The Executive Centre to open Singapore Land Tower workspace in January 2024
Open work area service provider The Executive Centre will start its 8th centre in Singapore, found at the Singapore Land Tower, in January 2024. The centre lies on the 45th to 47th grounds of the business office tower at 50 Raffles Place, around Raffles Place MRT Stop. Extending 50,720 sq ft, it will have 490 workstations and consist of private workplaces and a member lounge.
The new centre complies with a collection of four launchings TEC has actually carried out throughout Southeast Asia this year: one in Singapore’s Capital Square together with one each in Jakarta, Ho Chi Minh City and Manila. Together, TEC has included nearly 1,200 workstations across these major Southeast Asian markets in 2023, representing a 33% boost in office expansion.
The opening of the TEC center at Singapore Land Tower is a response to this increasing necessity, claims Yvonne Lim, TEC’s managing director for Southeast Asia. She adds that the new hub is seeing “strong demand”, in line with the strong occupancy rate at TEC’s different facilities in the city. Since September, TEC’s standard occupancy price in Singapore stood at 95%.
The beginning of the brand-new center happens amid growing demand for office space in Singapore, TEC says in a Nov 27 news release. The increased interest occurs from MNCs wanting to set up offices in Singapore, along with growing back-to-office momentum originating from employers tightening up a mix of both working regulations. Citing CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of companies are centered on boosting office presence or enhancing work efficiency.
As of September, TEC’s standard occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
TEC’s Lim claims the business’s growth momentum in Southeast Asia is assumed to carry toward 2024. Noting that its developments are steered by customer needs, she emphasize that TEC’s networks of facilities throughout Southeast Asia are boosted by customers that have an international existence in the place.
In addition, TEC observes that the way tenants use office has transformed ever since pre-Covid days, with firms placing greater emphasis on having accessibility to a combination of purpose-built areas involving exclusive offices for focused work, manageable seating, shared conference room, and event areas.