Singtel allots $2b to redevelop Comcentre headquarters
It aims to convert this into a next-generation office development.
Plans were announced today by Singtel to redevelop the Group’s landmark Comcentre along the Orchard Belt.
A total cost of redevelopment, including land costs, is estimated beyond $2b. Focuses of the redevelopment include maximising the site’s potential and building efficiency, As part of its strategy, the group will also divest Comcentre to a joint venture company formed with the appointed developer.
“With the redevelopment of Comcentre, we aim to establish a new standard for the global office of the future by combining the latest technologies and sustainable workspaces to create pleasant, collaborative and connected environments for our employees and other building occupants, catering to the increasing adoption of hybrid work strategies,” said Yuen Kuan Moon, CEO, Singtel Group.
As of now, two developers have been shortlisted in the first phase of the tender, with them being evaluated on the quality of design concept, asset valuation and track record. A final appointment is expected by May.
After the upgrade, the new Comcentre is expected to have a total gross area of around 110,000 square meters, up from the site area of 19,252.6 square meters. Plans to be integrated into the surrounding area and a connection to Somerset MRT are also planned for the site.
“This reimagined Comcentre is the latest exciting step in Singtel's transformation since we started our strategic reset last year. We aim to create an environment that stimulates greater innovation, collaboration and engagement, inspiring our people to do their best work and serve our communities. This will be a magnet for talent who want to co-create and collaborate in an innovative environment. The redevelopment of our headquarters also supports our vision to build a greener and sustainable future and will further facilitate our efforts to reach net-zero for our own operations,” said Yuen.
The structure is expected to be completed by the end of 2028, with Singtel relocating to temporary spaces by 2024.