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CBRE announced on Monday (19 Mar) that its new national office in Singapore is taking shape at the $3.2 billion Paya Lebar Quarter (PLQ).
According to the property consultancy, the 31,000 sq ft campus will house up to 600 of its employees. In designing the new national office, the company used its proprietary technology known as Floored, which allows users to edit and visualise floor plans in 2D and 3D.
CBRE revealed that it decided to move to the integrated project as PLQ’s ‘live, work and play’ concept perfectly complements the firm’s vision of the next-generation office space.
Its Southeast Asia chief executive Pauline Goh said the move is an important step for the future of the firm, which is celebrating its 60th year in Singapore.
“We believe that PLQ represents the optimum location to bring the employees across CBRE’s wide range of service lines into a new national office.
“Key criteria in our (location) choice included the tremendous connectivity and the wealth of amenities, lifestyle, health and wellness options that the development offers. PLQ’s large floor plates support our vision to create a Living Lab that will incorporate the very best of CBRE’s leading property technology. We are planning a truly world class facility that reflects CBRE’s leading position in real estate services,” she said.
CBRE intends to relocate by the third quarter of 2019, but it plans to maintain a core CBD office to supplement its new campus.
Meanwhile, the Business Times reported last month that SMRT Corp will move its headquarters to PLQ next year.
In addition, PLQ’s developer Lendlease told the Straits Times in January that 50 percent of the project’s total office space of about one million sq ft has been taken up.
The offices are expected to open by Q3 2018, and Lendlease Asia CEO Tony Lombardo revealed that the average leasing price there is $7 to $8 psf. In comparison, CBRE noted that the average rental rate in Singapore’s CBD reached $9.40 psf in Q4 2017.
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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