Ascendas Reit and Grab Announce 181 million Build-to-Suit Development for New Headquarters
Ascendas Reit and Grab Announce S$181.2 million Build-to-Suit Development for Grab’s New Headquarters
To be developed and managed by Ascendas Reit, the building is set to be ready by fourth quarter of 2020
It will house all of Grab’s employees based in Singapore and its largest R&D Centre at one-north, Singapore
The new development will take Ascendas Reit’s business and science park investments to S$3.8 billion, accounting for 34% of its total portfolio value of S$11.3 billion
30 January 2019, Singapore – Ascendas Funds Management (S) Limited (the Manager), the Manager of Ascendas Real Estate Investment Trust (Ascendas Reit), and Grab, the leading O2O mobile platform in Southeast Asia, are pleased to announce the signing of an agreement to design and build Grab’s new headquarters in Singapore
The building, which will be located within the one-north business park, will house all of Grab’s employees based in Singapore, consolidating its current offices and creating the first dedicated physical facility for the company. Grab’s largest R&D centre will also be based here, as Grab continues to expand its tech team globally.
Mr William Tay, Chief Executive Officer and Executive Director of the Manager said, “We are delighted to announce this partnership with Grab to develop their headquarters within the vibrant one-north business park. The long lease commitment of 11 years by Grab will provide Ascendas Reit with a stable income stream. This build-to-suit development takes our business and science park investments to S$3.8 billion and accounts for 34% of our total portfolio value of S$11.3 billion.”
“We are very excited for our new home. Grab has come a long way since 2012, from just a ride-hailing service provider to becoming the everyday app that meets our customers’ daily needs. One week ago, we have also hit our three billion rides across Southeast Asia. 2 The new headquarters is yet another important milestone for us - it represents our long term commitment to Singapore and the region,” said Ong Chin Yin, Head of People, Grab.
“With the new building, we will be able to bring our growing Grab family in Singapore under one roof. The increased capacity of our headquarters will also enable us to achieve our ambitions of becoming the leading super-app in Southeast Asia. To this end, we have plans to create and hire for a thousand more exciting roles globally over the next 12 months,” she added.
The building is designed to provide Grab’s employees with a green and sustainable workplace environment. It will incorporate lush greenery on ground and mid-level sky terraces that are integrated with communal spaces and public pedestrian thoroughfares to promote social interactions and exchange of ideas. In support of Singapore’s car-lite vision and to reduce carbon footprint, bicycle parking, lockers and shower facilities are provided to encourage Grab’s employees to take up cycling as a mode of commuting.
Other green features include the use of recycled building materials and energy efficient low emissive glass façade to reduce solar heat gain. The development is expected to achieve Green Mark GoldPlus certification from the Building and Construction Authority.
One-north business park has established itself as a hub for companies driving the growth of Singapore’s knowledge economy sectors, such as biomedical sciences, infocomm technology and media, supported by capabilities in science and engineering. 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 and is expected to complete in the fourth quarter of 2020. Total development cost is estimated to be S$181.2 million.