DBS Bank is moving its head office from Shenton Way to Marina Bay Financial Centre in the second half of 2012.
It will be the anchor tenant for the Marina Bay Financial Centre’s (MBFC) new tower, which was topped-out on Wednesday, amid concern office rents in the Central Business District (CBD) are falling.
DBS Bank CEO Piyush Gupta said MBFC is going to be the new CBD.
“Today, Singapore reaffirms its position as a global financial hub,” he said.
“The MBFC is a crucial part of that reaffirmation and it’s only fitting that DBS anchors that. And DBS really makes a statement about being the heart and soul of Singapore’s financial industry.”
DBS will occupy 600,000 square feet of the 1.3 million square feet in MBFC’s Tower Three.
Deputy Prime Minister Teo Chee Hean said: “Marina Bay’s growth and in particular, the Marina Bay Financial Centre, will support Singapore’s development as the leading business and financial centre in Asia.
“At a time when opportunities in Asia abound, having prime space to expand our central business district gives us significant competitive edge to grow our financial sector.”
Still, offices need to be filled.
The completion of Tower Three comes at a time of economic slowdown and softening office rents.
Forty per cent of the tower has yet to have a tenant.
Raffles Quay Asset Management CEO Wilson Kwong said: “While in the short term there may be volatility in the market, there may be signs of caution from some companies.
“We are still in active discussion with some companies, that unfortunately, I cannot name.
“But we do see a healthy pipeline of interest. So we are cautiously optimistic.”
According to property consultant Colliers International, the average CBD Grade A office occupancy rate slid from 93.5 per cent in the second quarter to 92.6 per cent in the third quarter — the lowest occupancy in six quarters.
However, developers including Keppel Land said they are confident.
Hong Kong tycoon Li Ka-shing — the richest man in Asia — is also backing the project.
Source: CNA
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