The Executive Centre to open Singapore Land Tower workspace in January 2024
TEC’s Lim says the business’s growth energy in Southeast Asia is anticipated to carry into 2024. Noting that its developments are steered by client demands, she highlights that TEC’s networks of facilities within Southeast Asia are bolstered by clients that have a global visibility in the area.
The opening of the TEC centre at Singapore Land Tower is a response to this growing need, states Yvonne Lim, TEC’s handling director for Southeast Asia. She includes that the brand-new hub is viewing “sturdy demand”, in accordance with the strong tenancy price at TEC’s different centres in the city. Since September, TEC’s average occupancy price in Singapore ranked at 95%.
The beginning of the brand-new centre comes amid expanding need for workplace in Singapore, TEC states in a Nov 27 press release. The greater interest emerges from MNCs wanting to arrange offices in Singapore, along with growing back-to-office force stemming from companies tightening hybrid working policies. Pointing out CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC notes that 64% of business are centered on boosting office attendance or boosting job performance.
Additionally, TEC monitors that the way lessees use office spaces has changed since pre-Covid days, with firms putting higher emphasis on having accessibility to a combination of purpose-built places including private workplaces for concentrated work, flexible seating, shared meeting rooms, and event areas.
The latest centre adheres to a set of four launchings TEC has already carried out throughout Southeast Asia this year: one in Singapore’s Capital Square together with one each in Jakarta, Ho Chi Minh City and Manila. Collectively, TEC has certainly added just about 1,200 workstations throughout these major Southeast Asian markets in 2023, offering a 33% increase in workstation expansion.
Open work area company The Executive Centre will start its 8th facility in Singapore, found at the Singapore Land Tower, in January 2024. The centre rises on the 45th to 47th floors of the office tower at 50 Raffles Place, around Raffles Place MRT Stop. Covering 50,720 sq ft, it is going to have 490 workstations and consist of exclusive offices and a member lounge.
Since September, TEC’s average tenancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.