DBS Bank has agreed to acquire a 30 percent stake in the office tower in Singapore that is its operational headquarters and where roughly 4,800 of its employees are based.
An official statement from DBS on the subject made clear its intention to buy equity in Central Boulevard Development Pte with a view to owning a significant stake in the Marina Bay Financial Centre (MBFC) Tower 3 building in central Singapore.
MBFC Tower 3 is a new 46-storey international Grade A office development that topped out in March 2012 and is among the most high-profile recent additions to the Singapore skyline. DBS Bank is the building’s anchor tenant and occupies 600,000 sq ft of offices across a total of 18 floors.
As well as traditional office space work environments, the bank has its flagship branch and several customer-facing units based at the site. The fit-out effort that created the DBS operating base was among the largest ever undertaken in Singapore, according to the company.
“We set out to create a conducive and collaborative workplace of the future for our employees who have been instrumental to DBS’ progress,” explained DBS Bank’s chief executive Piyush Gupta. “The decision to acquire a stake in our new headquarters in MBFC Tower 3 enables us to better manage our occupancy costs in the long-term.”
Marina Bay is home to some of the most desirable office space in South East Asia and many of the largest financial services companies in the world. DBS’ relocation to its MBFC Tower 3 offices completed in October 2012 and has been described by the firm as a major milestone in a regional strategic occupancy plan it drew up and revealed in 2007.