SINGAPORE, 12 Dec 2007 - DBS Bank (DBS) today signed an agreement
to lease 700,000 square feet of office space at Marina Bay Financial Centre (MBFC),
as part of its strategic occupancy programme. The new DBS headquarters in MBFC
constitutes the largest lease deal transacted in Singapore to-date.
The lease was signed today at a ceremony attended by DBS CEO Jackson Tai,
David Martin, General Manager of MBFC and the shareholders of MBFC.
The move to the new DBS Group headquarters is part of a comprehensive,
multi-year strategic occupancy programme that includes the relocation of various units
to a purpose built nine-storey building at Changi Business Park, near the Expo MRT
station in 2010. The Changi Business Park site has a permissible Gross Floor Area of
approximately 500,000 sq ft and will be developed in phases.
Earlier in October, DBS signed a lease for more than 220,000 sq ft of office
space at One Island East, a 70-storey building with Swire Properties in Hong Kong.
DBS Hong Kong will be the anchor tenant and the move to the new premises will
commence in early 2008.
DBS CEO Jackson Tai said: “DBS will be located right at the heart of the
Singapore’s new financial district in 2012. The new DBS headquarters will allow the
bank to consolidate its various customer facing units, trading operations and its
corporate headquarters into one building. Equally important, our strategic occupancy
programme ensures that our staff are housed in efficient, up-to-date facilities while
providing certainty of our occupancy costs over the near term."
He added: "At the same time, the new operations hub at Changi Business Park
and the new office at One Island East in Hong Kong will enable the bank to meet
expansion needs as DBS grows its customer franchise in Asia."
MBFC is jointly developed by Keppel Land Limited, Hongkong Land and
Cheung Kong (Holdings) Limited.
David Martin, General Manager of MBFC said: "We are delighted that DBS will
anchor the Marina Bay Financial Centre with their head office. DBS' move to the
Marina Bay Financial Centre cements MBFC’s reputation and will significantly add to
the centre of banking and financial excellence, as well as a vibrant urban setting we
are creating at Marina Bay," Mr Martin said.
Mr Tai said: "This transaction and our strategic occupancy programme
underscore our commitment to our people by providing them with a friendly and
modern workplace environment."
“In the 1970s, the DBS Building at Shenton Way was the tallest in Singapore.
Today, with the signing of this lease, we are pleased to anchor the new financial
business district at Marina Bay," added Mr Tai.
The 48-storey MBFC Tower 3 is the latest tower to be built in the area. DBS
intends to occupy 22 floors and has secured a 12-year lease from 2012 with options to
renew. This lease agreement is conditional upon the necessary building approvals
being obtained.