Singapore March 2017

Singapore | Hong Kong

The OfficeA review of the Singapore office market

Average top rental rates are now in the region of $8.50 to $9.50 per sq ft effective. The rate of decline in this prime sector of the market has slowed down significantly and in some cases, such as Guoco Tower, rates are even higher than they were 6 months ago.

Generally we expect top prime rates to soften only marginally, by around 5% during the course of 2017, but they are beginning to bottom out. It will be the mid-tier market that will experience that greatest pressure over the next 12 months and we expect further falls of around 10% during this period in this sector.

2018 will be an important year for relocations, due to a lull in new supply for a couple of years after that

There should still be some excellent opportunities for tenants to secure good quality space in the core financial district for around $6.50 to $7.50 per sq ft effective. Even Raffles Place is expected to average around $8.00 - $9.00 per sq ft, down from $10.00 per sq ft a year ago.

Forecast Top tier market bottoming out – mid tier to soften by a further 10% in next 12 months

In the Marina Bay area we expect that Millenia Tower and Centennial Tower will come under some pressure. Suntec City enjoys a relatively high occupancy rate, so effective rates here may soften only slightly to around $7.50 - $8.00 per sq ft. Out of town locations such as Novena and Alexandra Road are likely to remain popular with average effective rate between $5.50 psf and $6.50 psf.

It will be important for businesses to plan well in advance

2018 will be an important year for relocations. This is because there will be a lull in new supply for a couple of years after that, with the next wave of supply not coming on stream until 2020/ 2021.

It will therefore be important for businesses to plan well in advance, which is not easy in this uncertain economic climate but firms should start their reviews this year for their 2018 requirements. Rental cost savings should be easy to find in all locations, whatever a tenant’s business plan may be.

Disclaimer The information in this publication should be regarded as a general guide only. Whilst every care is taken in it preparation, no representation is made or responsibility accepted for its accuracy or completeness. The rentals mentioned are neither asking rentals nor rentals agreed by property owners, but only represent the writers views on estimated rentals and is intended as reference only.

6 Battery Road $14.0020 Collyer Quay $10.00 - $12.0055 Market Street $8.50Asia Square Tower 1 & 2 $11.00Bank of China Building $8.00Bharat Building $6.50Bank of Singapore Centre $9.50CapitaGreen $12.00Chevron House $9.00Clifford Centre $8.00GSH Plaza $10.00Income@Raffles $8.50Marina One $10.00Maybank Tower $9.00 - $10.00MBFC Tower 1, 2 & 3 $10.00 - $11.00OCBC Centre $9.50OCBC Centre East FullOcean Financial Centre $11.00One Finlayson Green $8.50One George Street $10.00One Raffles Place Tower 1 $9.00One Raffles Place Tower 2 $10.00One Raffles Quay $11.00OUE Bayfront $11.00 - $12.00RB Capital Building $9.00Republic Plaza 1 $10.00Republic Plaza 2 $8.50Royal Group Building $9.00Royal One Phillip $8.50Singapore Land Tower $10.00Straits Trading Building $10.00 - $12.00The Arcade $7.00 - $8.00UOB Plaza 1 $9.80UOB Plaza 2 $9.50 Robinson Road / Shenton Way

4 Robinson Road $7.006 Raffles Quay $8.0071 Robinson Road TBC80 Robinson Road $7.80108 Robinson Road $7.25120 Robinson Road $6.00135 Cecil Street $7.00137 Telok Ayer Street Full146 Robinson Road $5.50150 Cecil Street $6.30158 Cecil Street $8.20AIA Tower FullASO Building FullBangkok Bank Building $6.00BEA Building $6.80Capital Square $10.50Capital Tower $10.00Cecil Court $6.00China Square Central $8.50City House $7.00Far East Finance Building $5.50Far Eastern Bank Building $6.50GB Building $6.00Grace Global Raffles $8.50Great Eastern Centre $9.00Hong Leong Building $8.60Keck Seng Tower $6.00 Oxley Tower $8.50PIL Building FullPWC Building $9.50Prudential Tower $9.50Robinson 77 $8.00Robinson 112 $6.50

