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The developer of Marina One (pictured) has secured tenants for about 60 percent of the available space at the project’s two office towers, which are slated to be ready by H1 2017, reported the Straits Times.
According to developer M+S, a large number of companies have already agreed to occupy more than one million sq ft of Grade A office space there out of 1.88 million sq ft.
“Over one million sq ft in this current market is a good testimony to the building itself, and we are also anchoring very premier companies. Many of them have taken at least one floor,” said the firm’s CEO, Kemmy Tan.
Companies that have committed to rent space include social media giant Facebook, Mitsubishi UFJ Financial Group (MUFG), consultancy PwC Singapore, Swiss private bank Julius Baer, agri-business Olam International, and co-working space provider JustCo.
“There are many reasons for the move. One which made the most viable sense for the bank in the long term is the efficiency of Marina One’s large floor plates,” said MUFG.
The Japanese bank will rent 140,000 sq ft across three-and-a-half floors at Marina One. By May, it will start relocating from its current premises at Republic Plaza in Raffles Place, where it occupies about 150,000 sq ft over 13 floors, as its 20-year lease there will end in Q3 2017.
Floor plates at its future address range from 34,000 sq ft to 40,000 sq ft, making them some of the biggest in Marina Bay, where the Marina One integrated development is located.
Besides the office towers, the large-scale project also features 1,042 private residential units and a 140,000 sq ft retail podium, over half of which has already been pre-leased.
Meanwhile, M+S’s DUO project in Bugis has secured tenants for around 45 percent of its 20-storey prime office space, or over 250,000 sq ft out of 570,000 sq ft. These include MasterCard, business consultancy Golden Equator Group, and pharmaceutical firm Abbott.
Set to be completed in H1 2017, the development will also come with retail space, a hotel and 660 apartments.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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