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
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.
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