OVERSEAS Union Enterprise Ltd (OUE) said yesterday that 22 per cent of the net lettable area (NLA) at 50 Collyer Quay has been pre-committed.
The initial line-up of tenants include European bank Skandinaviska Enskilda Banken AB (PUBL); Bain & Company SE Asia Inc, a leading global business consulting firm; and law firm Allen & Overy LLP.
The Grade A 18-storey office block - located where Overseas Union House used to stand - has a total NLA of 412,000 sq ft. Construction of the office tower is expected to be completed in the first quarter of next year.
On top of redeveloping Overseas Union House, OUE is also conserving the Change Alley Aerial Plaza Tower. Upon completion, the entire development will comprise a total gross floor area of 503,469 sq ft, net lettable area of 412,000 sq ft, and 245 carpark spaces on four basement levels.
BT reported in February that some property consultants expect 50 Collyer Quay to be worth about $900 million. The lease on the site has been topped up to a fresh 99-year term.
Source: Business Times, 8 Jul 2010