Prudential To Occupy Large Office Space At Upcoming Labrador Tower
SINGAPORE – It has been known that Prudential Singapore has signed a deal to lease around 150,000 sq ft of office space at Labrador Tower, which is targeted for completion by 2024, reported The Business Times on Thursday morning (8 March, SGT)
The 34-storey mixed-use commercial property at Pasir Panjang Road is being built by SP Group on top of a huge subterranean electrical substation. The Green Mark Platinum Super Low Energy project will also be directly connected to the adjacent Labrador Park MRT Station.
The development will contain 29 levels of leasable office space collectively measuring about 700,000 sq ft. It will also have retail and eateries on the 1st and 2nd floor of a low-rise building, plus some eateries on the highest level of the office tower.
Colliers’ Executive Director and Head of tenant representation in Singapore reckons that the initial anchor tenants at Labrador Tower’s office space would pay a monthly gross effective rent in the mid-S$7 psf range.
“As the building fills up, the rental rates for smaller tenants could be in excess of S$8 psf,” she estimated, adding that the completion of commercial property will help to “anchor the transformation of the Alexandra CBD-fringe office precinct”.
Meanwhile, most of Prudential Singapore’s agency offices operating at 51 Scotts Road adjacent to Newton MRT Station are expected to transfer to Labrador Tower once it’s completed next year.
Market watchers revealed that Prudential is likely relocating from its office at a 4-level building at Scotts Road, as its current premises was developed on a transitional office site sold by the government with a 15-year leasehold tenure that expired last November, but was granted a two-year extension by the Singapore Land Authority (SLA).