A 70:30 joint venture between GuocoLand and Guoco Group has been awarded a 99-year leasehold commercial site at Beach Road, Singapore's Urban Redevelopment Authority (URA) announced on Tuesday.
The consortium had submitted the highest bid of S$1.622 billion during the tender, reflecting S$1,706 per square foot per plot ratio (psf ppr).
In a statement, GuocoLand announced plans to develop the site into an "iconic city centre work-live-play destination".
Raymond Choong, group president and chief executive officer of GuocoLand Limited said that they were delighted to have secured the rare, prime Beach Road site and "have ambitious plans to create an innovative development which will set a new standard in the location".
Cheng Hsing Yao, group managing director of GuocoLand Singapore said that the completion of the project will make the area attractive for office rentals and tourists.
"We will be introducing a futuristic project that will cater to the changing trends of work-live-play," he said, adding the development will have good views of Marina Bay and Kallang Basin.
Participants in the bidding included Kingsford Hurray Development, a consortium led by OUE and Cheung Kong Holdings-linked Japura Development, which was conducted by the URA.
The two-hectare site can be developed into a maximum gross floor area (GFA) of 950,592 sq ft, of which at least 665,424 sq ft (70 per cent) must be for office use. The remaining GFA can be used for additional office, retail (subject to a maximum GFA of 32,292 sq ft), commercial school, hotel, serviced apartment or residential uses.
The former Beach Road Police Station sits on the site, which GuocoLand will conserve and restore.
GuocoLand's recent projects include the newly completed integrated development Tanjong Pagar Centre and its latest high-end residential development Martin Modern.
Source: Business Times, 3 Oct 2017