HSBC Singapore announced on Sept 13 that it will be relocating its head office to Marina Bay Financial Centre (MBFC) Tower 2, within the Central Business District, to accommodate the company’s rapid growth plans. HSBC Singapore’s CEO Tony Cripps says the move to MBFC is a statement of the financial group’s commitment to grow its presence in Singapore.
HSBC will have signage rights to the building at MBFC Tower 2. It will also be investing in the new workplace to create an environment that is conducive to collaboration, encourages innovation and an entrepreneurial mindset. “HSBC in Singapore will undergo a number of workplace and cultural changes that will transform the way our employees communicate, engage and work with each other,” says Cripps.
Marina Bay Financial Centre (left) Tower 2 will be the new headquarters for HSBC (Credit: CBRE)
In March this year, HSBC Singapore announced a new three-year strategic plan that included a 10% increase in headcount across all business lines. Singapore is also considered one of only eight markets with scale, among HSBC’s 66 countries.
The move by HSBC is a testament that MBFC continues to attract “world class companies”, says Ben Robinson, CEO, Raffles Quay Asset Management.
CBRE advised HSBC on its lease at MBFC. “By entering into a forward leave over the top floors at MBFC 2, HSBC has secured some of the best office space in the city for its Singapore head office,” says Moray Armstrong CBRE managing director of advisory & transaction services. HSBC’s move represents one of the largest new office leases signed in 2018.
According to Mark Lampard, director of regional tenant representation at Cushman & Wakefield, leasing deals of this size “underscores Singapore’s standing as a global financial hub and that flight to quality continues to drive leasing movements in the Grade A market.”
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