Keppel Land says almost all rental space available in MBFC taken up

Property developer Keppel Land said almost all the rental space available under the first phase at the Marina Bay Financial Centre (MBFC) has been taken up ahead of completion.

The space was nearly fully utilised after investment bank, Barclays Capital, committed to leasing ten additional floors at MBFC Commercial Tower Two.

This brings the total amount of space it leased to about 350,000 square feet, including the 100,000 square feet the British-based bank committed in April 2008.

Barclays Capital will now occupy 14 floors of the 50-storey tower for a 10-year lease.

It will commence occupancy in the first quarter next year.

In addition, Prudential Asset Management has signed on to lease about 37,000 square feet of space in MBFC’s Tower Two.

It will occupy one and a half floors in the mid-rise zone of the tower with a nine-year lease that starts in 2011.

With the expansion, MBFC is now fully leased except for a small percentage of space reserved for existing tenants’ expansion.

Meanwhile, MBFC Commercial Tower One has attained the Temporary Occupancy Permit or TOP in March with Marina Bay Residences attaining TOP within the next two weeks.

MBFC Commercial Tower Two expects to receive its TOP in the third quarter this year.

MBFC, Singapore’s first mixed-use development that integrates residential, business, retail and entertainment facilities, will be completed in 2012.

It is being developed by a joint venture comprising Keppel Land, Hongkong Land and Cheung Kong Holdings/Hutchison Whampoa.

Source : Channel NewsAsia – 7 Apr 2010

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