In a tender exercise that closed on September 28, GuocoLand, in a joint venture with parent company Guoco Group, won the bid for a mixed-use commercial site along Beach Road. The developer’s $1.622 billion bid was the highest of a total of five bids and that makes about $1,706 psf per plot ratio, a new record based on a unit basis.
The old Beach Road Police Station sits on the plot of land and is marked as a historic building by the National Heritage Board. This means GuocoLand will have to restore and conserve the building and incorporate it into their “work-live-play” concept. GuocoLand Singapore’s group managing director, Cheng Hsing Yao, has said that the plan is to introduce a “futuristic project that will cater to the changing trends of work-live-play”. The winning developer intends to take full advantage of the spectacular views of Marina Bay and the Kallang Basin.
Here are the guidelines for the Beach Road site, as set by the Urban Redevelopment Board: two buildings of up to 45 levels can be built on the site and 70% of development must be for office use with the remainder 30% for retail, hotel or residential use.
Read more on this at the Straits Times website