Asia Square Tower 1

Published November 9, 2011

Two-thirds of Asia Square Tower 1 taken up By UMA SHANKARI TOWER 1 of Asia Square, the newest office building in the Marina Bay financial district, is about 68 per cent leased at rents between $12-16 per square foot per month, the project's head of leasing, Luke Moffat, said in an update.

Mr Moffat, who was speaking to reporters after the tower's grand opening last night, added that he expects Tower 1 to be fully let by the middle of 2012.

He also does not see rents being reduced in order to secure tenants. 'We don't see it as a period where we will have to drop rents, but things will be a bit slow.'

The 43-storey Asia Square Tower 1 has some 1.26 million square feet of office space. Around 32 per cent of the space has yet to be leased, though Mr Moffat's team is negotiating with a few tenants, he said.
One potential tenant in the financial sector could possibly take up a few high-rise floors, BT understands.

Companies that have already signed leases include Citibank (which will take up nine floors), Google (three-and-a-half floors) Bank Sarasin and White & Case.

The guest-of-honour at the opening ceremony, Emeritus Senior Minister Goh Chok Tong, said that Asia Square introduces the latest innovation in design, building technology and efficiency, which will advance Singapore's goal of building a world-class business district.

'Looking ahead, we must continue to upgrade Singapore's business infrastructure in order to meet the changing needs of global business and finance and to serve the financing and investment needs of a growing Asia.

'Our business spaces should be innovative and flexible, and our downtown should provide attractive lifestyle options for those who work, live and play here.'

Asia Square's Tower 2 will be ready in 2013. The building will be the first development in Singapore's new downtown to integrate a 305-room five-star Westin Hotel.

Asia Square is owned by MGPA, a private equity real estate investment advisory company which counts Australia's Macquarie group among its shareholders.

BT

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My Thots...

Prime Office still looks good, if this BT article is correct.