Singapore Telecommunications (Singtel) and Australia’s Lendlease have formed a joint venture to redevelop Singtel’s new S$3bn (€2bn) headquarters in in Singapore’s bustling Orchard Road.
Singtel said Lendlease had been selected as the appointed developer who would provide development, construction and ongoing property and asset management services for the Comcentre building.
The partners will set up a joint venture, in which Singtel will hold a 51% stake while Lendlease the remaining 49%.
The Singapore telco said the joint venture company would buy the land from Singtel for S$1.63bn and that its current expected equity commitment to the redevelopment was in “the range of S$420m to S$570m”.
The project, due to be completed in 2028, represents Lendlease’s 21st major urban project globally.
Singtel is expected to be the anchor tenant of the completed development, and will occupy around 30% of 110,000sqm of the total space in the new development.
Singtel Group CEO, Yuen Kuan Moon, said: “The redevelopment of Comcentre is in line with our capital recycling strategy to unlock the latent value of our assets and invest the proceeds in growth areas where we can achieve higher returns.“
Lendlease global CEO and managing director, Tony Lombardo, said: “People around the world are increasingly demanding their workplaces operate more sustainably while incorporating the very latest smart building and digital technologies.
“That’s exactly what the new Comcentre stands to be. Singapore is, undoubtedly, one of the world’s great cities and we stand ready to work alongside Singtel to create one of the world’s great workplaces.”
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