The New Grade A office building will be home for UBS Singapore New HQ which will be completed by Q4 2019
UBS Singapore has signed an agreement to occupy all the 8 floors of office space at the Park Mall building which is undergoing redevelopment. This was announced on April 17 by Suntec Reit and developer SingHaiyi Group who have worked on this joint venture.
This puts an end to speculations about UBS Singapore taking up the office space that has been doing rounds in the recent days in the media. With this latest deal USB has consolidated its office footprint in Singapore.
Redevelopment work at the commercial property at 9 Penang Road is slated to be completed by Q4 2019 as the work is said to be on track as was stated by SingHaiyi in its exchange filing recently.
As a part of the deal, UBS Singapore would occupy net lettable area of 381,000 sq ft that is spread across eight floors and two towers.
They are planning to move into this Grade A 10-storey office building by the second half of 2020.
An official spokesperson of SingHaiyi said that apart from UBS Singapore, this building has generated strong interest among F&B outlets and retail tenants along with ancillary services.
Haiyi Holdings is a fully owned subsidiary of Celine Tang, Group MD at SingHaiyi and Gordon Tang her husband. As a part of the JV Haiyi Holdings and SingHaiyi Group are holding 35% stake each and the remaining 30% belongs to Suntec Reit.
The redeveloped building is advantageously located close to Dhoby Ghaut MRT interchange Stations and Orchard Road which are part of Singapore’s prime shopping area.
The extended 99-year lease for this property is valid up to December, 2115 and it also has a retail component of 15,000 sq ft
Mrs Tang is excited about the prospects of this project added that SingHaiyi Group has entered into commercial property redevelopment with this project and she is hopeful that it would add to their brand name and improve their track record as far as developing commercial and retail property is concerned.
August Hatecke, Country Head at UBS Singapore said that the move to this new office space would benefit the organization as it will allow them to bring all their employees at Suntec City and One Raffles Quay in a single location thus improving collaboration apart from building new capacity for the future as they aim for expansion in Asia-Pacific region.
At present they have around 4,000 employees in Singapore and they have plans of housing the UBS University at this location which will help in the training and orientation program for its employees across the region.
The company sent a circular to its employees on Wednesday where it stated that Singapore remains a priority for the group at the moment and the move to this office is part of the strategic plan.
In the circular the company stated that the new workplace is future-ready and enjoys state-of-the-art connectivity apart from health facilities.
It is expected to offer the most conducive environment for the company to enhance productivity of its employees and also their working environment.
They stated that being the sole tenant at the building UBS Singapore shall have complete control over the security of the building via a single-entry access system powered by face recognition technology.
The building has an energy-efficient design which fits with the company’s commitment to highest environmental standards.