The Executive Centre to open Singapore Land Tower workspace in January 2024
The launching of the new center comes in the middle of growing interest for workplace in Singapore, TEC states in a Nov 27 announcement. The higher interest arises from MNCs looking to set up offices in Singapore, as well as increasing back-to-office momentum coming from companies tightening hybrid working regulations. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC notes that 64% of business are focused on boosting office attendance or enhancing job performance.
The latest centre adheres to a collection of 4 launchings TEC has performed across Southeast Asia this year: one in Singapore’s Capital Square along with one each in Jakarta, Ho Chi Minh City and Manila. Collectively, TEC has added just about 1,200 workstations throughout these key Southeast Asian markets in 2023, representing a 33% increase in workstation expansion.
TEC’s Lim says the company’s expansion momentum in Southeast Asia is anticipated to carry in to 2024. Noting that its expansions are steered by client demands, she highlights that TEC’s networks of centers inside Southeast Asia are boosted by clients that have a multinational existence in the place.
Open work space provider The Executive Centre is going to open its 8th facility in Singapore, situated at the Singapore Land Tower, in January 2024. The center is located on the 45th to 47th grounds of the workplace tower at 50 Raffles Place, close to Raffles Place MRT Station. Spanning 50,720 sq ft, it will have 490 offices and consist of reserved workplaces and a user lounge.
Additionally, TEC observes that the way tenants use office has actually transformed since pre-Covid days, with business placing higher emphasis on having access to a combination of purpose-built areas including personal offices for concentrated work, manageable seats, shared meeting rooms, and activity rooms.
As of September, TEC’s average occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
The opening of the TEC center at Singapore Land Tower is a response to this expanding need, says Yvonne Lim, TEC’s coordinating director for Southeast Asia. She adds that the new hub is seeing “sturdy need”, in accordance with the solid tenancy rate at TEC’s different centers in the city. As of September, TEC’s average tenancy price in Singapore remained at 95%.
