Complete Property Market Updates of Singapore

March 24, 2008

Deutsche Bank increases Singapore office space

Filed under: General — Propertymarketupdates @ 10:30 am

It will rent 54,000 sq ft at ex-Pasir Panjang ITE.

AFTER growing its headcount by over 20 per cent last year, Deutsche Bank says that it will increase its office space needs here by another 54,000 square feet.

Speaking to BT, Deutsche Bank’s chief country officer Ronnie Tan said that with the increase, it will now employ about 2,100 full-time staff in Singapore alone.

Mr Tan added: ‘We are experiencing significant growth in all our major business lines. One example is private wealth management, where Deutsche Bank increased investable assets by 19 per cent in 2007 to 22 billion euros (S$46.9 billion).’

The bank is optimistic about the ‘Asian story’ and has invested accordingly.

‘We have come through the financial uncertainty more positively than others and I believe it’s a good time to play on our strengths – we have a strong credit rating, a strong brand and we’ve weathered the storm extremely well,’ he added.

In 2007, Deutsche Bank’s net income was up 7 per cent year-on-year.

Deutsche Bank already occupies nine floors at One Raffles Quay. Taking up more than 280,000 sq ft, it is the largest single tenant there. It has also leased a further 100,000 sq ft in the central business district (CBD) for infrastructure functions.

While Deutsche Bank did not say if it would vacate some of its CBD premises, it will be taking up 54,000 sq ft at the former Institute of Technical Education (ITE) Pasir Panjang. The premises, with a gross floor area of 218,891 sq ft, was put up for rent by the Singapore Land Authority (SLA) last year and was subsequently leased to master tenant RichZone Properties for $288,999 a month or $1.30 per square foot (psf) per month.

Asking rents for the site are said to have increased from the initial $4 psf per month to $5-5.50 psf per month now.

On the rationale for Deutsche Bank’s move, Mr Tan said: ‘The move to the new premises is part of our growth strategy to accommodate increasing staff numbers in Singapore and to provide flexibility for further growth.’

Singapore is Deutsche Bank’s Asia-Pacific headquarters and also serves as a regional head office for five out of six of the bank’s key business lines including global markets, private wealth management, asset management, private and business clients, and global transaction banking.

‘As we’re experiencing strong growth across all facets of our business, both in Singapore and in Asia, we’re strongly focused on our recruitment and staff retention efforts across the business,’ added Mr Tan.

Deutsche Bank is the latest multinational company to move to properties under management of the SLA. Other tenants include Foster Wheeler, a US engineering and construction services consultancy, and electronics giant LG.

Source : Business Times – 10 Mar 2008


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