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Citi in $65 million move to Singapore's Asia Square.

Citi Singapore has signed a 10-year lease occupying more than 250,000 square feet of Asia Square's Tower 1, which will be Citi's new corporate office for its franchise in Singapore. An additional 5000 square feet space in the lobby will feature a new state-of-the-art retail banking branch.

Citi will occupy eight floors, which is expected to accommodate up to 2,700 client-facing staff across its corporate, consumer and private banking businesses, as well as some global and support functions. Employees currently in Centennial and Millenia Towers and some of those based in Capital Square will start moving to the new location from the last quarter of next year through to 2013 as existing leases expire. Citi currently provides employment to more than 8,800 people in Singapore, making it the largest employer in the financial sector. The bank expects to spend SGD $85 million ($65 million) in capital expenditure-related costs for the renovation and relocation to Asia Square.

The move to Asia Square comes as part of Citi's expansion and growth plans in Singapore, where the bank expects its headcount to increase by a few hundred each year. Asia Square will also be home to Citi's largest trading floor by headcount in Asia Pacific, given Singapore's role as the regional hub for Citi's Global Markets business. The new trading floor will house the various treasury teams of its consumer, corporate and private banking businesses currently based in Singapore.

Citi will also begin to occupy its second building at Changi Business Park from March 2011. In July 2009, Citi opened the first of its two global operations and technology centers, which currently accommodates some 2000 staff. Adding to the Citi community in Changi Business Park, the second building will house another 2000 employees, from its International Technology Office (ITO), which provides software development support for Citi's international consumer business, as well as some of its global support functions. With a total of 400,000 square feet, the two buildings provide round-the-clock critical technology and processing support serving various Citi businesses in 60 markets around the world.

The move to Changi Business Park is estimated at SGD $120 million ($91.9 million), representing an investment of construction, capital, relocation, rental and operating costs.

The move to Asia Square was brokered and advised by CB Richard Ellis Office Services.

2009 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:9SING
Date:Dec 23, 2010
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