Keppel Land tops out Ocean Financial Centre

The Grade A office building, scheduled to open in 2011, is now 63% pre-committed with ANZ and BNP Paribas to lease about 209,000 sq ft and 58,000 sq ft respectively.

A special ceremony on the topping-out of Keppel Land Limited's latest development, Ocean Financial Centre, was attended by Ms Grace Fu, Senior Minister of State, Ministry of National Development on Wednesday.

At the ceremony, CEO of Keppel Corporation Mr Choo Chiau Beng announced agreements with two key financial corporations, Australia and New Zealand Banking Group Limited and BNP Paribas Singapore, both of which have plans to lease about 209,000 sq ft and 58,000 sq ft of prime office space at Ocean Financial Centre respectively.

Drew & Napier, Stamford Law, The Executive Centre, Verizon and DMG, are some of the long-term tenants at the previous Ocean Building and Ocean Towers, which will be redeveloped soon as part of Ocean Financial Centre.

With these latest tenants, Ocean Financial Centre is now about 63% pre-committed, ahead of its completion in the second quarter of 2011, according to a Keppel Land report.

Mr Choo said at the ceremony, “The strong pre-commitment levels reinforce the positive sentiments in the office market on the back of a brighter economic outlook. Keppel Land, as a major landlord of prime Grade A office developments in the Raffles Place and Marina Bay precincts, is well-poised to benefit from this upturn.”

When completed, it will be one of the largest office developments in Raffles Place providing about 850,000 sq ft of column-free Grade A office space with premium fittings and finishings, as well as state-of-the-art environmentally responsible features.

Ocean Financial Centre adds to Keppel Land’s portfolio of Grade A office space in Singapore’s business and financial district. Together with its joint venture partners, Keppel Land develops and owns about 7.4 million sq ft of quality office space, predominantly located in the Raffles Place and Marina Bay precincts.

Mr Choo said, “Keppel Land is privileged to continually contribute to defining Singapore’s cityscape with distinctive landmarks that set quality benchmarks. We are also committed to play our part in our nation’s growth into Asia’s major business and financial centre by providing investment-grade offices that bear the Keppel quality hallmark.”

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