OCBC exploring redevelopment of Chulia Street property
OCBC is exploring the redevelopment of its iconic Chulia Street property, the bank said in a statement on Wednesday (Apr 3), confirming an earlier Business Times report.
“We are exploring the redevelopment of 63, 65 Chulia Street and 18 Church Street to rejuvenate a strategic area in the central business district,” said Emily Teo, head of group property management at OCBC, on Wednesday (Apr 3).
“Any redevelopment plans being explored will include preserving the rich heritage of OCBC Centre, a widely recognised iconic landmark in Singapore and South-east Asia designed by the late renowned architect IM Pei,” she added.
In a filing with the Singapore Exchange on Wednesday evening, OCBC added that there was no certainty that the plans being explored would result in a redevelopment, a transaction or other options.
OCBC Centre, at 65 Chulia Street, comprises a 50-storey tower and a car park block (with six storeys and two basement levels) completed in 1976. OCBC’s head office is located in the tower.
The bank went on to develop two extensions: OCBC Centre South at 18 Church Street, a seven-storey building with a basement completed in 1985, and the 15-storey OCBC Centre East at 63 Chulia Street, completed in 1996.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
The bank was responding to media queries following a report in The Business Times on Wednesday, which said the bank is understood to have put out a request for proposals last year to find a property consultant to help it identify a potential partner to carry out a redevelopment of the property. It is understood that JLL had been appointed for the job.
Banks are barred from engaging in property development under Singapore’s current banking regulatory framework, observers have noted.
OCBC would probably have to transfer the Chulia Street property to a partner that will redevelop it. After the project is completed, the partner would then transfer the asset back to OCBC.
When completed 48 years ago, OCBC Centre, at 198 metres, was the tallest building in South-east Asia. The tower, flanked by two rounded concrete cores, was designed in the Brutalist architectural style, favouring minimalist construction.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender
US mortgage rates up for fifth week at 7.22%