logo
New Singtel headquarters to feature 20,000 sq m of retail and lifestyle space

New Singtel headquarters to feature 20,000 sq m of retail and lifestyle space

CNA09-07-2025
SINGAPORE: Singtel's new Comcentre headquarters is expected to add about 20,000 sq m of lifestyle and retail space to the Orchard Road precinct.
Set to be completed in 2028, the new building at its Exeter Road site will feature a sheltered arcade, the biggest elevated urban park in Singapore and a pet-friendly area.
The S$3 billion (US$2.3 billion) redevelopment will comprise two 20-storey towers with a total gross floor area of more than 110,000 sq m.
The first few floors will be open to the public with amenities including a gym, auditorium, medical centre, eateries and retail outlets.
Meanwhile, 80 per cent of the space will be dedicated to Grade A offices - the highest quality of office space available.
Singtel is the project's co-developer and anchor tenant, occupying 30 per cent of the space. Its new flagship store will also be situated there.
An underground walkway will link Devonshire Road to Killiney Road and Exeter Road.
Minister for National Development Chee Hong Tat said on Tuesday (Jul 8) that the redevelopment of the Comcentre is expected to invigorate the surrounding area and provide more amenities.
'The revitalised Comcentre will serve as a vibrant community hub with new public spaces and improved connectivity, bringing people from all walks of life together, supporting local businesses,' he said during a groundbreaking event.
Singtel Group CEO Yuen Kuan Moon said the centre integrates 5G+ network slicing technology and smart building infrastructure.
'(This creates) a place … for businesses to use the latest technologies to develop new products and solutions and thrive,' he added. 'Overall, it will be a state-of-the-art technology building for the future.'
GREEN BUILDING
Singtel's Comcentre started operations as the telco's headquarters in 1979, and its redevelopment was announced in 2022.
A joint venture between Singtel and Australian developer Lendlease, the new Comcentre is set to be Singapore's first carbon-neutral commercial development.
Every phase, from design to construction to day-to-day operations, is targeted at reducing carbon emissions.
The project aims to achieve a 70 per cent improvement in energy efficiency compared to its 2005 baselines.
It will also generate 1,000 megawatt-hours of renewable energy on-site annually from green technologies such as solar panels.
Lush greenery will feature on the ground floor, at an open terrace on the fourth floor as well as the rooftop.
'As we work towards realising Singapore's vision for more ambitious sustainability standards in the built environment, I hope the Comcentre can serve as a shining example of how commercial success and environmental sustainability can go hand-in-hand,' said Mr Chee.
The centre is also on track to be the first in Asia to achieve three major green-building certifications.
Mr Tony Lombardo, Lendlease Group's CEO and managing director, said that 90 per cent of material from the demolished building will be recycled.
He said the project 'not only redefines the workplace, but also sets a new benchmark for sustainable and connected living in Singapore and beyond.'
Building and Construction Authority CEO Kelvin Wong hailed the project as a milestone on the sustainability front.
'In the Singapore green building master plan, we have goals for 80 per cent of buildings to achieve super low energy as well as 80 per cent (improvement in) energy efficiency by 2030,' he said.
'This project helps us achieve new steps and progress towards those goals.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

SingPost directors quizzed about future strategies and CEO at AGM
SingPost directors quizzed about future strategies and CEO at AGM

