High pre-leasing level at Paya Lebar Quarter is good news for Singapore office market: DBS

SINGAPORE (June 12): DBS Group Research remains confident that the Singapore office market remains on a multi-year upturn given modest new supply over the next 3-4 years.

This follows media reports that close to 80% of Paya Lebar Quarter (PLQ) and over 70% of Frasers Tower have been pre-committed, says DBS in a Tuesday report.

According to the reports, Great Eastern will be leasing around 125,000 sf of space or four floors at the 13-storey Tower 3 at PLQ. This follows SMRT and CBRE which had earlier leased 97,000 sf (three floors) and 31,000 sf (one floor) of space respectively in the same tower. The insurance group will be using the space at PLQ for its agency business and will be relocating from its existing premises at 200 Changi Road.

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