Singtel and Lendlease team up for $3 bil redevelopment of Comcentre
/ EdgeProp Singapore |
Artist's impression of the new Singtel Comcentre (Picture: Singtel)
SINGAPORE (EDGEPROP) - Singtel announced it will be partnering Lendlease to redevelop its Comcentre headquarters into a $3 billion world-class sustainable workplace. This follows the telco's announcement in February on plans to redevelop the office building, located along the Orchard Road belt, which has been its headquarters since 1979.
Artist’s impression of the new Singtel Comcentre, viewed from Eber Road (Picture: SIngtel)
The two companies will enter into a joint venture for the project, with Lendlease subscribing to 49% of the shares of the joint venture company in 2024, while Singtel will hold the remaining 51%.
The joint venture company will pay $1.63 billion to Singtel for the land cost of the development, in or around 2024. Singtel will be responsible for the differential premium payable on the redevelopment. Lendlease will provide development, construction and ongoing property and asset management services.
Singtel group CEO Yuen Kuan Moon says the redevelopment of Comcentre is in line with the group’s capital recycling strategy to unlock the latent value of its assets. “This is a strategic move that will further strengthen our financial position, bring about an exciting next-generation workplace for our employees, and contribute to the rejuvenation of the Orchard Road precinct,” he adds.
Singtel is expected to occupy about 30% of the total space in the new development, which will comprise two 20-storey Grade A office buildings with a total gross floor area in excess of 1.18 million sq ft. It will also have roughly 30,000 sq ft of F&B, lifestyle and retail space, including a Singtel flagship store. In addition, the building will feature an elevated rooftop park with a 300-person auditorium, a running and walking track and an integrated wellness hub.
Artist’s impression of the development's 'Innovation Park' with a view of the city (Picture: Singtel)
According to Singtel and Lendlease, the new Comcentre will be a net-zero energy development and will incorporate sustainable and biophilic design. It will target health, technology and sustainability ratings including the Building Construction Authority’s Green Mark Platinum (Zero Energy), the WELL Platinum certification and WiredScore and SmartScore ratings.
Tony Lombardo, global CEO and managing director for Lendlease, notes that the new Comcentre will answer the growing demand for workplaces that operate more sustainably while incorporating smart building and digital technologies.
Artist's impression of the arrival area (Picture: Singtel)
Singtel’s Yuen concurs. “With its unparalleled location in the centre of Singapore’s famous shopping belt with a modern urban design, smart workplace features and commanding presence, Comcentre will be an attractive location for progressive companies seeking a prestigious ‘deep green’ business address,” he says.
The new Comcentre will be designed by a team of architects including New York-based Kohn Pedersen Fox, known for projects such as One Shenzhen Bay, New York City’s Hudson Yards, Hong Kong’s Victoria Dockside, and Singapore’s Robinson Tower.
The development is anticipated to be completed in 2028.
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