OCBC is said to be exploring a redevelopment of its Chulia Street property, which sits on more than 120,000 square feet of land in Singapore’s central business district.

The Business Times understands that the bank 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. BT understands JLL has 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.