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Sea seeking replacement tenant for its 200,000 sq ft of space in Buona Vista

Shopee parent pull brakes on spending in fight for profitability

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Corinne Kerk

Published Thu, Nov 17, 2022 · 05:50 AM
    • The Business Times reported in May last year that Sea Ltd, parent company of e-commerce player Shopee, was expected to lease most of the office space in Rochester Commons, the CapitaLand Development-owned property, in tandem with its growth.
    • The Business Times reported in May last year that Sea Ltd, parent company of e-commerce player Shopee, was expected to lease most of the office space in Rochester Commons, the CapitaLand Development-owned property, in tandem with its growth. PHOTO: CAPITALAND

    THE market is abuzz with talk that Sea Ltd, the parent company of e-commerce player Shopee, is giving up some 200,000 square feet (sq ft) of office space at CapitaLand’s newly-opened Rochester Commons development in the one-north area near the Buona Vista MRT station.

    Word has it that the tech conglomerate had signed a long lease – seven years was bandied about – in 2021 for the bulk of office space at what has been billed as Singapore’s first campus-style integrated development. Sea is now looking for a replacement tenant to take over the space, which is apparently not fitted-out yet.

    Property industry observers say Sea’s giving up of the office space is a result of aggressive planning, excessive spending and furious hiring over the last three years to build market share, but those decisions are now being overturned by a need to show a clear path to profitability as investors turn cautious.

    CapitaLandCapitaLand InvestmentCapitaland Ascendas ReitSea LtdShopeeGarenaSingapore propertySingapore officesE-commerceMobile Spotlight

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