OCBC said to be exploring redevelopment of iconic Chulia Street property

The bank appoints JLL to help identify a potential partner to undertake its redevelopment; OCBC is expected to retain ownership of the asset post-development

Add BT as a preferred source

Kalpana Rashiwala

Published Wed, Apr 3, 2024 · 05:00 AM

OCBC Centre South in the foreground. Behind it, to the left, is the 50-storey OCBC Centre, where the bank's head office is located. PHOTO: GOOGLE MAPS
The bank's properties include OCBC Centre, OCBC Centre South and OCBC Centre East. MAP: ONEMAP

DeeperDive is a beta AI feature. Refer to full articles for the facts.

OCBC is said to be exploring a redevelopment of its Chulia Street property, which sits on more than 120,000 square feet of land in Singapore’s central business district.

The Business Times understands that the bank put out a request for proposals last year to find a property consultant to help it identify a potential partner to carry out a redevelopment of the property. BT understands JLL has been appointed for the job.

Banks are barred from engaging in property development under Singapore’s current banking regulatory framework, observers have noted. OCBC would probably have to transfer the Chulia Street property to a partner that will redevelop it. After the project is completed, the partner would then transfer the asset back to OCBC.

Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

Singapore property Commercial & Industrial OCBC Singapore offices

Reuse this content Feedback

TRENDING NOW

Heitsenrether, on how AI will impact the world, says: “The ability to connect with people (will not) go away with technology, especially in our business. It’s a business that’s about trust and relationships."

From intern to C-suite: JPMorgan’s Teresa Heitsenrether on building a fully AI-powered ‘megabank’

Eu Yan Sang group chairman Richard Eu has been with the company since 1989 and has seen plenty of change over the years, such as how employees view their jobs.

Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant

Malaysia ranks 23rd globally on the Milken Institute’s global opportunity index.

South-east Asian markets account for 8.8% of global capital inflows from 2021 to 2024: report

While residential property has delivered solid gains, observers say other assets such as equities often outpace it over the longer term.

Higher costs, lower returns: Why are Singaporeans still betting on real estate?