Robinson Centre $8.50Robinson Point $8.30Samsung Hub $8.50 - $10.00SGX Centre 1 & 2 $8.20SIF Building $7.30Shenton House $5.50The Globe $6.60The Octagon $6.00Tokio Marine Centre $7.00Tong Eng Building $5.70Tung Ann Association Building $4.60 Tanjong Pagar

78 Shenton Way $7.8079 Anson Road $7.50ABI Plaza $6.20Amara Corporate Tower $7.50Anson Centre $4.50Anson House $7.50AXA Tower $8.50Fuji Xerox Towers $7.20Guoco Tower $10.00 - $11.00Hub Synergy Point $5.50International Plaza $6.50+Jit Poh Building $6.00Keppel Towers $6.50Keppel Towers II $6.00Mapletree Anson $8.70MAS Building FullSt. Andrew’s Centre FullSouthpoint $6.80Tower Fifteen $7.00Twenty Anson $9.00 City Hall / Marina Centre / Beach Rd

11 Beach Road $6.2030 Hill Street $8.50Bugis Junction Towers $8.50Beach Centre $7.80Centennial Tower $11.00Duo Tower $9.50Millenia Tower $11.00Odeon Tower $7.80OG Albert Complex $5.50Parkview Square $8.00Peninsula Plaza TBCRaffles City Tower $10.00Shaw Tower $4.00 - $5.00South Beach Tower $10.00Stamford Court $7.00Suntec Towers 1 - 5 $8.00 - $9.00The Adelphi $6.00 - $7.00The Concourse $8.00The Gateway East and West $7.00 - $7.50 Orchard Road / Dhoby Ghaut

50 Scotts Road $7.5051 Cuppage Road $7.50182 Clemenceau Ave $6.50Burlington Square $6.00Faber House $7.50Fortune Centre $5.20Forum $8.00Goldbell Towers $8.20Haw Par Centre $7.00Haw Par Glass Tower $4.80International Building $8.50Liat Towers $8.00Manulife Centre $8.00Ngee Ann City $10.50Orchard Building $8.00Orchard Gateway $8.50Orchard Towers $4.30Palais Renaissance $8.80Regency House $7.00Shaw Centre $8.00

Office Rental GuideAsking Rates

* Business Park / B1 space

Shaw House $8.50Singapore Pools Building FullSunshine Plaza $6.00Tanglin Shopping Centre $6.00+The Bencoolen $5.60The Heeren $10.50Thong Teck Building FullTong Building $8.00+TripleOne Somerset $8.00 - $9.00VisionCrest Commercial $9.00Wheelock Place $11.00+Wilkie Edge FullWinsland House 1 & 2 $9.00+Wisma Atria $10.50 Chinatown / River Valley Road

CES Centre $5.50Central Mall $6.30Chinatown Point $6.50Great World City $7.00King’s Centre $6.30The Central $8.00UE Square $7.00Valley Point $7.00 Edge of CBD

Alfa Centre FullAperia* $6.00+Boon Siew Building $5.20Central Plaza $7.50Goldhill Plaza $5.20Newton 200 FullNovena Square $7.80Rex House FullSLF Building $4.40United Square $7.00 West / Others

991 Alexandra Road $4.90Alexandra Point $7.00Alexandra Techno Park* $4.30Fragrance Empire Building $5.50+Harbourfront Centre $6.90Harbourfront Tower 1 $7.50Harbourfront Tower 2 $6.00 - $7.00International Business Park (Jurong)* $4.00JEM $5.90Keppel Bay Tower $7.50Mapletree Business City $7.00 Merrill Lynch Harbourfront $8.00Pacific Tech Centre* $3.55PSA Building $7.00+PSA Vista $4.50Singapore Science Parks* $4.50+The JTC Summit $4.46UE Biz Hub West $6.50Westgate $6.50 East

