Why did OCBC put Chulia Street redevelopment plans on the back burner?
The ballpark total development cost of S$2 billion, which includes high construction costs and land betterment charges, would derail the bank’s plans to return capital to shareholders
[SINGAPORE] Nearly a year ago, when news broke that OCBC was exploring the redevelopment of its Chulia Street property, there was much buzz in property circles as to how this would rejuvenate the locale, which is in Singapore’s central business district, near the banks of the Singapore River.
However, at the bank’s fourth-quarter results briefing last month (February 2025), group chief executive officer Helen Wong revealed that the bank would defer plans for the redevelopment of the OCBC Centre cluster of three buildings.
What brought about the change?
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