Guocoland Group is committed to provide high quality and innovative houses and apartments in the Singapore and the other world markets.
Midtown Bay Work Live and Play Concept by Guocoland
Midtown Bay is being developed by Guocoland at the beach road with the concept of “work-live-play” with amenities suited for business and tourism in Bugis. the unit bid of $1,706 submitted by Guocoland has set a new record for land value per square feet in the region and it purchased the Beach road commercial site for S$1.622 billion which was announced as the highest of the 5 bids received by the auctioning body. The tender had some mandatory requirements that were to be strictly followed such as minimum of 665,424 square feet must be restricted for office use given the total maximum permissible gross floor of 950,594 square feet. The remaining area can be used for hotels, served residence, residential or retail uses and there is a cap of 32,292 square feet for retail. The integrated development by Guocoland will be called the Guoco Midtown and will comprise of the hotel, commercial and residential compound of the development. Midtown Bays will be the name of the residential compound which will be located at the heart of Down Town Bugis. Midtown Hub will be an exclusive urban social club that incorporates the best of business and leisure, it is a place to connect like-minded people to create opportunities for collaboration, and ideas to thrive
Integrated Development with Commercial as well as Residential Units
The Chief Executive Mr. Raymond Choong plans to transform the district in to a business and tourism venue, the Guocoland Midtown Bay is a model community township property developed to support this initiative of work, live, play environment with the completion of the commercial site. Mr. Cheng Hsing Yao, the Managing Director of the Guocoland Group believes that the Midtown Bay has a lot of potential of becoming a model community for Singaporeans who believe in the concept of work, live, play. The vast commercial space offers opportunity to build a variety of amenities of international standards for its occupants. Guocoland’s Midtown Bay joins the list of other integrated development projects in Bugis such as Duo Residence, South Beach Residence which has garnered avid appreciation from both the business and residential communities. The township is located in a short range to many offices and shopping centers in Suntec City which includes the Suntec City Convention Center and different office towers where various international events are hosted. There are a plethora of places where families can enjoy such as whole range of food and shopping options and indoor playground for children at Suntec City.
Attributes of Midtown Bay Similar to Duo Residence and South Beach Towers
Guocoland’s Midtown Bay is being developed keeping the attributes of the hugely popular Duo Residence and South Beach Towers in mind. The plan to retain the old Beach Police Station is a part of Guocolands efforts to integrated mixed development of residential and commercial spaces at the iconic Bugis area. The high profile bid by Guocoland Group for the Midtown Bay property reflects the confidence of the developer in the property market of Singapore and the purchase consider with the company’s roadmap for future growth in the property market. The initial selling price is estimated to be $2200 to $2400 per square feet when it is commercial available for purchase.
Midtown Bay Residential Concept by Guocoland
Nicoll Highway has started witnessing a new trend of mixed integrated suites or the concept of “work-live-play” . Though this is not a new trend the recent spike has encouraged Midtown developers to develop suites on the lines of this latest trend. People find this style of suites to be more practical and helpful for their modern living standards. Now a days people prefer to relocate to residential or commercial places which offer basic amenities, which are near to office areas and good educational establishments along with recreational amenities. The Midtown Bays is built keeping in mind the safety of its occupants and a police station situated across the property in the beach road is of greater help in situations of emergency.
Tender details for Guocoland’s Midtown Bay
After being awarded the tender for the land situated at Beach Road, Bugis. The Guocoland Limited wanted to build an interesting project which it called the Midtown Bay. The main intention of the Guocoland Limited was to build an iconic city center upholding the cultural values promoted by the group. It wanted to build a “work-live-play” style mix integrated development which is fast becoming a trend in Singapore.
Midtown Bay Integrated Development Competitive Bid
The site was auctioned on July 6th, it occupies an area of 88,313 square meter maximum approximately. This offer attracted many developers around Singapore out of which five interest parties placed their respective bids with the Governing agency. The tender closed after a month. The demand was due to its strategic location at the heart of Beach Road. Guocoland Limited won the bid beating the other four companies in fray. The bid created quite an impact in the Singapore property market for Guocoland’s record breaking quote of price per square feet for the property. Brasbasah which has many exquisite fine dining locations and hotels located near Guocoland Midtown Bay is an example of how upscale and prime the location is situated at the heart of the city. Bugis+ a famous weekend recreational destination for food and beverage enthusiasts is also located near Midtown Bay. Guoco Midtown’s retail concept and planning will leverage on the latest trends in food and lifestyle New-to-market concepts that create seamless user experiences that combine shopping, dining and entertainment
Guidelines for the planning of Midtown Bay
The term of agreement pertaining to the use of this site lays guidelines to be followed for the development of Midtown Bay at Beach Street. The guidelines permit the construction of two 45 storey towers at most. More than 70% of the available floor space of land can be utilized for developing office spaces. The remaining space can be developed as a residential or retail space such as hotels. The absence of prominent players like Capital Land and Keppel and CDL for this bid of the Midtown Bay site was surprising and four out of the five bidders were foreign developers. Midtown Bay by Guocoland was to be developed as a “work-live-play” based mix integrated development as per the promise of the Guocoland Group’s Managing Director Cheng Hsing Yao. As part of its place-making efforts to inject vibrancy, Guoco Midtown will introduce two main public squares named City Room and Market Place, on either side of the Seawater Street Seawater Street can also be closed to create a combined 60,000 sq ft space to host large-scale events that can accommodate up to 2000 people
Architectural Concepts and Designs for Guocoland’s Midtown Bay
To achieve the promised output Mr. Raymond Choong, the Chief Executive Officer of Guocoland outsourced the responsibility of the construction of Midtown Bays at Beach Street to Tanjong Pager Center. Guocoland’s Midtown Bays were built on the popular model of design plus efficiency along with sustaining the environmental attributes as their core architectural concept. The “work-live-play” concept of Guocoland was kept in mind while designing the suites to keep the cultural values of Guocoland Limited intact. Marine Bay and Kallang Basin are at a close vicinity to Guocoland’s Midtown Bays.
