GIVEN that Guoco Midtown on Beach Road was conceived back in 2018, long before the coronavirus outbreak, questions about whether the mega-project's design needs a revamp today do not faze Cheng Hsing Yao, the group managing director of GuocoLand Singapore. Read more at The Business Times.
"The earlier planning for a town hall space for 300 people. even with a vaccine, we predict that meetings will be smaller. We are reviewing our plan for the town hall space," Mr Cheng said in an interview with The Business Times.
Going forward, work from home will become an integral part of companies' workplace strategies, said Mr Cheng."But on the other hand, the office space will be critical for collaboration, building or corporate culture and socialisation. So spaces to support such functions will increase," he explained. Mr Cheng noted that office supply in Singapore is not very high, with the Beach Road site which was sold to GuocoLand in October 2017 being the last major parcel of office land in the Central Business District .The pipeline supply of Grade A office space is low with an annual average of 0.7 million square feet entering the market during 2020 and 2021, but there will be a large wave of supply in 2022 totalling 1.9 msf.
Guoco Midtown is expected to be completed in phases between 2022 and 2024, starting with the 30-storey office tower with 770,000 sq ft of premium Grade A office space, three concept retail clusters, two residential condominiums - Midtown Bay and Midtown Modern - with over 700 luxury apartments, and a five-storey Network Hub building.
The multi-billion development is led by GuocoLand and its parent Hong Kong-listed Guoco Group, Hong Leong Holdings and Hong Realty. He added that it will help promote mental wellness for office workers who might find going to work stressful. The office tower will have its own dedicated gardens on levels 7 and 30, a 40-metre lap pool and a 100-metre jogging track around a bamboo grove for workers to destress.
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