OUE unit Clifford Development obtains pre-committed leases of 88,000 sq ft

Mainboard listed Overseas Union Enterprise or OUE says its subsidiary, Clifford Development, has obtained pre-committed leases totaling some 88,000 square feet for its latest development 50 Collyer Quay.

This is equivalent to 22 per cent of the net lettable area of the project.

The initial lineup of tenants include global business consulting firm Bain & Company and international law firm Allen & Overy.

OUE will redevelop the former Overseas Union House into a new Grade A 18-storey office tower.

It will also conserve the Change Alley Aerial Plaza Tower and retrofit the Change Alley Pedestrian Overhead Bridge to provide quick and sheltered link to the Raffles Place MRT station.

Upon completion, the entire development will comprise a total gross floor area of some 500,000 square feet and a net lettable area of 412,000 square feet.

The office tower floor plates will range up to some 30,000 square feet, with two of the floors designated as trading floors.

The Change Alley Aerial Plaza Tower and Pedestrian Overhead Bridge are targeted to complete simultaneously with the office tower in the first quarter of 2011.

OUE Executive Chairman Stephen Riady says 50 Collyer Quay complements the firm’s strategy of focusing on high-end properties in prime locations and building up a stable rental income stream from such properties.

Source : Channel NewsAsia – 7 Jul 2010

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