Singtel redevelops Comcentre HQ for SG$2bn as part of brand's strategic reset

Singtel will appoint a developer to jointly redevelop its landmark Comcentre headquarters along the Orchard Road belt. Envisioned as a smart building of the future, the building will incorporate the latest sustainable designs and digital technologies. The next generation office development will house Singtel’s modern new headquarters besides offering progressive and optimised hybrid workplaces to other tenants, said the brand.

The redevelopment will maximise the Comcentre site’s potential and increase building efficiency to unlocking value from the property and the cost of development, including land costs, is estimated to be in excess of SG$2 billion. As part of its capital recycling strategy, Singtel will divest Comcentre to a joint venture company formed with the appointed developer and hold a majority stake in this joint venture.

Singtel Group CEO Yuen Kuan Moon said, "We’ve had the privilege of working out of the iconic Comcentre building in the Orchard Road belt since 1979. We’re truly excited to be working with the authorities to rejuvenate the Orchard Road precinct to prepare for the post-pandemic world and reinvigorate our future workplaces.”

Yuen said with the redevelopment of Comcentre, the aims to establish a “new standard for the global office of the future” by combining the latest technologies and sustainable workspaces to create pleasant, collaborative and connected environments for employees and other building occupants, “catering to the increasing adoption of hybrid work strategies”.

Comcentre has been Singtel's headquarters since 1979, and was the first skyscraper in Singapore to house microwave dishes on the rooftop to transmit signals across Singapore and its surrounding islands. The new Comcentre is expected to have a total gross floor area of over 110,000 square metres with office buildings, a retail component and Singtel’s existing Orchard Exchange, which houses critical telecom infrastructure.

The office buildings will feature workspaces that are more open and digital to promote a collaborative and inclusive environment while prioritising employee health, safety and wellness.

Singtel has adopted a hybrid work model since the start of this year, providing flexibility for employees to work up to two days a week remotely, supporting improved work-life balance. Yuen added, "The new Comcentre will cater to our evolving business needs and showcase the digital workplace of the future featuring 5G solutions.”

He added that the reimagined Comcentre is the latest exciting step in Singtel's transformation since the brand started its strategic reset last year. “We aim to create an environment that stimulates greater innovation, collaboration and engagement, inspiring our people to do their best work and serve our communities. This will be a magnet for talent who want to co-create and collaborate in an innovative environment,” he said.

Expected to be completed at the end of 2028, Singtel will relocate from Comcentre in 2024 in preparation for the redevelopment and employees will shift to temporary spaces at other Singtel premises across the island.

"We strive to optimise the capital we can unlock from existing assets to fund our growth initiatives including 5G and the regional expansion of our data centre business. We will continue to seek out opportunities to crystallise value from our extensive portfolio of assets,” he added.

As the anchor tenant of the new development, Singtel will occupy around 30% of the space. The remaining space will be leased out to tenants looking for modern offices in the heart of Orchard Road. This will contribute a recurring income stream for the group in the long term.