Singtel’s Comcentre HQ To Undergo S$3bil Redevelopment
SINGAPORE – Singtel announced that it has teamed up with Australia property group Lendlease to redevelop the former’s Comcentre headquarters in Singapore into a $3 billion world-class sustainable workplace, according to a press release published on Wednesday morning (1 June, SGT).
The redeveloped Comcentre will be designed by a renowned team of architects, including New York-based Kohn Pedersen Fox. Apart from being a net zero energy development, it targets to achieve some of the top eco-friendly credentials, namely WiredScore, SmartScore, WELL Platinum, and BCA Green Mark Platinum (Zero Energy).
The redeveloped project is expected to have an overall gross floor area (GFA) of more than 110,000 sq m, comprising two 20-storey buildings with Premium Grade or Grade A office space. As anchor tenant, Singtel is expected to occupy about 30 percent of the space there. The towers will also offer panoramic views of Singapore’s central business district (CBD) and the surrounding Orchard precinct.
At its ground level, there will be a spacious sheltered arcade and vibrant urban space spanning nearly 3,000 sq m that will house F&B outlets, lifestyle and retail space, including Singtel’s new flagship store. The proposed design also includes an elevated rooftop park featuring a 300-person auditorium, in addition to a running and walking track and integrated wellness hub.
“People around the world are increasingly demanding their workplaces operate more sustainably while incorporating the very latest smart building and digital technologies. That’s exactly what the new Comcentre stands to be. Singapore is, undoubtedly, one of the world’s great cities and we stand ready to work alongside Singtel to create one of the world’s great workplaces,” commented Lendlease Global CEO and Managing Director Tony Lombardo.
For the redevelopment, Singtel and Lendlease plans to enter in in 2024 into a joint venture (JV), where Lendlease will own 49 percent of the joint venture company, while Singtel will hold the remaining 51 percent.
The joint venture company will pay S$1.63 billion to Singtel for the land cost of the development in or around 2024. The Singapore telecom company will be responsible for the differential premium payable on the redevelopment.
“The redevelopment of Comcentre is in line with our capital recycling strategy to unlock the latent value of our assets and invest the proceeds in growth areas where we can achieve higher returns. This is a strategic move that will further strengthen our financial position, bring about an exciting next-generation workplace for our employees, and contribute to the rejuvenation of the Orchard Road precinct,” added Singtel Group’s CEO Yuen Kuan Moon.