223 Mountbatten $5.50Abacus Plaza FullAIA Tampines FullChangi Business Park* $4.00+CPF Tampines Building FullNTUC Tampines Junction $5.50NTUC Tampines Point FullParkway Parade $6.00Singapore Post Centre $6.50Tampines Concourse $5.20Tampines Grande $5.50Tampines Plaza FullViva Business Park* $3.00+

All rents quoted are asking rental rates and subject to change without prior notice

In general allow around 10% discount for negotiations for best effective rate

Raffles Place / New Downtown

The office rental market has been dominated by the frantic leasing activity in the new office schemes. Guoco Tower is now over 85% occupied with some of the most recent tenants including Dentsu Aegis Networks (100,000 sq ft), Uber (60,000 sq ft), ING Bank (70,000 sq ft), Unity Technologies, Straits Trading Company, Fitbit Singapore, Frontline Shipping, Seadrill Management, Teva Pharmaceuticals, Danone Asia Pacific, Theoria Capital and Graticule Asset Management.

Marina One is scheduled for completion /TOP in April and is also attracting some of the largest tenants around such as Bank Julius Baer (100,000 sq ft), Prudential Assurance (90,000 sq ft), Bank of Tokyo Mitsubishi (140,000 sq ft), BP (70,000 sq ft) and most recently announced is massive space of over 250,000 sq ft which has been leased to Facebook.

Close by is the new development of UIC Building at 5 Shenton Way which has attracted new tenants such as Mitsui OSK Lines (68,000 sq ft), Just Office (40,000 sq ft), and it is rumoured Grab Taxi has leased 2 floors (40,000 sq ft) here. However, not all schemes are taking off, with activity at Duo Tower on Beach Road continuing to be slow. This is maybe a marketing strategy, to avoid direct competition from the other schemes in the core of the financial district and once those projects start filling out, Duo Tower should come to the fore. Most recent tenants to Duo include Golden Equator Capital and Duferco Asia.

Raffles Place has seen less activity than usual but this is in part due to the surprisingly tight supply at the moment. The most significant leasing transaction to take place in this location has been in Republic Plaza where Chinese co-working space operator Distrii (part owned by City Developments - the landlord) has leased around 60,000 sq ft. Alibaba has expanded to lease another floor in One Raffles Place Tower 1 and St James’s Place Wealth Management has leased a whole floor in One Raffles Place Tower 2. MUFG Fund Services has expanded in Singapore Land Tower. Vatada International

Traders has moved into Ocean Financial Centre along with law firm Holman Fenwick & Willan, who relocated form Samsung Hub. Nearby at One George Street, Ifchor Panamax has relocated here from The Central and law firm Chris Chong & CT Ho has moved into OCBC Centre from GB Building. Star Insurance has moved into CapitaGreen.

New Downtown has seen mixed activity. Asia Square has seen some of their existing tenants expand within the scheme such as Mundipharma, Leonteq and CTBC Bank and other new tenants there include Partners Group (from 71 Robinson Road), Mitsui & Co (80,000 sq ft from 80 Robinson Road), Lombard International and JTP Holdings. One Raffles Quay has been attracting several new tenants. Fitch Rating has moved into South Tower from Suntec City, as has ACCA from Wisma Atria. Finexis Advisory has moved into South Tower from 108 Robinson Road and another new tenant here includes Singapore Bora Petroleum.

Shenton Way / Robinson Road still remains one of the most competitive locations. Law firm Eversheds has moved to SGX Centre from One Finlayson Green and fashion group Coach has moved into Robinson 77. Axway also moved into Robinson 77 from AXA Tower. Crown @ Robinson has leased around 55,000 sq ft to co-work space operator The Working Capitol. OUE Downtown 2 has secured Hong Lam Shipping and Shinryo

03

Accountants moved toACCA One Raffles Quay South TowerPricewaterhouse Coopers Marina OneRohan Mah & Partners AXA TowerThe Iyer Practice SBF Centre

