Amazon consolidates its presence in Singapore by forging a large office lease

  • Amazon.com, Inc. AMZN has entered into a 369,000 square foot lease in the new IOI Central Boulevard Towers in Singapore, reports StraitsTimes.
  • Amazon’s lease includes the two office floors of 70,000 square feet each in the development’s podium and the nine office levels of 25,400 square feet each in the East Tower.
  • The development, located in the Marina Bay area next to the Downtown MRT station, will likely be completed in October 2023.
  • The move also reflects a trend of global companies consolidating their presence in Singapore.
  • BlackRock, Inc. noir explored significant expansion in Singapore to capitalize on capital flows to Southeast Asia.
  • Alibaba Group Holding Limited BABA is also counting on the Singaporean company Lazada, acquired in 2016 to develop internationally.
  • TikTok parent ByteDance has reportedly negotiated to lease 120,000 square feet to 130,000 square feet of space at Capital Tower in Robinson Road.
  • ByteDance is said to have leased 130,000 square feet in One Raffles Quay’s South Tower, flex space in its North Tower, and 100,000 square feet in Guoco Tower above MRT Tanjong Pagar station.
  • Rents for Class A offices in the CBD could surpass their pre-pandemic peak by the third quarter of this year, according to the report cited by JLL Singapore.
  • Marina Bay saw the strongest quarter-over-quarter rental growth of the four CBD submarkets tracked by JLL, due to its “relatively new and good quality” office developments.
  • Price action: AMZN shares traded down 0.54% to $115.70 pre-market when last checked on Friday.

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