Building facades in Singapore can be bold or futuristic. The famous Marina Bay Sands is an example with its three towering sailboats. And then there are the dozens of skyscrapers right next to Marina Bay Sands that make up the city-state’s central business district.
But zoom out a bit, just on the edge of the central business district is Guoco Midtown, an integrated real estate development owned by GuocoLand, a Singapore-based developer.
Guoco Midtown’s two blocks—an office tower and a residential building—with predominantly steel and glass exteriors stand out against a mix of British colonial-era office towers, malls and a neighborhood of redeveloped shops.
GuocoLand Group CEO Cheng Hsing Yao is fine with the development. “Some people on the design team were very concerned that the building didn’t look very interesting,” he recalls. “But I have a lot of confidence. [something] Simple We don’t need to embellish because we don’t believe in our simplicity.”
In fact, Cheng believes the simplicity helps the building stand out to those driving the expressway in Singapore’s central business district.
Goku Midtown might not be the most daring, but it’s packed. Integrated Development boasts a 98% occupancy rate for its office tower, 63% of its completed residential building is sold and another residential building under construction is almost sold. Guoco Midtown’s retail space is also fully leased.
“Boring is okay, you know?” Cheng says. The real estate CEO started out in architecture school, but never became a practicing architect, instead going into urban planning with Singapore’s public service.
Thanks to GuocoLand
Singapore-based GuocoLand is at number 246. of luck Southeast Asia 500, which ranks among the region’s largest companies by revenue. The developer debuted on the Singapore Stock Exchange in 1978.
GuocoLand is owned by Guoco Group, a Hong Kong-listed holding company, which in turn is owned by Malaysian conglomerate Hong Leong Group.
Cheng joined GuocoLand in 2012, and took over as CEO of the real estate developer’s group in 2021. Prior to joining GuocoLand, Cheng was with the Urban Redevelopment Authority and the Center for Liveable Cities, the urban planning agencies under Singapore’s Ministry of National Development.
More than 80% of its $1.36 billion revenue comes from Singapore. Nevertheless, the developer is also pushing into Malaysia and China. Guoco Changfeng City, its Shanghai mixed-use development, opened in 2021 and already enjoys 95% occupancy for its office space and full occupancy for retail space.
Design and connectivity
Cheng says GuocoLand has two guiding principles. The first is that form follows function, so buildings are designed from the “inside out.”
“We start from the customer’s point of view and what works for the customer,” he says. This means that most of GuocoLand’s buildings are squarish, with elevators positioned in the middle of the building, giving tenants the flexibility to reconfigure the space according to their changing needs.
But Cheng says GuocoLand’s differences may not be immediately “obvious”. For its Guoco midtown office development, the company opted for high ceilings and wide windows, at angles that maximize views of Singapore’s Marina Bay area. “We focus on things that really enhance the experience of using the space.”
Tenants appreciate a good location, he says, because it’s part of their strategy to attract talent.
Other architects understand the value of building an attractive office environment. HSBC was able to double its in-person office attendance after spiraling its headquarters to New York. “The joy and productivity of being in a better place and seeing each other is doing more than a mandate,” said Spiral architect Bjarke Ingels. Fortune Global Forum In November
Cheng says another principle of GuocoLand is the connection between development and transport infrastructure, whether roads, public transport systems, or pedestrian routes.
Good connectivity between a development and a subway station, for example, can have a “proliferative” effect on an entire neighborhood, he says.
The real estate CEO also believes that Guoco Land’s focus on developments that integrate office, retail and residential or hotel spaces is good for the surrounding area. With something happening at all times of the day, people are encouraged to explore the area.
“Some senior people tell me they go down and walk in the middle of the day,” he says. “Sometimes you just need a breather when you’re working really hard.”
Fortune’s Brainstorm Design Conference returns to MGM Cotai in Macau on December 5. Panelists and attendees will discuss and discuss “experiences within experiences,” designs that blur the line between the physical and digital worlds to captivate consumers and foster lasting connections. Register here.!
