The Executive Centre to open Singapore Land Tower workspace in January 2024

Flexible work space provider The Executive Centre will open its 8th center in Singapore, situated at the Singapore Land Tower, in January 2024. The facility rises on the 45th to 47th grounds of the business office tower at 50 Raffles Place, around Raffles Place MRT Stop. Covering 50,720 sq ft, it will most likely have 490 offices and include exclusive offices and a member lounge.

TEC’s Lim says the firm’s development energy in Southeast Asia is expected to carry into 2024. Noting that its expansions are steered by customer requirements, she accentuate that TEC’s networks of facilities within Southeast Asia are reinforced by customers that have a multinational visibility in the place.

As of September, TEC’s average tenancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.

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The new centre follows a collection of four launchings TEC has performed across Southeast Asia this year: one in Singapore’s Capital Square together with one each in Jakarta, Ho Chi Minh City and Manila. Collectively, TEC has included nearly 1,200 workstations across these major Southeast Asian markets in 2023, offering a 33% boost in workstation expansion.

Additionally, TEC observes that the way occupants use office spaces has actually transformed ever since pre-Covid days, with business placing greater emphasis on having accessibility to a mix of purpose-built spaces involving personal offices for concentrated work, manageable seats, joint conference room, and event spaces.

The opening of the TEC center at Singapore Land Tower is a solution to this expanding demand, says Yvonne Lim, TEC’s coordinating supervisor for Southeast Asia. She adds that the new hub is observing “sturdy interest”, in line with the good tenancy price at TEC’s other facilities in the city. Since September, TEC’s standard occupancy rate in Singapore remained at 95%.

The beginning of the brand-new facility happens in the middle of expanding demand for office in Singapore, TEC says in a Nov 27 news release. The increased need comes up from MNCs aiming to set up workplaces in Singapore, as well as growing back-to-office force stemming from companies tightening a mix of both working protocols. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of companies are concentrated on boosting office presence or improving work effectiveness.

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