Banks moved toBank Julius Baer Marina OneBank of Tokyo Mitsubishi Marina One ING Bank Guoco Tower KDB Korean Development Bank CapitaGreen

eCommerce moved toAlibaba One Raffles Place Tower 1DS Global Marketing The ConcourseZalora Keppel TowersZion Global Marketing Clifford Centre

Communications moved toArkadin Singapore Springleaf TowerEutelstat Suntec Tower 3Fixed and Mobile Anson HouseMellanox Technologies Suntec Tower 3Text 100 36 Prinsep Street

Energy moved toBP Singapore Marina OneSingapore Bora Petroleum One Raffles Quay North TwrMitra Energy Keppel TowersTata Power 78 Shenton Way

Financial Services / Investment Advisors moved to Aquarius Investment Advisors OCBC CentreFinexis Advisory One Raffles Quay South TowerFitch Ratings One Raffles Quay South TowerGolden Equator Capital Duo Tower

Graticule Asset Management Guoco TowerMUFG Fund Services Singapore Land TowerPartners Group Asia SquareQuantedge Capital Tokio Marine CentreSt James’s Place Wealth Mgmt One Raffles Place T2Theoria Capital Guoco Tower

Insurance moved toLocktons Group 6 Raffles QuayPrudential Assurance Marina OneStar Insurance CapitaGreen

IT / Financial Software moved toBroadbridge Robinson Centre Check Point Software Keppel Towers 2Global Process System The GatewayPalo Alto Networks Guoco Tower Unity Technologies Guoco TowerWhispir Singapore One Raffles Quay South Tower

Law Firms moved toChris Chong & CT Ho Partnership OCBC CentreEdmond Pereira Law Corp. Chinatown PointEversheds SGX Centre 2Holman Fenwick & Willan Ocean Financial CentreWong Thomas & Leong 21 Merchant Road

Miscellaneous / Products moved toASICS Guoco TowerArmacell Fragrance Empire BuildingAxway Robinson 77Benson Wall Systems Anson HouseCarlsberg Hiap Hoe BuildingCoach Fashion Robinson 77Danone Guoco TowerDentsu Singapore Guoco Tower

Hirose Electric Springleaf TowerMarriott Hotel Group HarbourfrontPropspur Holdings Suntec Tower 3Schuco Singapore Twenty AnsonShinryo Corp. OUE Downtown 2Teva Pharmaceuticals Guoco Tower

Shipping moved toChina Shipping Agency Prudential TowerFrontline Shipping Guoco TowerGolden Ocean Shipping Guoco TowerHong Lam Marine OUE Downtown 2Ifchor Panamax One George StreetMitsui OSK UIC BuildingNorgas Carriers AXA TowerSeadrill Management Guoco Tower United Arab Shipping Keppel Towers 2

Traders moved toBright Point Trading Springleaf TowerBunge Agribusiness Guoco TowerEcom Agroindustrial 79 Anson RoadInterflour Bugis Junction TowersItochu Guoco TowerMitsui & Co. Asia SquareOlam Trading Marina OneSouthland Global PWC BuildingVatada Ocean Financial Centre Transport / Logistics / Travel moved toAgoda Guoco TowerCWT Globelink To be confirmedGrab UIC BuildingGo Jek AXA TowerIATA Mapletree Business City Uber Singapore Guoco Tower

