Grab announces that it will begin the building of its new Singapore’s headquarters, managed by Ascendas Reit. The deal was signed by both Grab and Ascendas Funds Management (S) Limited, the Manager of Ascendas Real Estate Investment Trust (Ascendas Reit).
The building process will spend S$181.2 million (US$135 million), and it’s said to be done by fourth quarter of 2020. The building will be located within the one-north business park, and it will house all of Grab’s employees based in Singapore and its R&D centre.
“We are delighted to announce this partnership with Grab. The long lease commitment of 11 years by Grab will provide Ascendas Reit with a stable income stream. This development takes our business and science park investments to S$3.8 billion (US$2.8 billion) and accounts for 34 per cent of our total portfolio value of S$11.3 billion (US$8.4 billion),” said William Tay, Chief Executive Office and Executive Director of Ascendas Funds Management (S) Limited.
The design of the building will provide Grab’s employees with a green and sustainable workplace environment such as recycled building materials and energy efficient low emissive glass façade to reduce solar heat gain. It will have greenery on the ground and mid-level sky terraces integrated with communal spaces and public pedestrian to promote social interactions and exchange of ideas.
In support of Singapore’s car-lite vision and to reduce carbon footprint, the headquarter will facilitate bicycle parking, lockers, and shower facilities.
“The increased capacity of our headquarters will enable us to create and hire for a thousand more exciting roles globally over the next 12 months,” said Ong Chin Yin, Head of People, Grab.
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The development is expected to achieve Green Mark GoldPlus certification from the Building and Construction Authority.
The location of the site is a one-minute drive away from the Ayer Rajah Expressway and a 10 minutes’ drive to the Central Business District.
The building will have an estimated gross floor area (GFA) of 42,310 sqm.
Image Credit: Grab