Amazon To Occupy 369,000 Sq Ft At IOI Central Boulevard Towers
SINGAPORE – E-commerce giant Amazon is said to have signed a deal to lease 369,000 sq ft of office space at the IOI Central Boulevard Towers, reported The Business Times on Friday morning (8 July, SGT).
The workspaces the company will occupy will consist of two floors measuring 70,000 sq ft each in the commercial development’s podium and all nine floors in the East Tower measuring 25,400 sq ft each. These office spaces total about 368,600 sq ft.
The IOI Central Boulevard Towers will also have another 40 office floors collectively spanning about 887,000 sq ft in its West Tower. Overall, the commercial property will feature around 30,000 sq ft of retail space and 1.26 million sq ft of office space, both in terms of net leasable area (NLA).
The commercial project is expected to be ready by October 2023. It is being developed by Malaysia-listed IOI Properties Group, while Jones Lang LaSalle (JLL) is believed to have negotiated Amazon’s office lease.
Currently, the e-commerce giant is occupying 100,000 sq ft of office space at Asia Square Tower 1, 80,000 sq ft at Capital Square, and around 45,000 sq ft at One George Street. It has also subscribed to WeWork’s coworking space at Manulife Tower along Cross Street.
Some market watchers think that Amazon may be keeping its options open on its existing office space, given that its Singapore business and headcount are still expanding.
Based on market chatter, the tech giant could be paying a gross effective office rent of roughly S$10 psf per month for the office space at IOI Central Boulevard Towers. While owner IOI Properties is said to be targeting a monthly average rental ranging from S$12 psf to 14 psf, Amazon would likely enjoy a lower rental rate as it’s the project’s first big-name anchor tenant, noted experts.
“IOI Central Boulevard Towers is a very attractive option for a large occupier as the development will offer contiguous premium office space in a strategic location in the heart of the CBD. It also has direct access to the Downtown MRT station,” commented Colliers’ Head of tenant representation for Singapore June Chua.
Meanwhile, office rental activity at Guoco Midtown, a mixed-use project along Beach Road, has been gathering pace as well. The floor plates of the development’s office building, which is anticipated to be ready by November 2022, measure between 29,500 sq ft and 30,000 sq ft.
Aside from that, ByteDance is expected to lease four of the seven floors formerly occupied by JPMorgan at Capital Tower. Combined, the four office floors measure more than 80,000 sq ft.