Ascendas REIT will build the new HQ slated for completion in 2020.
Ascendas Real Estate Investment Trust (REIT) has inked deals with ride-hailing decacorn Grab to design and build the latter’s new headquarters in Singapore which will be located within the one-north business park, an announcement revealed.
The building will house all of Grab’s Singapore-based employees to create its first dedicated physical facility for the company, as well as its largest research and development (R&D) centre. It will also have an estimated gross floor area (GFA) of 42,310 sqm and is slated for completion in Q4 2020, the firms revealed. It’s total development cost is also estimated at $181.2m
Grab has committed to lease 100% of the building GFA for 11 years with a renewal option of five years, the statement added.
“The increased capacity of our headquarters will also enable us to achieve our ambitions of becoming the leading super-app in Southeast Asia,” Grab’s head of people Ong Chin Yin said in a statement. “To this end, we have plans to create and hire for a thousand more exciting roles globally over the next 12 months.”
Grab’s new headquarters will reportedly provide its employees with a green and sustainable workplace environment by incorporating lush greenery in its grounds and mid-level sky terraces that are integrated with communal spaces and public pedestrian paths. And to further support the government’s move to reduce the country’s carbon footprint, lockers and shower facilities will be provided in a bid to encourage Grab’s employees to take up cycling as a mode of commuting.
“Other green features include the use of recycled building materials and energy efficient low emissive glass facade to reduce solar heat gain,” the firms said in a joint statement, adding that the development is expected to achieve Green Mark Gold certification from the Building and Construction Authority.
According to Ascendas Funds Management’s CEO William Tay, the 11-year long lease commitment by Grab will provide Ascendas REIT with a stable income stream. “This build-to-suit development takes our business and science park investments to $3.8b and accounts for 34% of our total portfolio value of $11.3b,” he revealed.
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