Singapore-listed Straits Trading Company is pumping in some S$60 million to build a new building.
It will be developed on the site of the old Straits Trading Building and is expected to be completed in 2009. Agents for the New Straits Trading Building said they see strong demand for premium mid-sized office space.
A new 28-storey Straits Trading Building will rise in the heart of Singapore's financial district.
There will only be two tenants per floor, with about 8,400 square feet for a typical column free office.
This may be small compared to an average of 18,000 square feet for offices at the Marina Bay Financial Centre.
However, the marketing agents said that there will be demand from multinational companies and financial institutions that want to locate near Raffles Place.
Calvin Yeo, Director, Commercial Leasing, Colliers International, said, "Unlike the new supply that is coming up in the new downtown, Straits Trading Building will meet the demand for tenants requiring a prime office address...there are no new developments coming up in Battery Road and this would be an opportunity for tenants requiring that premium address."
Rentals would likely be at S$18 per square foot.
That is comparable to other buildings nearby such as 6 Battery Road.
The new building will also have unique design features such as two open air sky gardens and concierge services for tenants.
Norman Ip, CEO, Straits Trading, said, "I won't say it's really super luxurious, it's more practical in raising the standards, because I think people's expectations all have gone up...so definitely we aim for better quality."
Construction is expected to be completed by the third quarter of 2009. - CNA/ms
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