The Singapore Office Market continues to move forward, despite these current uncertain times. Many more multinational companies are starting to take a more positive medium and longer term view, and more are considering future growth.
CapitaSpring remains the ‘star of the show’ in this current market and is easily the top new office development in the Raffles Place area. Some of the latest deals in this building include Millennium Capital, which is leasing around 60,000 sq ft over two whole floors, expanding and relocating from UOB Plaza II around March / June 2022. Rumour has it that a Belgium-based major financial infrastructure provider will be setting up its Asia Pacific head office in Singapore early next year, and has already shortlisted space of around 70,000 sq ft in CapitaSpring. Another new tenant to pick CapitaSpring is Southern Ridge Capital, which is relocating from the relatively new development at 18 Robinson Road, needing more new space for expansion. Elsewhere in Raffles Place, South 32 Marketing has relocated from CapitaGreen to lease a whole floor at Income@Raffles.
In the Robinson Road / Shenton Way area, Tata NYK Shipping has relocated to OUE Downtown 2 from ABI Plaza on Keppel Road. Moving to outside the CBD, Brazilian aircraft manufacturer Embraer is moving from Ngee Ann City to nearby Goldbell Tower on Scotts Road, next to Newton MRT. Shinryo Singapore has relocated from OUE Downtown 2 to Haw Par Technocentre, taking advantage of being able to qualify as a ‘B1 / high tech industrial’ user. Samsonite Singapore is expanding and relocating next year from TripleOne Somerset to lease over 18,000 sq ft in Dyson Alexandra (fka St James Power Station).
Even the new schemes that are not scheduled for completion for another 18 months (i.e. in early 2023) are now lining up their major ‘early bird’ tenants. Another market rumor is that a Rotterdam-based oil trading company, currently located on Orchard Road, is lined up to lease some 30,000 sq ft (one whole floor) at Guoco Midtown on Beach Road.
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Office Market Update