Wed, April 17, 2019 – 3:18 p.m.
UPDATED Wednesday, April 17, 2019 – 4:31 PM
SingHaiyi Group and its Joint Venture (JV) partners – Suntec Reit and Haiyi Holdings – announced on Wednesday that UBS Singapore has signed a contract to occupy the entire office space in the renovated Park Mall, confirming a report by The Business Times April. 1 that UBS was considering a consolidation of its area of operation in the Singapore office.
Located at 9 Penang Road, the property is undergoing a new development, which is expected to be completed in the fourth quarter of this year, SingHaiyi said.
UBS Singapore will occupy 381,000 square feet of leasable net area, which spans eight tiers in two towers. She plans to move to the 10-story, Grade A office building in the second half of 2020.
In addition to UBS Singapore, the new building also attracted "strong interest" from potential retail shopkeepers, including food and beverage outlets, and ancillary services, SingHaiyi added.
Haiyi Holdings is a wholly-owned entity of SingHaiyi Group's major shareholders, group director Celine Tang and her husband Gordon Tang.
SingHaiyi Group and Haiyi Holdings each hold a 35 percent stake in the JV, while Suntec Reit holds the remaining 30 percent.
The new building is located close to Singapore's main shopping area, Orchard Road and Dhoby Ghaut MRT station. It also has 15,000 square feet of retail space and an extended 99-year period that will expire on December 7, 2115.
Said Tang said: "Penang Road marks SingHaiyi's first foray into the redevelopment of commercial properties and a strategic springboard to expand our brand and track record in the development of commercial and retail properties."
Separately, August Hatecke, the country head of UBS Singapore, noted that the move will allow UBS Singapore to bring its employees working in One Raffles Quay and Suntec City to improve collaboration and offer new capabilities for future growth in Asia. Pacific Region.
UBS has about 4,000 employees in Singapore in all of its businesses, and the new facility will also house UBS University, which will provide training and development programs for its employees throughout the region.
In a circular sent to its employees on Wednesday and seen by BT, UBS noted that Singapore is a "strategic priority" for the group, and that the workplace prepared for the future with the latest connectivity and health facilities will offer an "ideal environment" to improve the way your staff works and collaborates.
"As the sole tenant, UBS Singapore will have full control of building safety, which will feature a unique entry system, including face recognition technology."
The company added that the energy efficient construction of the new building will also help the group to operate in compliance with the highest environmental standards.
At 4:21 pm SingHaiyi shares were trading at 9.5 cents while Suntec Reit units were trading unchanged at S $ 1.90.