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UBS Singapore will take up all eight levels of Grade A office space at 9 Penang Road, revealed SingHaiyi Group and its joint venture (JV) partners Haiyi Holdings and Suntec (PM).
Haiyi Holdings is a wholly-owned entity of the group’s major shareholders, Gordon Tang and Celine Tang.
SingHaiyi Group and Haiyi Holdings each own a 35 percent stake in the JV, while the remaining 30 percent is held by Suntec.
Occupying 381,000 sq ft of net lettable area across two towers, UBS Singapore intends to move to the 10-storey Grade A office building in the second half of 2020.
“The move will allow us to bring employees currently working at One Raffles Quay and Suntec City under one roof to enhance collaboration, as well as offer new capacity for future growth in Asia Pacific,” said August Hatecke, country head at UBS Singapore.
“The new premises will also be home to the UBS University which provides training and development programs for employees across the region.”
Aside from having UBS Singapore as the anchor office tenant, the new building’s 15,000 sq ft of retail space has also attracted robust interest from potential retail tenants, F&B outlets and ancillary services.
Strategically located within the gateway of the Orchard Road shopping belt, Civic District and Central Business District, 9 Penang Road is currently undergoing redevelopment, with works expected to be completed in the fourth quarter of 2019.
“9 Penang Road marks SingHaiyi’s first foray into commercial property redevelopment and a strategic springboard to expand our brand and track record in commercial and retail property development,” said Celine Tang, group managing director of SingHaiyi.
“We are confident that 9 Penang Road will be a leading landmark in the area.”
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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