Why mix development are popular than other residential developments
The concept of integrating residential and commercial spaces in to one space is known as Mix Integrated Developments. The complex of a small building making a community or a single building, a city block are some common examples of Mix Integrated Development. Usually the first few floors of the building or complex are designed for commercial purposes and the rest of the building is designed as residential accommodation.
Benefits of Mix Integrated Developments
The availability of commercial spaces below the residential ones help the occupants of these residential spaces save time for fetching basic necessities from commercial establishments situated far away from the building. This saves time for the occupants. The developers get better value for commercial spaces than residential ones and adds more value to the occupancy residential space Guocoland Midtown Bay are built keeping this in mind and help its occupants save time and money drastically over time.
High Resale Value for Mix Developments
Properties such as Guocoland Midtown Bays which are located at strategic localities tend to be costlier for purchase. But, the cost comes with a whole lot of benefits as the property is situated near the MRT station and has road connections to major destinations of Singapore City which can be accessed through personal transport as well as public modes such as buses. Its proximity to premium educational institutions like upscale schools and colleges and important work spaces and recreational spots like shopping malls, food joints etc. The property is a valuable space as it saves travelling time to its occupants to reach their destinations as well as save money by cutting on transportation costs. The value of property gradually increases over time as the land value appreciates. Moreover, the option of renting the property after purchase will provide its owner consistent income throughout the year.
Academic Institutions and Schools near Guocoland’s Midtown Bay
One of the top most priorities of potential residents in choosing a residential space is its proximity to good schools and educational institutions. The daily task of shuttling to and fro by parents to drop and pick their child from schools or colleges consumes more time. Cutting down on this task will benefit both the kid to spend quality time at home doing his home work or playing with friends and the parents spend more time at work or at managing their household chores. Guocoland’s Midtown Bays are located at the heart of the city which makes it be situated at a close travelling distance to some of the premium educational institutions like Lasalle of Arts, Nanyang Academy of Fine Arts, INS World Institute, JCS Japanese Language School, City College Singapore, Boston Business School and Global School of Technology and Management to name a few.
Midtown Bay close to Country Clubs
Guocoland Midtown Bays is located at a prime location in Singapore. Its neighbors include the Bugis Beach Road and Suntec City which are premium upscale locations in Singapore. the residents of these upscale localities are generally cosmopolitan and affluent. This by default makes Midtown Bays be surrounded by many country clubs. This is an important criteria as affluent people tend to meet up with their peers at places such as country clubs to build their network and stay relaxed. The Raffles Town Club, Hollandse Club, Singapore Town Club, American Club, Tanglin Club, Singapore Polo Club, Civil Service Club at Tessensohn are some upscale country clubs located around Midtown Bays. These country clubs offer a variety of facilities such as F &B, Golf Course, Function Rooms, Swimming Pools to mention a few.
Lower Debt Ratio and Higher Stamp Duty
Retail and commercial mix development has gained popularity among the property investors in recent times as a viable asset class after the government’s cooling measures on property investments. The government’s decision to increase the stamp duty charges on second property from 7% to 12%, a raise of 5% has led to prospective buyers of second properties look at a lower quantum and freehold properties may be more expensive. since the quantum of Midtown Bay Condo at Beach Road will be low for second property investors as it is a lease hold development as the Midtown Bay is located in the prime office and retail space in Singapore, the demand for spaces will always be on the rise and a ready tenant base is always generated, once the project is completed. The amount of loans that are provided to clement property investor especially second home buyers are restricted due to the introduction of the total debt to service ratio.
Come and enjoy a life filled with peace and tranquility at Guocoland Midtown Bay Bugis. please refer to the Midtown’s site plan and floor plan for more details.