Demand

Summary of Recent Relocations

Guoco Tower 1 Wallich Street

Robinson 77 Robinson Road

LeftRepublic Plaza Raffles Place

Keppel Bay Tower HarbourFront

Development Location Estimated Size Completion Date

Vision Exchange Jurong East 475,000 sq ft January 2017Oxley Tower Robinson Road 130,000 sq ft January 2017UIC Building Shenton Way 276,000 sq ft April 2017Marina One New Downtown 1,800,000 sq ft April 2017Frasers Tower Cecil Street 690,000 sq ft April 2018Robinson Tower Robinson Road 195,000 sq ft April 2018Paya Lebar Quarter Paya Lebar 883,500 sq ft December 2018Park Mall Orchard Road 352,000 sq ft Q1 2019Franklin, Science Park 1 Buona Vista 260,000 sq ft Q1 2019Aquarius, Science Park 2 Pasir Panjang Road 376,750 sq ft Q2 2019CPF Building Redev. Robinson Road 500,000 sq ft Q1 2020Central Boulevard New Downtown 1,000,000 sq ft Q2 2020Golden Shoe Car Park Raffles Place 1,000,000 sq ft Q1 2021Afro-Asia Building Robinson Road 180,000 sq ft Q2 2021Woods Square Woodlands 630,000 sq ft Q2 2021

Summary of Office Developments 2017 - 2021

There is still ample office space available for lease in the newly completed schemes, with the exception of Guoco Tower. Demand is expected to continue to be cost driven rather than expansion, so it is predicted that there will be a good choice of space in most buildings throughout 2017. The choice however for larger space users looking in Raffles Place is surprisingly limited.

There will be some huge voids appearing in some of the older established buildings

There will be some huge voids appearing in some of the older established buildings, as a result of major relocation this year and it will be these buildings that will be under the most pressure. The table above lists the 10 buildings that will be most affected. It is likely these landlords will be very proactive to

secure new tenants to infill their space, as well as retaining their remaining tenants.

Supply in Raffles Place is expected to remain relatively tight with no major relocations other than those tenants coming out of Republic Plaza. The bulk of the secondary supply will be coming from the fringe of Raffles Place, Shenton Way / Robinson Road and Beach Road. The amount of new business park space will be more limited than in previous years but there are 2 new schemes under construction in Singapore Science Parks 1 & 2.

2018 will be in important year for office relocations because options after 2018 will be more limited. The three most important new schemes next year are Frasers Tower and Robinson Tower on Robinson Road and Paya Lebar Quarter.

Building Large tenants moving out

Republic Plaza Bank of Tokyo, Itochu, INGPWC Building PricewaterhouseCoopers80 Robinson Road Mitsui & Co.The Gateway GlaxoSmithKline, Mastercard Ocean Financial Centre ANZ (downsizing)AXA Tower VariousTriple One Somerset IATARobinson 77 Dentsu, Bunge AgribusinessAsia Square GoogleKeppel Bay Tower BP, Abbott, Canon

Existing buildings with most stock available

04Demand cont.

Group as new tenants. Several accounting firms have purchased their own floors in this district such as Rohm Mah & Partners who purchased a floor at AXA Tower and The Iyer Practice in SBF Centre.

Some of the buildings in Tanjong Pagar offer the best value for money and this location has seen plenty of leasing action. Zalora have moved into two consecutive floors in Keppel Towers (28,000 sq ft). United Arab Shipping and Check Point Software have each leased a floor at Keppel Towers 2. Anson House has been busy with new tenants including Benson Wall Systems, Fixed & Mobile and Franco Asian Enterprises.

Beach Road / Marina Bay has been relatively subdued. New tenants moving into Suntec City include Eutelsat, Propspur and Mellanox Technologies. Springer Nature has leased

Supply

Business Park / Science Park Space

The supply of office stock that is categorized as Business Park or Science Park space has increased substantially and has now become a major part of the Singapore office leasing market but not every business qualifies to use such space.

The space in such new developments is usually high quality with good natural lighting and excellent facilities yet the rental rates can be up to 40% cheaper than traditional office space, ranging from $3.25 to $5.00 per sq ft effective.

However there are strict rules and regulations for businesses to qualify and it is imperative that you check with URA that you comply

with the regulations before you sign any lease because you will be signing as a light industrial / business space user.

Do you qualify?

