The Executive Centre to open Singapore Land Tower workspace in January 2024
The new centre follows a collection of four openings TEC has already carried out across Southeast Asia this year: one in Singapore’s Capital Square along with one each in Jakarta, Ho Chi Minh City and Manila. Together, TEC has added nearly 1,200 workstations throughout these major Southeast Asian markets in 2023, offering a 33% rise in workstation growth.
Open work area provider The Executive Centre will launch its 8th center in Singapore, found at the Singapore Land Tower, in January 2024. The centre lies on the 45th to 47th levels of the business office high rise at 50 Raffles Place, close to Raffles Place MRT Terminal. Spanning 50,720 sq ft, it is going to have 490 offices and consist of exclusive offices and a user lounge.
The opening of the TEC hub at Singapore Land Tower is a feedback to this increasing necessity, states Yvonne Lim, TEC’s coordinating supervisor for Southeast Asia. She adds that the new hub is seeing “strong interest”, according to the solid occupancy price at TEC’s different centers in the city. Since September, TEC’s standard tenancy price in Singapore stood at 95%.
Furthermore, TEC observes that the way occupants use workplace has changed since pre-Covid days, with firms placing better focus on having entry to a mix of purpose-built places featuring private offices for focused work, adjustable seating, joint meeting rooms, and event areas.
Since September, TEC’s common tenancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
TEC’s Lim says the firm’s development energy in Southeast Asia is expected to carry toward 2024. Keeping in mind that its growths are steered by customer demands, she highlights that TEC’s networks of centers throughout Southeast Asia are strengthened by clients that have an international existence in the area.
The beginning of the new facility happens in the middle of evolving demand for office in Singapore, TEC claims in a Nov 27 announcement. The higher interest occurs from MNCs wanting to set up offices in Singapore, as well as growing back-to-office momentum originating from employers tightening hybrid working regulations. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of firms are centered on raising office attendance or improving work effectiveness.
