Building facades in Singapore can be bold or futuristic. The iconic Marina Bay Sands with its sailboat atop its three towers is one example. And then just adjacent to the Marina Bay Sands are dozens of skyscrapers that make up the city-state’s central business district.
But zoom out a little, just on the fringe of the central business district is Guoco Midtown, an integrated real estate development owned by GuocoLand, a Singapore-headquartered developer.
Guoco Midtown’s two blocks—an office tower and a residential building—with their mainly steel and glass exteriors stand out against the neighborhood's mix of office towers, malls, and reconstructed shophouses dating to the British colonial era.
GuocoLand Group CEO Cheng Hsing Yao is fine with this development sticking out. “Some people in the design team were very concerned the building didn’t look very interesting,” he remembers. “But I’m very confident in [something] simple. We don’t have to embellish because we’re not confident in our simplicity.”
In fact, Cheng thinks that 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 is packed. The integrated development boasts a 98% occupancy rate for its office tower, 63% of its completed residential building has been sold and a second residential building that's still under construction is almost sold out. Guoco Midtown's retail space is also fully leased.
“Boring is okay, you know?” Cheng says. The real estate CEO began in architecture school, but never became a practicing architect, instead going into urban planning with Singapore’s public service.
Singapore-based GuocoLand is ranked No. 246 on Fortune’s Southeast Asia 500, which ranks the largest companies in the region by revenue. The developer debuted on Singapore’s 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 the real estate developer’s Group CEO in 2021. Before joining GuocoLand, Cheng was with the Urban Redevelopment Authority and Centre for Liveable Cities, urban planning agencies under Singapore’s Ministry for National Development.
Over 80% of its $1.36 billion revenue comes from Singapore. Yet the developer is also pushing into Malaysia and China. Guoco Changfeng City, its Shanghai mixed development, opened in 2021 and already enjoys 95% occupancy of its office space and full occupancy for 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 perspective and what works for the user,” he says. That means most of GuocoLand’s buildings are squarish, with elevators parked in the center of the building, giving tenants the flexibility to rearrange space according to their changing needs.
But Cheng says GuocoLand’s differences may not be instantly “obvious to the eye.” For its Guoco Midtown office development, the company went for high ceilings and wide windows, at angles that can maximize the view of Singapore’s Marina Bay area. “We focus on things that really enhance the experience of using the space.”
Tenants appreciate a nice space, as it plays into their strategies to attract talent, he says.
Other architects understand the value of building an attractive office environment. HSBC was able to double its in-person office attendance after it moved its headquarters to the Spiral in New York. “The joy and productivity of being in a better space and seeing each other seems to be working more than a mandate,” said the Spiral’s architect Bjarke Ingels at the Fortune Global Forum in November.
Cheng says GuocoLand’s second principle is connectivity between developments and transport infrastructure, whether roads, public transport systems, or even pedestrian walkways.
Good connectivity between developments and a subway station, for example, can have an “uplifting” effect on the whole neighborhood, he says.
The real estate CEO also thinks that GuocoLand’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.
“A few senior people I know told me they go downstairs and take a walk in the middle of the day,” he says. “Sometimes you just need a breather when you’re working very intensively.”
Fortune’s Brainstorm Design conference is returning on Dec. 5 at the MGM Cotai in Macau. Panelists and attendees will debate and discuss “Experiments in Experience,” designs that blur the line between the physical and digital worlds to captivate users and foster lasting connections. Register here!
