A total of some two million square feet of grade-A office space is expected to be added to the island’s overall stock as a result of the construction effort, which is now slated to begin later this year and to complete in 2013.
See an example of completed Regus office space in Asia Square Tower here
Asia Square’s first tower is among the most high-profile development projects currently underway in Singapore and the two-pronged initiative will eventually see hundreds of hotel rooms and dozens of retail units made available, as well as millions of square feet of new office space.
Work on Tower 1 is expected to be completed within the next few months, with Hyundai E&C having played a part in its progress and now gearing up to lead the construction effort on the second tower.
As well as adding substantially to Singapore’s office space stock, the Asia Square scheme will be the first in the Marina Bay area of the city to integrate five-star business accommodation and 100,000 sq ft of public space into its design.
Architect firm Denton Corker Marshall has been behind the designs for the innovative development, which is the first in Singapore to have been given a ‘Platinum’ certification by the US Green Building Council.
Elsewhere in the same Singapore district, phase two of the Marina Bay Financial Centre is well underway, with developer Raffles Quay Asset Management having reached 66 per cent occupancy on its under-construction office space.
CBRE recently suggested that most of the world’s new office space towers will be built somewhere in the Asia-Pacific region over the course of the next two years.
Editor’s notes: High-profile tenants that agreed to rent office space at Tower 1 Asia Square include the Swiss National Bank, Lloyds of London, the Royal Bank of Canada and the above-mentioned Regus which provides flexible office space and workspace solutions on Level 7 through, effectively, subletting leased office space.