Singtel to Redevelop Comcentre Headquarters for Over S$2 Billion

By Justina Lee

Singapore Telecommunications Ltd. said Wednesday that it will redevelop its Comcentre headquarters at an estimated cost of more than two billion Singapore dollars (US$1.49 billion).

The redevelopment, which is envisioned as a smart building incorporating sustainable designs and digital technologies, will maximize the Comcentre site's potential and boost building efficiency, Singtel said.

Singtel will occupy around 30% of the space as the anchor tenant of the new development, while the remaining space will be leased out to other tenants. This will contribute a recurring income stream for the company in the long term, Singtel said.

"We strive to optimise the capital we can unlock from existing assets to fund our growth initiatives including 5G and the regional expansion of our data-center business," Singtel Chief Executive Yuen Kuan Moon said.

Write to Justina Lee at [e-mail]

(END) Dow Jones Newswires

02-22-22 2335ET