Generally those companies that operate from business park space are one or more of the following users and should occupy at least 60% of the gross floor area for such purposes as follows:

• Manufacturing of high tech products using advanced processes• Test Laboratory• Research and Development• Software Development

• Product Design / Development • Data Processing / Computer Centre• Call Centre Services• Industrial Training• Telecommunication Business• Central Distribution Centers • Media Activities• E-commerce/Internet providers

Certain categories such as CDC and e-commerce can be ‘grey areas’ and special care is needed when relying on just this use to qualify. Normally a tenant will have their interior designer prepare a colour coded floor plan marking clearly the uses for each section of the space making the evaluation a much simpler process.

half a floor at The Gateway East, DS Global Marketing has moved into The Concourse and Hitachi Consulting leased space in South Beach Tower.

Outside the CBD there has been plenty of activity in the business / science parks and Ascent, the largest Ascendas scheme in Science Park 1 is nearly full. Mapletree Business City is also nearly full with International Air Travel Association (IATA) being one of the latest tenants to move from 111 Somerset.

Co-working space and serviced office space could have a huge impact on supply and demand

A new sector of the office leasing market that has come to the forefront recently is the serviced office / co-working space sector.

The full impact on demand/supply from this sector remains unclear

The full impact on demand/supply from this sector remains unclear and many observers are wondering who will actually occupy all the vast space they have committed to. The knock on effects could be significant. Buildings that faced huge voids such as Republic Plaza, with several anchor tenants moving out, found a solution with attracting co-work operator Distrii leasing some 60,000 sq ft.

Elsewhere The Working Capital Group has leased 11 floors in 140 Robinson Road (Crown @ Robinson) amounting to some 55,000 sq ft. Just Office has leased 40,000 sq ft in UIC Building (2 whole floors) as well as 34,000 sq ft in Marina One, both for co-working space.

The question is who will occupy this space,

which theoretically would require over 1,000 small new companies to fill out? Well, if the experience in Tower 535 in Causeway Bay in Hong Kong is anything to go by, the answer may soon be clear. Leading co-work space operator WeWork leased over 60,000 sq ft in this brand new development and HSBC Bank is lined up to take up most of that space. It is understood that some banks are looking to house their sales staff in such space, with many of their sales team ‘on the road’ for much of the time. So it comes as no surprise that it is rumoured that another financial institution is lined up for over 200 workstations in Crown @ Robinson.

The knock on effect is likely to be these companies will lease smaller conventional office space and allow for greater flexibility by allocating a larger proportion of their team to work in co-work space.

05Demand cont.

The SignatureChangi Business Park

$3.70*

The CapricornSingapore Science Park 2

$4.00*

18 Tai Seng (fka Mapletree 18)

$5.00*

Mapletree Business CityAlexandra Business Park

$6.00*

06Recommended Leasing Options

CapitaGreen138 Market StreetUnits from 4,000 - 22,000 sq ft

Circa $9.75*

Asia Square - Towers 1 & 28 & 12 Marina ViewUnits from 2,000 - 30,000 sq ft

$9.00*

One Raffles Quay North Tower1 Raffles QuayUnits from 2,500 - 19,000 sq ft

$9.50*

One Raffles Place Tower 21 Raffles PlaceUnits from 2,000 - 11,000 sq ft

$8.50 - $9.50*

Prime Grade A

Robinson 7777 Robinson RoadUnits from 2,000 - 40,000 sq ft

$6.50*

OUE Downtown 26 Shenton WayUnits from 1,841 - 12,000 sq ft

$6.50*

79 Anson RoadAnson RoadUnits from 1,400 - 6,600 sq ft

$6.50*

Shaw Tower100 Beach RoadUnits from 1,000 - 10,000 sq ft

$4.00*

Best Value for Money

Novena Square238 Thomson RoadUnits from 3,000 - 11,600 sq ft

$6.50 - $6.85*

The Gateway152 Beach RoadUnits from 1,000 - 11,000 sq ft

$6.00 - 6.50*

Fragrance Empire Building456 Alexandra RoadUnits from 1,000 - 9,000 sq ft

$4.85 - $5.50*

Keppel Bay Tower1 Harbourfront AvenueUnits from 5,000 - 40,000 sq ft

$6.00 - $6.50*

Edge of Town / Out of Town Locations

*All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

*All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

07Summary of New Schemes 2018

Summary of New Schemes 2017

Frasers Tower Paya Lebar QuarterRobinson Tower

Total size: 195,000 sq ftAverage floor size: 8,850 sq ftBuilding height: 28-storeysClose to Raffles Place Basement parking – 85 spaces

