Singapore's OCBC mulling refurbishment options for iconic headquarters, CEO Helen Wong says

OCBC Group, the second-largest bank in Southeast Asia, will soon make a decision about the proposed refurbishment of its iconic headquarters in Singapore, according to CEO Helen Wong.

She has categorically ruled out demolishing the existing building complex and constructing any new high-rises in the Lion City's main business district.

The complex includes the 52-storey OCBC Centre at 65 Chulia Street, as well as smaller buildings at 63 Chulia Street and 18 Church Street. The OCBC Centre was the tallest building in Singapore and Southeast Asia when it was completed in 1976. These have now been designated historic structures by the city state's National Heritage Board.

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"We have a very special building complex on a historic site and right on the Singapore River front," Wong said in an interview. "It is so iconic that whenever we think about redevelopment or refurbishment, we have to think about how to preserve the appearance of the buildings. It is a well known landmark; it is historic and it is our home."

Helen Wong, group CEO of OCBC, says the bank has to think carefully about the planned refurbishment of its headquarters. Photo: Sun Yeung alt=Helen Wong, group CEO of OCBC, says the bank has to think carefully about the planned refurbishment of its headquarters. Photo: Sun Yeung>

The OCBC Centre was the first building in Singapore designed by architect I.M. Pei, who also designed the 74-storey Bank of China Tower in Hong Kong's Central district.

"The cluster of buildings is old, so we would like to redo it in a much better way," Wong said. "The Singapore government is very fair about our plans that they do want us to be able to generate space for community, space for residential and space for businesses in the prime site of the city."

She added that the facade of the buildings will not be touched and that the government was providing guidance on rejuvenating the site, which covers 120,000 square feet.

Office rents in Singapore's central business district rose to a 15-year high of S$11.42 (US$8.45) per square foot in the first quarter, according to a JLL report in April.

Hong Kong-based financial firms have also invested in new offices. AIA, the largest listed insurance company in Asia, last week opened its redeveloped headquarters in the city's Wan Chai district.

HSBC, the biggest of Hong Kong's three note-issuing banks, will launch a new 25-storey office tower in Qianhai later this year, after Bank of East Asia opened an 18-storey building in the special economic zone in January.

OCBC Group last week unveiled a plan to invest HK$1.5 billion (US$192 million) in Hong Kong and Macau to upgrade its digital platform and offices. The lender has leased 54,800 sq ft of office space in Airside, a mixed-use development by Nan Fung Group in Kai Tak.

"While we allow our staff to work from home one day a week, we still need to provide a good office environment to attract talent," Wong said.

Employees nowadays do not only need a fixed desk in the office to work, but an office environment fosters collaborations and provides facilities for conducting remote meetings with the bank's offices in Singapore, Indonesia, Malaysia and elsewhere, she added.

Wong also believes it was time to upgrade the facilities at its 30 branches in Hong Kong and 11 in Macau.

"Branches are still important, as customers still prefer face-to-face, personal interaction with our staff to discuss their business and wealth management needs."

OCBC's investments come as Wong remains extremely positive about growing trade and business ties between China and Asean, noting these would provide huge opportunities for the bank.

"OCBC is a big connector between Chinese and Hong Kong companies and our clients in Singapore, Malaysia, Indonesia and Vietnam," she said. "They are not only interested in setting up manufacturing bases in these markets, but they also want to sell their products in these markets.

"Similarly, there are a lot of Southeast Asian customers who want to invest in Hong Kong and China. We therefore need to offer good digital and branch facilities to serve our customers. "

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

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