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HSBC extends lease with CapitaLand Commercial Trust

HSBC, the sole tenant of the HSBC Building at 21 Collyer Quay, has signed a one-year lease extension with landlord CapitaLand Commercial Trust (CCT).

The total rent payable by HSBC for the extended term commencing April 30, 2019 will be S$27.7 million, CCT said on Wednesday.

HSBC is one of CCT’s top 10 tenants, contributing about 4 per cent to CCT’s monthly gross rental income as at June 30, 2018.

CCT is evaluating options for the property after April 2020 which include refurbishment and re-letting, redevelopment and divestment. It will share more information when the plans are finalised, it said.

The HSBC Building is a 21-storey office tower with a leasehold estate expiring on Dec 18, 2849 and a valuation of S$461 million as at June 30. 

CCT units fell 1.14 per cent or two Singapore cents to close at S$1.74 on Wednesday.

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