Total size: 690,000 sq ftAverage floor size: 19 - 21,000 sq ftBuilding height: 38-storeysDirect underground link to Tanjong Pagar MRTLarge floor plate

Total size: 883,470 sq ftAverage floor size: 23 - 32,400 sq ftBuilding height: 12-storeysIntegrated development with retail and leisurePremium out of town location

Cecil Street Paya LebarRobinson Road

Total size: 276,000 sq ft Average floor size: 19,700 sq ft Subdivision down to 5,000 sq ftSmallest unit: 5,000 sq ft

New tenants: Mitsui OSK Line, Just Office, Grab Taxi

Total size: 1,800,000 sq ftAverage floor size: 40,000 sq ft Subdivision down to 8,000 sq ftSmallest unit: 8,000 sq ft

New tenants:Bank of Tokyo Mitsubishi, Bank Julius Baer, Prudential Assurance, Olam International

Total size: 568,000 sq ftAverage floor size: 19,700 sq ftSubdivision down to 6,000 sq ftSmallest unit: 8,000 sq ft

New tenants: Abbott Laboratories, Mastercard

Marina One Duo TowerUIC BuildingMarina Way Beach Road5 Shenton Way

TOP

June

201

8TO

P

June

201

8TO

P

Dec 2

018

$7.5

0

psf*

$8.2

5+

psf*

$7.7

5+

psf*

*All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

*All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

Why Use Corporate Locations

Corporate Locations (S) Pte Ltd License No. L3010044A

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Air France & KLM Fragrance Empire BuildingAllegis Global Solutions Suntec Tower OneAquarius Investment Advisors OCBC CentreArcelorMittal Anson HouseArch Coal Suntec City Tower ThreeArmacell Asia Fragrance Empire BuildingArmstrong Asset Management Chevron HouseAsahi Group The CentralAsiasoft Online Tampines PlazaAviation Services Orchard TowersAyala International Shaw CentreBBAM UOB Plaza IIBachy Soletanche The AdelphiBank of Baroda Republic Plaza IBCD Travel Twenty AnsonBechtel Shaw Tower Berlitz Language Centre Ngee Ann City Tower BBluescope Steel Twenty AnsonBraemar Falconer Great Eastern CentreBurberry 50 Scotts RoadBusiness Monitor OUE Downtown IICanalys Keck Seng TowerCBS Interactive Chevron HouseCIBT Keck Seng TowerCitilegal LCC 150 Cecil StreetCity Gas PSA BuildingClub Med Valley PointCoaltrade One Finlayson GreenConsort Bunkers ABI PlazaCorporate Serviced Offices 55 Market St/ Tong BldgCrescent Point Millennia TowerDolphin Drilling Millennia TowerDrake International 78 Shenton WayDS Global Marketing The ConcourseE-Commodities Holdings UOB Plaza II E Sun Bank Asia Square Tower 1Ed Broking (Asia) Samsung HubEdmond Pereira Law Corporation Chinatown PointEdrington Asia Square Tower 2Embassy of Portugal Winsland HouseEmergency Assistance Japan 137 Telok Ayer StreetEmirates Airlines Twenty AnsonEnsco Asia Pacific Suntec City Tower FiveEQT Partners UOB Plaza 1Everest Reinsurance One Raffles Place Tower 1FACT Software Keppel TowerFairfield Chemical Carriers Suntec Tower Three

