MBFC Tower 3 60% leased out

The upcoming Marina Bay Financial Centre (MBFC) Tower 3 has been 60 per cent leased with talks ongoing that could see the rest of the space taken before next year’s opening.

The confirmed tenants of MBFC’s Tower 3 are DBS Group Holdings, McGraw-Hill, and law firms Ashurst, Clifford Chance and WongPartnership.

Raffles Quay Asset Management, which manages and markets the property, has a few prospective tenants that could fill the tower, said chief executive Wilson Kwong.

He noted that while there may be market volatility in the short term and signs of caution from some of the companies, discussions are still ongoing.

A recent news report claimed that mining giant Rio Tinto would lease 70,000 sq ft, or more than three floors in Tower 3, but Mr Kwong declined to comment.

There are signs of a softer market. A recent Colliers International report said overall Central Business District Grade A office rents from the second quarter to the third grew at the slowest quarter-on-quarter pace since the second quarter last year.

For MBFC Tower 3, DBS Bank will occupy more than 600,000 sq ft, or 18 floors, and move its entire global headquarters, flagship branch and 4,800 staff to the premises after the building is completed in the first quarter of next year.

The move is part of a $1.5 billion project over 10 years to revamp the bank’s premises around the region.

Chief executive Piyush Gupta said: ‘Our move to our own headquarters in MBFC will be our crowning jewel of our strategy occupancy plan.’

The plan was put into motion four years ago. DBS has since moved into new buildings in Hong Kong, Taiwan, Shanghai and New Delhi. Similar moves will take place in Indonesia and Mumbai over the next couple of years.

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