Singtel's redevelopment of Comcentre to unlock value is a well-trodden path

SINGTEL said last Wednesday (Feb 23) that it would be redeveloping its Comcentre headquarters into an office development to maximise the site's potential, and unlock value from the property.

The new Comcentre - which will cost over S$2 billion - is expected to have a total gross floor area of over 110,000 square metres comprising offices, a retail component, and Singtel's existing Orchard Exchange, which houses telecom infrastructure.

Singtel will divest Comcentre to a joint venture company, formed with an appointed developer, and hold a majority stake. It would be the anchor tenant, occupying 30 per cent of the space, while leasing out the remainder, and the group noted that this would contribute a recurring income stream for the group in the long term,