Standard Chartered to sell and lease back two Changi Business Park properties for S$183 million

[SINGAPORE] Standard Chartered has inked two deals to sell and lease back its two office properties at Changi Business Park for a combined S$183 million.

Both buildings have been occupied by StanChart since the 2010s, and the bank has signed a long-term leaseback contract for the space.

“The bank continuously evaluates all options to maximise the value and effectiveness of its real estate portfolio in support of our strategy,” said the bank’s spokesperson on Wednesday (Mar 25), in response to queries from The Business Times.

“This sale and long-term leaseback of our two buildings at Changi Business Park will provide us with long-term capacity for business growth.”

The two adjacent assets are being acquired in the name of CSC Global Trust (Singapore), which provides trustee, fiduciary and custody services, according to title deed documents.

The bank’s Standard Chartered @ CBP 1 at 7 Changi Business Park Crescent is changing hands for S$108.1 million, according to documents seen by BT.

Standard Chartered @ CBP 1 has a total gross area of about 291,450 square feet, and was reportedly acquired for S$59.5 million.

Sited on land spanning 11,819 square metres, or about 127,218 sq ft, the building is held under a 30-year private lease that commenced in 2008 and is set to expire in 2038, with 12 years left on its lease. StanChart commenced operations from it in 2010.

A caveat was lodged for Standard Chartered @ Changi 2, located at 9 Changi Business Park Crescent, earlier in March. The six-storey property is being transacted at S$75.3 million, and sits on a land area of 81,160 sq ft, according to Urban Redevelopment Authority Realis data.

It was acquired by StanChart for about S$45 million in 2014, with the bank starting operations there in 2015.

Standard Chartered @ Changi 2 has a total floor area of about 202,900 sq ft. The property is held on a 30-year private lease that commenced in 2012 and is set to expire in 2042, leaving about 16 years remaining.

Both properties are sited on land owned by JTC, which holds the reversionary 99-year leases expiring in 2086.

Singapore is StanChart’s second-largest market, and the bank “remains positive about its prospects as both a global and regional hub”, said the spokesperson.

For the 2025 financial year, the bank’s Singapore operations posted a 27 per cent increase in operating profit before impairment losses and taxation to US$1.3 billion, from US$1 billion in the year-ago period.

Apart from its Changi Business Park offices, the lender has a city headquarters at Marina Bay Financial Centre, where it had previously leased up to 513,000 sq ft across 24 floors in Tower 1.

During the pandemic in 2022, the bank reportedly scaled back its footprint, giving up nine floors as about 80 per cent of its Singapore-based staff adopted flexible work arrangements. At the time, other global lenders including Citigroup had also cut back space.

In response to queries from BT on Wednesday, StanChart’s spokesperson said the bank “continues to maintain a significant presence” across its offices and distribution network in Singapore.

“As our Singapore-based employees adopt flexible work arrangements, we will continue to invest in and refresh our premises to create a more open, conducive and collaborative environment for all.”

The spokesperson noted: “We are the largest international bank in Singapore, and the country is also home to our global technology and operations function, where we continue to invest in our people and capabilities.”

StanChart has ambitions to grow its wealth management business, including in Singapore. In 2024, it set a target to hit US$200 billion in net new money and double-digit wealth growth by 2029.

With a US$1.5 billion investment pumped in, the bank plans to hire more relationship managers, accelerate product innovation, improve its digital experience, and upgrade and launch new client centres. (* See amendment note)

Deals in Changi Business Park

Several properties in Changi Business Park have changed hands in recent years.

In February 2026, ESR Real Estate Investment Trust sold a hotel strata lot to co-living operator Coliwoo for about S$101 million. The lot at 2 Changi Business Park Avenue comprises a hotel block with more than 250 rooms and retail space at the ground floor.

In 2023, Frasers Centrepoint Trust divested retail mall Changi City Point to The Elegant Group, linked to Chinese businessman Zhao Zhichao, for S$338 million.

Amendment note: An earlier version of this article misstated the amount as S$1.5 billion when it should have been US$1.5 billion.