Amazon inks big office lease in Singapore, Business Times says

Amazon.com Inc has signed a lease for about 369,000 square feet (34,200 square meters) at the new IOI Central Boulevard Towers in Singapore, the Business Times reported without citing where it got the information from.

The tech giant’s lease comprises both office floors of 70,000 sq ft each in the development’s podium, and all nine office levels of 25,400 sq ft each in the East Tower, according to the report. The development, located in the Marina Bay area, is expected to be completed in October 2023.

Amazon recently took over three floors of office space from Citigroup Inc as tech companies continue to chip away at the dominance of banks in the city-state’s central business district.

The tech giant’s reported move also adds to a trend of global firms bulking up their presence in Singapore to manage or expand their Asian operations, particularly as the appeal of Hong Kong diminishes.

As the maiden big-name anchor tenant in IOI Central Boulevard Towers, Amazon may be paying a gross effective monthly rental of around S$10 (RM31) per sq ft while Malaysia-listed developer IOI Properties Group Bhd is said to be targeting about S$12-14 per sq ft a month for the project, the report added citing market speculation. – Bloomberg

Source: The Star