Prudential Singapore Likely To Lease Another 50,000 Sq Ft At Labrador Tower
SINGAPORE – It is understood that Prudential Singapore, which had earlier committed to occupy around 150,000 sq ft of office space at Labrador Tower, will likely to exercise an option to lease an additional 50,000 sq ft in the commercial property, reported The Business Times on Saturday morning (July 15, 2023).
Market observers reckon that that the insurer could pay a higher monthly gross effective rent in the low-S$8 psf region for the 50,000 sq ft workspace versus the mid-S$7 psf region for the larger office space.
Aside from that, Anglo-Eastern Ship Management, which is presently occupying space at the Southpoint building in Cantonment Road, has agreed to lease an office floor in Labrador Tower.
Meanwhile, MOH Holdings clarified that that is not in any discussions to rent office space at Labrador Tower after The Business Times claimed that it’s expected to rent around 140,000 sq ft there.
Labrador Tower, which is expected to be ready by 2024, is being built by SP Group on top of a huge subterranean electrical substation.
The mixed-use commercial property at Pasir Panjang Road consists of a 34-storey tower. Specifically, it contains around 700,000 sq ft of leasable office space across 29 floors. There will also be retail and F&B outlet on the first and second floor of a low-rise block in addition to some F&B space on the uppermost level of the office building.
Apart from having breath-taking views of the sea and verdant surroundings, the certified Green Mark Platinum Super Low Energy development will be directly connected to the adjacent Labrador Park MRT Station.