Business Times

timean hour ago

  • Business Times

SingPost directors quizzed about future strategies and CEO at AGM

[SINGAPORE] National postal service provider Singapore Post's (SingPost) board was pressed by shareholders at its annual general meeting (AGM) on Wednesday (Jul 23) for more information about the path forward as its search for a new chief executive officer drags on. Meanwhile, chairman Simon Israel, at his last SingPost AGM before stepping down, disclosed that the decision of divesting SingPost Centre, the flagship headquarters building in Paya Lebar, now lies with the reconstituted board, which will review whether the property is non-core to the group and is to be sold. He and other directors were quizzed at the listed firm's 33rd AGM held at Suntec Singapore about the reset strategy that shareholders have been looking forward to since they approved the divestment of the Australian logistics business Freight Management Holdings for A$1 billion (about S$845 million) in March. They were also queried about the CEO who would replace the dismissed predecessor and be tasked with executing the reset strategy. Group CEO Vincent Phang was fired together with group chief financial officer Vincent Yik and CEO of international business unit Li Yu in December 2024 over the alleged mishandling of a whistle-blower's report. The questions from shareholders came as the presentation at the AGM left them none the wiser about SingPost's plans or strategies to replace the divested Australian logistics business, which had been a core business and key financial contributor. This caused a shareholder to express his displeasure that the reconstituted seven-member board, including incoming chairman Teo Swee Lian, does not have an idea as yet about the path forward, despite the board renewal and the passage of time. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'We came here with a lot of expectation... I feel very disappointed... We already know the current situation, but what's next? What kind of CEO are you looking for to run whatever remains in SingPost? 'You tell us to be patient. We have been patient all this while. Today is an important day; I thought you should have at least given us some guidance that (would signal) there is hope for SingPost.' This shareholder also asked the recently appointed non-executive, non-independent director Gan Siok Hoon – deputy group chief corporate officer of Singtel – to share the views of the telecommunications company, considering it is SingPost's major shareholder. Israel pointed out that Gan is not the spokesperson for Singtel. Questions over a new CEO Another shareholder also asked the board about the kind of CEO it is looking for, and suggested that a new helmsman be appointed only when the board has a clear strategy. 'Because your strategy is still in a little bit of a flux, you may hire a CEO and end up with the CEO (having) nothing much to run… Should you be a bit cautious in terms of hiring the CEO at this point, or should you continue to run with an interim CEO (until the board has) more certainty? Because I also think the kind of CEO you need also depends on the strategy that you think the company should pursue.' Teo asked for patience and the opportunity for her board to do a review as these are 'not easy issues'. Also, she flagged that there will be a conversation with 'very important stakeholders' on what to do. She added: 'I do not know of any high-performing organisation that wants to continue the situation without the CEO. I think that's not best practice, really. So we do have to search for a CEO. We're very fortunate, we have the candidates… We will, in due course, identify who the person will be.' The CEO must have leadership quality, think out of the box with a free hand, and be enterprising, Teo elaborated. 'We're looking for people who can actually take a company which is not in the best situation, and still find what can be done in order to get a pathway for ourselves to be sustainable in the long term.' A shareholder suggested that SingPost take the privatisation route and liquidate its assets, including SingPost Centre, and return capital to shareholders. But Israel replied that privatisation is not within the board's scope of work and that it requires an external actor. Regarding SingPost Centre The outgoing chairman also told shareholders that the SingPost Centre would be 'the last big piece' to unlock value, after SingPost sold its Australian logistics business in March and its freight-forwarding business this week, as well as the earlier sale-and-leaseback bid of 10 HDB shophouses for S$50 million. SingPost Centre was defined as 'non-core' following a strategic review in 2023-2024, because the board did not think SingPost was a property company, Israel said. The directors have not decided on the timing of the divestment even though the property, last valued at about S$1 billion, has since been earmarked for sale. Israel pointed out that the board has never set out a timeline for the sale of this asset. He added: 'Now that brings us to today's circumstances... It's quite clear that the short-term earnings of SingPost, while it works its way through its strategy and what the future holds and which options it's going to pursue, are underwritten by the property business. 'So it really will be for the board in the future to define whether that remains non-core, it becomes core, or whatever the options are around that property.' The business contributed a full-year operating profit of S$48.4 million – more than any other segment, and higher than the total group operating profit of S$44.3 million after accounting for operating losses in some segments. All 13 resolutions were approved at the AGM that lasted more than 1.5 hours, including for a special dividend of S$0.09 per share to be paid out of the sale proceeds of the Australian logistics business. The counter closed 2.3 per cent or S$0.015 up at S$0.655 on Wednesday.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store