Some 280,000 square feet of prime Grade A office space will be ready by mid-2009. The S$450 million development, targeted at banks and financial institutions, will be located at 71 Robinson Road.
It is a partnership between property development firm Kajima, and investment bank Lehman Brothers.
Demolition works started in July.
Rents will be priced in line with market rates and already four financial institutions are looking at being anchor tenants for the development.
Currently, the vacancy rate for prime Grade A office space is less than 1.65 per cent.
Jones Lang LaSalle estimates demand at almost two million square feet of new space per year, with the expansion of multi-national companies - and a short term supply crunch - driving the market. - CNA/ch
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