SingHaiyi Group and its joint venture (JV) partners – Suntec Reit and Haiyi Holdings – have secured UBS Singapore as its anchor office tenant for their commercial development at 9 Penang Road.
Formerly known as Park Mall, the property is undergoing redevelopment which is on track to be completed in the fourth quarter this year, the mainboard-listed developer said on Wednesday.
UBS Singapore plans to move to the 10-storey Grade A office building in the second half of 2020. It will take up 381,000 square feet of net lettable area, spanning eight levels across two towers.
Besides UBS Singapore, the new building has also garnered “strong interest” from potential retail tenants including food and beverage outlets, and ancillary services, SingHaiyi added.
Haiyi Holdings is a wholly owned entity of the group’s major shareholders, SingHaiyi’s group managing director Celine Tang, and her husband, Gordon Tang.
SingHaiyi Group and Haiyi Holdings each hold a 35 per cent stake in the JV, while Suntec Reit owns the remaining 30 per cent.
The new building is located near Singapore’s prime shopping belt Orchard Road and Dhoby Ghaut MRT station. It also has 15,000 sq ft of retail space, and an extended 99 years leasehold which will expire on Dec 7, 2115.
UBS Singapore’s country head, August Hatecke, noted that the move will allow UBS Singapore to bring its employees working at One Raffles Quay and Suntec City under one roof to enhance collaboration, as well as offer new capacity for future growth in the Asia-Pacific region.
UBS has close to 4,000 employees in Singapore across its businesses, and the new premises will also be home to UBS University, which provides training and development programmes for its staff across the region.
Added Mrs Tang: “9 Penang Road marks SingHaiyi’s first foray into commercial property redevelopment, and a strategic springboard to expand our brand and track record in commercial and retail property development.”