UBS is considering to move its office out of the central business district, according to local media reports. UBS is likely to consolidate its Singapore office footprint by relocating from One Raffles Quay and Suntec City to 9 Penang Road, according to a report in Business Times. Market sources said that the commercial terms of a potential lease for 9 Penang Road have been more or less finalized, but the deal is still pending for approval by the top brass in Switzerland.
The site, which is coming up on the former Park Mall site opposite Dhoby Ghaut MRT Station, would provide a different type of space for the bank. The motivation appears to be a desire by the bank to operate in a larger, campus-style, facility, rather than cost savings.
Surprising Move
Many office leasing observers were somewhat surprised that UBS, Asia’s largest wealth management bank, is considering moving out of the financial district into Penang Road, which is not a typical headquarters location for a major bank.
However, 9 Penang Road may have its own appeal, given it is a stone’s throw from the prime Orchard Road shopping belt and the location offers good connectivity. Dhoby Ghaut station is an interchange for the North-South, North East and Circle lines.