Lazada/Alibaba and TikTok figure in latest office-leasing deals

Kalpana Rashiwala

Published Fri, Jan 22, 2021 · 05:50 AM

Singapore property

Singapore

DESPITE the challenges to office leasing demand amid the recession and the work-from-home trend during this pandemic, one can still count on e-commerce and tech players for some good news.

Lazada and its parent Alibaba Group have signed up for 140,000 sq ft at 5One Central in Bras Basah Road.

Alibaba entities, including Lazada, are expected to move to the new address later this year from AXA Tower, which is to be redeveloped. Alibaba Singapore took a 50 per cent stake in Axa Tower, which is near Tanjong Pagar MRT station, last year. Savills Singapore is understood to have acted for Lazada and Alibaba for the leasing deals at 5One Central , but declined to comment.

Meanwhile, TikTok, a unit of Chinese firm ByteDance, continues to expand its footprint here. It is understood to have leased two floors totalling around 58,000 sq ft at Guoco Tower in Tanjong Pagar. The space was previously leased to Dentsu Aegis Network, which continues to occupy slightly more than a floor in the building. Word on the street is that CBRE brokered this deal, but it…