Building facades in Singapore can be bold or futuristic. An example of this is Marina Bay Sands, famous for its sailboats atop its three towers. Then next to Marina Bay Sands are the dozens of skyscrapers that make up the city’s central business district.
But zoom out a bit, on the fringes of the central business district is Guoco Midtown, an integrated real estate project owned by GuocoLand, a development company headquartered in Singapore.
Guoco Midtown’s two buildings — an office tower and an apartment building — stand out with their primarily steel-and-glass exteriors, set against the neighborhood’s mix of office towers, shopping malls and reconstructed department stores dating back to the British colonial era.
GuocoLand Group CEO Cheng Hsing Yao is fine with this development continuing. “Some people on the design team were very concerned that the building didn’t look interesting,” he recalls. “But I’m very confident about (something) that’s simple. We don’t have to be pretty because we’re not confident about our simplicity.”
In fact, Cheng believes the simplicity helps the building stand out to those driving the highway into Singapore’s central business district.
Goku Midtown may not be the most daring, but it’s packed. Integrated development Be proud The office tower’s occupancy rate is 98%, the completed residential building is 63% sold, and the second residential building, which is still under construction, is almost sold out. The retail space at Guoco Midtown is also fully leased.
“Boring is good, you know?” Cheng says. The real estate CEO started out in architecture school, but did not become a practicing architect, instead moving into urban planning with the Singapore Public Service.
Courtesy of Jocko Land
Singapore-based GuocoLand is ranked No. 246 Luck Southeast Asia 500, which ranks 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 Malaysia’s Hong Leong Group.
Cheng joined GuocoLand in 2012, and took up the role of CEO of the property developer group in 2021. Prior to joining GuocoLand, Cheng was with the Urban Redevelopment Authority and the Center for Liveable Cities, urban planning agencies under the Ministry of National Development in Singapore.
More than 80% of its $1.36 billion revenue comes from Singapore. However, the developer is also heading to Malaysia and China. Guoco Changfeng City, its mixed-use project in Shanghai, opened in 2021 and already enjoys 95% occupancy of its office space and full occupancy of its retail space.
Design and communication
GuocoLand has two guiding principles, Cheng says. 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 in shape, with elevators parked in the center of the building, giving tenants the flexibility to rearrange the space according to their changing needs.
But Cheng says GuocoLand’s differences may not be immediately “evident to the eye.” To develop the Guoco Midtown office, the company turned to high ceilings and wide windows, at angles that could increase the view of Singapore’s Marina Bay area. “We focus on things that really enhance the experience of using the space.”
Tenants appreciate a beautiful space, he says, because it plays a role in their strategies for attracting talent.
Other architects understand the value of building an attractive office environment. HSBC has doubled its in-person office presence after moving its headquarters to Spiral in New York. “The pleasure and productivity of being in a better place and seeing each other seems to work more than just a mandate,” Vortex architect Bjarke Ingels said at the conference. Global Luck Forum In November.
GuocoLand’s second principle is the connection between developments and transportation infrastructure, whether roads, public transit systems or even pedestrian walkways, says Cheng.
He says good connectivity between developments and a subway station, for example, can have an “excellent” impact on the entire neighbourhood.
The property CEO also believes that GuocoLand’s focus on developments that integrate office, retail and residential or hotel space is a good thing for the surrounding area. With something happening at all times of the day, people are encouraged to explore the area.
“A few senior people I know have told me they go downstairs and take a walk in the middle of the day,” he says. “Sometimes, you just need a break when you’re working so intensely.”
Fortune’s Brainstorm Design Conference returns on December 5 at MGM Cotai in Macau. Panelists and attendees will discuss and debate “Experiences in Experience,” designs that blur the line between the physical and digital worlds to engage users and foster lasting connections. Register here!