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 be completed 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 contributed to its progress and now gearing up to lead construction of 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 square feet 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: As of May 2023, high-profile tenants that have 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 such as serviced offices and managed office space on Level 7 through subletting leased office space.
Located in the heart of the Marina Bay precinct, tenants at Asia Square Tower 1, as of June 2026, included Citi, which is the anchor tenant with naming rights for the tower, Bank Sarasin, China Citic Bank International, Julius Baer, Lloyd’s of London, Marsh & McLennan, New State Corporation, Regus, Royal Bank of Canada, and The Swiss National Bank.
It was reported that Singapore CBD Grade A office rents rose 1.4 per cent quarter-on-quarter in Q1 2026, amid tighter supply and sustained flight-to-quality by occupiers. Gross effective rent stood at S$11.36 per square foot per month at the end of the quarter.
CBD Grade A office vacancy rates fell to 4.1 per cent in the quarter from 4.4 per cent in Q4 2025.