SINGAPORE – Developer GuocoLand’s $1.622 billion bid has won the tender for the commercial site that includes the old Beach Road Police Station, the Urban Redevelopment Authority (URA) said on Tuesday (Oct 3).
The offer, in a joint venture with parent Guoco Group, was the highest of five bids when the tender exercise closed on Sept 28. It set a new record on a unit basis, at $1,706 per sq ft per plot ratio.
The nearby South Beach Tower and Duo developments are mixed-use projects – a direction in which GuocoLand is likely to take its latest land acquisition.
URA guidelines for the 950,593 sq ft land parcel include an allowance for up to two 45-storey towers. At least 70 per cent of the gross floor area must be office space, but the rest can go towards retail, hotel or residential use.
GuocoLand’s group president and chief executive Raymond Choong said in a statement that the development would “serve the changing work-live-play trends”.
GuocoLand Singapore group managing director Cheng Hsing Yao said the project would “complete the transformation of the district” as a business and tourism venue.
“The large site gives us a lot of space to create amenities and we will take full advantage of the spectacular views towards Marina Bay and Kallang Basin,” Mr Cheng noted.
The developer added that its site purchase “is in line with the business growth plans and is reflective of GuocoLand’s confidence in the Singapore property market”.