Alexandra a backroom hub for banks

Alexandra a backroom hub for banks
Mapletree office complex draws banks, including DBS and HSBC


By WEE LI-EN

(SINGAPORE) Banks that have been moving their backroom operations to out-of-town areas have now found a new hub at Alexandra.


An office complex, The Comtech, which was retrofitted in 2003 and is part of real estate company Mapletree's Alexandra Business Hub, has recently signed up a batch of banks, including DBS and HSBC.

HSBC told BT yesterday that it is 'aiming to move some units' between the fourth quarter this year and first quarter next year to The Comtech but said that it is unable to provide further information because plans are still being finalised.

Sources say that HSBC will be taking up more than 100,000 sq ft spanning two floors and will be moving its operations such as its call centre and trade services there.

DBS is also said to be taking up about 100,000 square feet at the office complex and DBS Vickers has in fact already moved some of its operations there. Apart from the two banks, BT understands that Mapletree has also recently signed on a third bank to take up space at The Comtech, a 10-storey building with a total leasable area of 1,000,000 sq ft and is located just 10 minutes from the CBD.





BT understands that Deutsche Bank is already a tenant, having moved its data operations there. According to Mapletree's website, The Comtech has been designed to cater for the increased power supply, air-conditioning and telecommunications needs of tenants.

Amenities include an air-conditioned food-court, alfresco cafes and meeting rooms. Alexandra Business Hub also includes PSA Building and three other blocks.

It was reported last month that office rents in Singapore are the fifth fastest growing globally according to a study by CB Richard Ellis.

Rents in Singapore jumped 53.6 per cent year-on-year to US$67.97 per square foot per annum (or S$8.60 psf per month) in the study dated May 2007 and based on first-quarter 2007 data.

The US$67.97 psf annual rental figure for Singapore makes it the 24th most expensive office market globally as of May 2007, up from 37th placing in November last year and 43rd spot in May last year.

There have also been recent reports about banks converting meeting rooms into offices and reorganising space to accommodate more people.

There are now 111 commercial banks and 164 insurance companies operating here, according to the Monetary Authority of Singapore's website, compared with 108 banks and 144 insurers as at end-March last year.

However, it has been pointed out that Singapore still has huge tracts of prime developable land, such as in the Marina Bay area.