DBS Group Holdings has recently scaled down their office footprint in Hong Kong and now they plan to do likewise in Singapore. The bank is planning to surrender 2.5 floors in Marina Bay Financial Centre Tower 3, amounting to around 75,000 sq ft, by December this year. The bank has decided to start implementing flexible work policies and permanent hybrid work arrangements since the beginning of the year, with employees given the option to work remotely for up to 40% of the time. The bank still has a significant amount of office space in Changi Business Park, along with most of the other major banks.
Other banks are upgrading and rationalizing their property portfolio at the same time, such at Sumitomo Mitsubishi Banking Corporation. This bank currently occupies over eight whole floors in Centennial Tower (around 150,000 sq ft), but they have recently leased three whole floors in the ‘world class’ scheme CapitaSpring, which amount to approximately 70,000 sq ft, and the remainder of the bank’s back office will be moving to Changi Business Park.
The NETS Group, the payment service company, is moving from Central Plaza and has leased two whole floors (approximately 80,000 sq ft) in 351 on Braddell, a high tech B1 light industrial building. This is a good example of how companies can, provided they qualify for such space (the 60:40 ruling applies), move into a brand new commercial building at a fraction of the cost of conventional office space. Another company to move into 351 on Braddell is Getronics Solutions, who will be relocating from Twenty Anson in June.
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