Facades of buildings Singapore it can be bold or futuristic. The iconic Marina Bay Sands with its three towering yachts is an example. And then, next to Marina Bay Sands, there are dozens of skyscrapers that make up the city-state’s central business district.
But zoom out a bit, on the edge of the central business district is Guoco Midtown, an integrated real estate development 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 the mix of British colonial-era office towers, malls and reconstructed shophouses.
GuocoLand Group CEO Cheng Hsing Yao is fine with the exit of this development. “Some people on the design team were very concerned that the building didn’t look very interesting,” he recalls. “But I’m very confident in (something) simple. We don’t need to beautify because we don’t trust our simplicity.’
In fact, Cheng believes the simplicity helps the building stand out to those driving the expressway into Singapore’s central business district.
Guoco Midtown may not be the boldest, but it’s packed. Integrated development boasting its office tower has a 98% occupancy rate, 63% of its completed apartment building has been sold and a second apartment building still under construction is nearly sold out. Guoco Midtown’s retail space is also fully leased.
“It’s okay to be bored, you know?” says Cheng. The real estate executive started out in architecture school but was never a practicing architect, entering town planning with the Singapore civil service.
Courtesy of GuocoLand
Singapore’s GuocoLand is ranked 246th of luck Southeast Asia 500which ranks the largest companies in the region by revenue. The developer debuted on the Singapore stock market in 1978.
GuocoLand is owned by Guoco Group, a Hong Kong-listed holding company, which is owned by Malaysian conglomerate Hong Leong Group.
Cheng joined GuocoLand in 2012 and took over as Group CEO of the real estate developer in 2021. Prior to joining GuocoLand, Cheng worked at the Urban Redevelopment Authority and the Center for Liveable Cities, urban planning agencies under Singapore’s Ministry of National Development.
More than 80% of its $1.36 billion revenue comes from Singapore. However, the developer is also pushing into Malaysia and China. Guoco Changfeng City, its Shanghai mixed-use development, opened in 2021 and already has 95% occupancy of its office space and full occupancy of its 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 user’s point of view and what works for the user,” he says. This means that most of GuocoLand’s buildings are square, with the elevators parked in the middle of the building, giving tenants the flexibility to arrange the space according to their changing needs.
But Cheng says the differences at GuocoLand are not immediately “obvious.” For the Guoco Midtown office development, the company sought high ceilings and wide windows at angles that could maximize views of Singapore’s Marina Bay area. “We focus on things that really enhance the experience of using the space.”
Tenants appreciate the nice space as they play into strategies to attract talent, he says.
Other architects understand the value of building an attractive office environment. HSBC was able to double its office attendance after moving its headquarters to Spiral in New York. “The joy and productivity of being in a better place and seeing each other seems to work more than a mandate” he said Architects Bjarke Ingels of Espiral Fortune Global Forum in november
Cheng says GuocoLand’s second principle is connectivity between developments and transport infrastructure, be it roads, public transport systems or pedestrian walkways.
Good connectivity between a development and a metro station, for example, can have an “uplifting” effect on the entire neighborhood, he says.
The real estate CEO also believes that GuocoLand’s focus on developments that integrate office, retail and residential or hotel spaces is good for the area. With something happening at every moment of the day, people are encouraged to explore the area.
“Some older people I know tell me they go down and take a 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 on December 5 at Macau’s MGM Cotai. Panelists and attendees will discuss and debate “Experiments in Experience,” designs that blur the line between the physical and digital worlds to captivate users and foster lasting connections. Sign up here!
