If OCBC wants to keep Chulia Street properties, it should partner a property group to redevelop them
Go forth to create economic value and great work spaces
Add BT as a preferred source
[SINGAPORE] In this column on Mar 31, I advocated that OCBC should sell its Chulia and Church Street properties so that the assets can be redeveloped to create a new prime office project in the heart of the Central Business District (CBD). Divesting these buildings will also help create shareholder value.
My suggestion that OCBC should consider selling the trio of buildings it owns at 63 and 65 Chulia Street and 18 Church Street has been rejected. At its annual general meeting (AGM) on Apr 17, chairman Andrew Lee said OCBC has no plans to sell its CBD properties including OCBC Centre, which holds heritage value for the lender.
Still, if OCBC wants to retain the said properties, I maintain that it should redevelop the trio of buildings soon in a prudent manner. The lender can work with a financially strong property group, which has strong project-execution capabilities in integrated development.
TRENDING NOW
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
Japan Home closing outlets; staff say Valu$ taking over operations
Timah Partners lands S$60 million facility from lenders including UOB, RHB
