Source : The Business Times, January 23, 2008
A NEW 28-storey Grade A office tower at 9 Battery Road has been launched by Straits Trading Company through its subsidiary Straits Developments.
The Straits Trading Building, which is intended to be completed by the third quarter of next year, will have about 160,000 square feet of lettable office space. It replaces the old Straits Trading Building, which was built in 1972 on the same site and redeveloped into the present tower in 2006 with a slightly higher plot ratio.
Calvin Yeo, director of commercial leasing at Colliers International, the marketing agent, said it was asking for about $18 per square foot in rent. Colliers has been marketing the building to multinational corporations especially those in the financial sector, business services and professional services. Mr Yeo said pre-launch interest has been strong.
‘Though large financial institutions represent the bulk of recent growth in demand for office space in the current market, we are also observing strong demand for premium office space from multinational companies who are mid-sized users,’ he said.
The new building features two double-storey open air gardens, and roughly 8,300 sq ft of office space per floor for a maximum of two tenants.
The designer, Team Design Architects, is studying plans to build solar panels on the roof, as well as solar-powered air conditioning for the top floors, said director Loke Kwong Yoon.
The green features will add less than 5 per cent to the development cost, he added.
The construction cost is now put at $60 million, according to Straits Trading Company president and chief executive Norman Ip.
Straits Trading Company, which had its corporate headquarters in the old building, is likely to return to the new one and take up the top floors.
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