Faststream Recruitment Keppel TowerFearnleys Asia Winsland House IFinancial PR 4 Robinson RoadFSL Management Suntec City Tower TwoFujitrans MAS BuildingGaelic Inns Orchard TowersGolden Ocean Shipping Guoco TowerGreenhill Cogent One Raffles Place T1 Grohe Pacific Haw Par CentreHamburg Sud The ConcourseHeidmar OCBC CentreHeliconia Capital Suntec Tower 2Helm Asia The ConcourseHertz Asia Pacific Shaw HouseHoegh LNG Asia Springleaf TowerHKT Global (S) Suntec Tower FourHopu Singapore SBF CentreIndian Register of Shipping SIF BuildingIndofood Agri Resources The CentralIntercall Tower FifteenInternational Bunkering Asstn 110 Robinson RoadIshihara Sangyo Kaisha Keppel TowerJB Boda 78 Shenton WayJohn Deere Alexandra PointKanematsu Corporation Amara Corporate TowerKerneos Asia Pacific Mapletree 18KIB Insurance Brokers PSA BuildingKorea National Tourism Organization Samsung HubKorean Registry of Shipping Republic Plaza II Korea Reinsurance Company PWC BuildingL-3 Communications NTUC Tampines JunctionLeica Camera Asia Parkview Square Li & Fung 10 Raeburn ParkLombard Risk Chevron HouseLukoil Marine AXA TowerMP & Silva Sports Media Asia Square T1Marubun Arrow Shaw TowerMilli Reasurans T.A.S. Bank of China BuildingMondi Packaging Shaw HouseMorgan McKinley One Raffles Place Tower 1Mott MacDonald Orchard BuildingMundipharma Asia Square Tower IINMG Financial Services 30 Hill StreetNishimura & Asahi OUE BayfrontNissho Odyssey Valley PointNovo Nordisk Pharma The Gateway EastOKI Data Alexandra TechnoparkOne Partnership Anson CentreOoredoo Asia Shaw HouseONGC Videsh Suntec City Tower 3Open Link Financial Guoco Tower Pacific World Shipping Bank of Singapore CentrePorsche Asia Pacific Tokio Marine Centre

Propex Singapore SGX CentreProvenance Capital SIF BuildingProvident Capital Partners UOB Plaza IPuig Asia Pacific UOB Plaza IIPure Commerce Gateway EastReyl Singapore MBFC Tower IIRichfield Marine Keppel TowerRockstead Capital Clifford CentreRWC UOB Plaza IIS-Oil Corporation Suntec City Tower FourSAC Capital AIA TowerSA Hotel Management Twenty AnsonSea Hub Energy Capita TowerSeadrill Management Guoco TowerSeateam Management Keppel TowerSchoeller Asia/ Columbia Shipmanagement Suntec Shipco Transport 10 Raeburn ParkShipowners Asia Suntec City Tower FourShin-Etsu Suntec Tower TwoSiam Commercial Bank Robinson CentreSierradale Chevron HouseSindo Damai Shaw TowerSinokor Singapore SouthpointSK Global Chemical Capital SquareSK LNG Trading Anson HouseSky Premium One Raffles Place Tower 2Smith Detection Shaw TowerSoftbank Telecom 78 Shenton WaySri Lanka Airlines CPF Tampines BuildingStena Bulk Suntec City Tower FourStone Forest Wilkie EdgeStone Harbor Investments Suntec City Tower TwoSY Energy Suntec City Tower FiveSumitomo Electric Automotive Products PSA BldgSymphony Financial Partners UOB PlazaTatsumi Marine International PlazaTectura Shaw TowerTeekay Shipping PSA BuildingTCS Huxley Cecil CourtThummel Schutze & Partners Fuji Xerox TowerTimeo Performance 150 Cecil StreetTokuyama Robinson CentreTrafigura Ocean Financial CentreTrident Trust SIF BuildingTrina Solar Energy Parkview SquareTrinseo Holdings One Raffles PlaceUnigestion The Gateway EastUnited Arab Shipping Keppel Towers 2Vatada International Trading Ocean Financial CentreWebbe International Asia One Raffles Place Western Digital NTUC Tampines JunctionYang Ming Shipping CES CentreZoll Medical Aperia

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