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HSBC Singapore will be relocating its head office to Marina Bay Financial Centre (MBFC) Tower 2 from HSBC Building at 21 Collyer Quay to accommodate the firm’s rapid growth plans.
Occupying about 140,000 sq ft over the top floors, HSBC Singapore will have signage rights to the 50-storey building. Fit-out work is set to commence in the second half of 2019, with target occupation by April 2020.
In a statement, HSBC Singapore revealed plans to invest “substantially in the new workplace to create an environment that is conducive to collaboration; encourages innovation and an entrepreneurial mindset; and trigger new ways of working for our employees”.
“HSBC in Singapore will undergo a number of workplace and cultural changes that will transform the way our employees communicate, engage and work with each other,” said Tony Cripps, CEO of HSBC Singapore.
In fact, the firm announced in March a new three-year strategic plan with a focus on eight strategic priorities, and included a 10 percent headcount increase over the period across all business lines.
At its global strategy update in June, HSBC classified Singapore as one of only eight “scale markets” amongst its 66 countries, into which group investment will be channelled to support material growth.
“As a scale market, Singapore is key to HSBC’s global growth plan. Our new premises will ensure we can meet our people, technology and workplace requirements that will be needed to carry out this business expansion, and reflect our ambitions in the market,” added Cripps.
Meanwhile, CBRE’s managing director of advisory and transaction services Moray Armstrong noted that HSBC’s deal represents one of the biggest new office lease commitments signed this year.
“This is a good sign of the underlying confidence in Singapore’s position as a key financial centre,” he said.
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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