On Oct 3, Tuesday in Singapore, The Guocoland, a property giant has grabbed the very important commercial location at $1.6 billion. Midtown Bay is located on Beach road. The subsidiaries won was announced as a top bidder and won a tender from the URA or Urban redevelopment authority. on the July 6 plot on this land on (99) years, leasehold was put up for the tender from the RLGLSP. Midtown Bay includes max permissible 950592 sqf gross floor area. For the development of office usage minimum, 665424 sqf must be used and the maximum area of 32292 sqf can be used for the hotel, retail and residential users under the requirements of the tender.
Midtown Bay Price
The requirement for Midtown Bay Price was proposed when the bid was put forward that The former beach road police station which is the part of the site must be maintained and conserved.
The awarded plot will be developed by the GLL Thrive and GLL Prosper, subsidiaries of GuocoLand. According to the property giant on the context of this bid, It is intended to make unique innovative and decisive development to the location beach rod that will support transform and develop the Bugis district.
Midtown Bay Guocoland Pricing
The CEO and group president of Guocoland group Mr. Raymond Choong told that the plans of the group have very ambitious plans in order to develop this location with an innovative approach. This set a benchmark in this location. Our experience will certainly make changes in beach road because we will introduce a new way of business, the new lifestyle and new technologies. This development will offer excellent architecture design, environmental sustainability, efficiency, and culture. It would offer the trend of work, live and play.
According to the group M.D of Guocoland,Mr. Cheng Hsing, They have plans to introduce the project with futuristic designs and layout due to the large size of this location. They will not leave this opportunity to take benefit of the stunning view of Kallang basin and marina bay.
Midtown Bay Bid Price for Bugis Site
Mr. Eugene Lim, the KEO of era reality network told that the bid was higher than $1.138 b but was within the expectations as Bugis Price were expected.According to Ms. Christine Li, DOR at Cushman & Wakefield, the will be good for the GuocoLand because it is likely to contain a combination of offices, retail and residential spaces. The expected price of the residential compound would be up to $2200 to$2400. It will launch in next 1 to 1.5 years. The residential segments will be suitable and appealing for those people who want to enjoy the urban lifestyle in this location.