TE Capital Partners Gets Approval For PIL Bldg Redevelopment
SINGAPORE – TE Capital Partners and LaSalle Investment Management has secured building plan approval to redevelop PIL Building, which they had purchased earlier this year, into a Grade A commercial project, reported Mingtiandi on Monday evening (29 August, SGT).
Compared to the existing 17-level PIL building, the new office tower will have a height of 20 storeys. It will add more than 190,000 sq ft of prime office space in Singapore’s central business district (CBD), a resilient market where office vacancy levels reach a of low 5.1 percent during the COVID-19 pandemic and office rents edged up 1.6 percent in Q2 2022 compared to the prior quarter, based on data from Cushman & Wakefield (C&W).
The vision for the commercial property is a world-class, institutional-grade office space with advanced eco-friendly specifications coveted by multinational office tenants and investors.
As a matter of fact, the project will come with extensive energy- and water-efficient features and smart technology that will make the office building qualify for the Green Mark Platinum certification from Singapore’s Building and Construction Authority (BCA).
Located at 148 Cecil Street, the office building will have floor plates measuring over 12,000 sq ft with floor-to-floor height of 16 ft. It will also contain a sky garden on the 4th floor and a sky lounge on the roof.
Aside from that, the commercial property will incorporate wellness elements designed to look after staff’s well-being and promote more workplace interaction and activities. Among the office tower’s high-tech features are sustainability-monitoring dashboards, apps for booking of shared facilities, and a destination-controlled touchless sensor lift access systems.
The development is within proximity to the MRT stations in Raffles Place, Telok Ayer, Tanjong Pagar, and Shenton Way.
The new office tower at 148 Cecil Street is poised to start construction next year.