Published February 13, 2010

Straits Trading Building 90% leased

It's the only new office building to be launched in the Raffles Place area in 2010



THE Straits Trading Building, which was torn down for redevelopment in 2006, is now completed and 90 per cent occupied.

Owner Straits Trading Company spent about $60 million on the project, said the chief executive of its property division, Eric Teng. The Grade 'A' office building was completed in October 2009 and has achieved an average rent of $9 per square foot.

Despite concern about looming oversupply, leases have been signed for the building - at the expense of space given up in older locations. The property has a total net lettable space of about 160,000 square feet.

Occupiers are drawn to better-value propositions in newer buildings, market watchers say. In addition, the Straits Trading Building has a unique selling point - it is the only new office building to be launched in the Raffles Place area this year.

Law firm Rajah & Tann moved in from its previous premises in the Bank of China Building nearby, while foreign law firm Conyers Dill & Pearman, which is leasing a floor in the Straits Trading Building, moved from Singapore Land Tower.

Other tenants have taken up space in the Straits Trading Building as part of expansion plans. Serviced office space provider apbcOffices is taking up two entire floors totalling 15,000 square feet as it looks to grow its business in the region.

Chief executive Tony Chen said the location and layout of the building means his company can provide creatively designed office space, for which there is growing demand.

'Our serviced offices are positioned in the top tier of office space,' Mr Chen said. He takes up space only at Grade 'A' buildings in good locations. In particular, he said the Straits Trading Building's two sky terraces are a plus.

apbcOffices now operates 12 offices in three countries in Asia.