Healthy leasing activity in the prime financial district.

Despite Covid-19 disruptions the prime office leasing market has been relatively active. One Raffles Quay North Tower has been particularly busy. The schemes joint owners, Keppel Land, Hongkong Land and CK Asset Holdings have wasted no time in filling up the massive amount of space freed up when their anchor tenant UBS Bank, relocated to their own building at 9 Penang Road. The development is a top class scheme in a prime location, situated between Raffles Place and the core of the New Downtown district, so this property is always going to be in demand.

Recent tenants to commit to this scheme include L’Oreal Singapore, which has leased some 67,000 sq ft. They are currently located in 30,000 sq ft in One George Street (one whole floor), so this move is quite a significant expansion. The floor they are giving up in One George Street is already under consideration by one of OGS’s existing tenants, which is looking to expand within the building.

Other new tenants for One Raffles Quay North Tower include capital investment firm Omers Capital Markets, which has leased some 19,300 sq ft and will be relocating from One Raffles Quay South Tower. They are nearly tripling in size and obviously like this scheme, as they moved from North Tower to South Tower only 3 years ago. Now they are moving back to North Tower again. Finally fund management company Capital International, is expanding within the building, almost doubling in size to lease 58,000 sq ft.

Nearby, CGS – CIMB Securities (a joint venture with China Galaxy Securities) has leased one and a half floors, totalling around 38,000 sq ft at Marina Bay Financial Centre Tower 2.

Elsewhere in the financial district, many of the tenants in AXA Tower are now finding their new ‘homes’ and surprisingly many are taking the opportunity to upgrade to higher quality space. For instance, software company, Red Hat, which currently occupies around 28,000 sq ft in AXA Tower, will be moving later this year, to the premier scheme of CapitaSpring. Shipbrokers, Howe Robinson, have leased a whole floor at Robinson 77, and Bunker Holdings Group is planning to move (with several of its subsidiaries) across the road to the prestigious development of Guoco Tower.

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