Office Space

BlackRock real estate fund has acquired seven strata office units in Prudential Tower for about S$130 million from consortium Epic Land. Prudential Tower is a 30-storey Grade A commercial property in the heart of the Central Business District (CBD). John Saunders, head of Asia-Pacific for BlackRock Real Estate, said: “We are delighted to have acquired strata office floors of Prudential Tower in the...

HSBC Singapore has announced that it will be relocating its head office to Marina Bay Financial Centre (MBFC) Tower 2 from its current premises at HSBC Building, This is to accommodate the company’s rapid growth plans. HSBC Singapore will occupy about 140,000 sq ft over the top floors of the 50-storey building. Fit-out work is expected to start in the second half of 2019, with target occupation by...

When job search engine Indeed opened a product development centre in Singapore at the start of this year with just one staff member, it decided to secure co-working space for up to 15 people. In June, it upgraded to a office suite for up to 50 people, and by November, it is looking to move to an even bigger dedicated office space for 150 staff — all within the co-working space at WeWork’s Beach...

HubSpot - a software products developer has opened an additional office at Mapletree Anson in the central business district as it expands its footprint. With its APAC headquarters already based here, HubSpot now plans to create about 100 new jobs in Singapore by 2021, covering areas such as sales, marketing, services, and support. This comes after the company announced the creation of 150 jobs when it...

Epic Land has executed a sale and purchase agreement (SPA) to sell six of its wholly-owned subsidiaries, which hold seven strata office units in Prudential Tower, to an unrelated third party. The sale price will be determined based on the net asset value of the sale companies as at the completion date and will take into consideration the value of the properties, which is about S$130.07 million. The...

British and Malayan Trustees as the trustee of Frasers Commercial Trust (FCOT) has entered into an agreement for the sale of a commercial property at 55 Market Street, in Raffles Place for a sale consideration of S$216.8 million. Manager of the trust, Frasers Commercial Asset Management Ltd, said the transaction is expected to be completed by Aug 31, 2018. The sale consideration of S$216.8 million is...

According to market sources, Allianz is understood to have entered into a lease at ASB Tower, the new development coming up on the former CPF Building site in Robinson Road, at a gross signing rental of around S$11.50 per square foot (psf) a month. The deal is said to reflect a gross effective rent of close to S$10 psf a month after taking into account the rent-free period and other...

Property developers are leasing more space to co-working space operators, even as demand rises from businesses in the new economy looking for flexible work areas. Currently, there are 53 co-working space locations in Singapore, almost one-third of which are in the Central Business District (CBD) – up from about one-fifth of the overall 40 co-working offices a year ago, according to real estate company...

In the first transaction of an entire Singapore office building this year, DBS Group announced on Friday evening that it is selling PwC Building at 8 Cross Street to an indirect subsidiary of Manulife Financial Corp. The deal values the 28-storey office block at S$747 million, which works out to S$2,100 per square foot based on its net lettable area of 355,704 sq ft. The property is on a site with a...

Property and hotels group City Developments Ltd (CDL) is planning a major refurbishment of its flagship Singapore office property in Raffles Place, turning an imminent outflow of some tenants into an opportunity to spruce up the ageing building. CDL deputy CEO Sherman Kwek, speaking to reporters after the group posted weaker fourth quarter and full year earnings, said works at Republic Plaza are likely...