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Credit Suisse to establish new office in Singapore.

Credit Suisse is planning to establish a new office in Changi Business Park that will accommodate the majority of the bank's Singapore-based staff in a new, integrated business park.

Credit Suisse's new premises, ONE@Changi City, which will be completed by the fourth quarter of 2012 is located in Changi City, Singapore's largest integrated business park development within Changi Business Park. It will house over 4000 Credit Suisse staff.

The bank will be anchor tenant of ONE@Changi City and will occupy five floors (315,000 square feet) in the nine-floor building with the option for an additional two floors (175,000 square feet). Credit Suisse will have exclusive branding in the reception area and rooftop signage.

The new office will enable Credit Suisse to eventually consolidate its operations in Singapore from its current multiple sites to two main locations comprising its existing premises at One Raffles Link, and the future ONE@Changi City.

Lito Camacho, Vice Chairman Asia Pacific and Singapore Country CEO says the importance and expected growth of the Bank's operations in Singapore, coupled with the desire to have a consolidated site for majority of staff, were key factors in the Bank's decision to lease ONE@Changi City.

"Singapore is an essential business hub for the Asia Pacific region and a critical centre for Credit Suisse both in terms of the Bank's business strategy and its global support operations. Singapore is the Bank's fourth largest office in the world and by 2013 it will have the capacity to employ over 6,000 staff," he said.

Jointly developed by Ascendas Land (Singapore) and Frasers Centrepoint Ltd, ONE@Changi City is a new, nine-floor net lettable area of 650,000 square foot building located in a new integrated business park. The development also incorporates a shopping mall, measuring a net lettable area of over 200,000 square feet providing retail and food and beverage space and a 313-room boutique hotel residence by Frasers Hospitality.

ONE@Changi City is located opposite the existing Expo MRT station and directly above the new Downtown Line MRT station due to open in 2017.

In addition to its new office at ONE@Changi City, Credit Suisse will retain its existing presence at One Raffles Link primarily for front office and client-facing staff and its Data Centre located in Serangoon. The bank said it will vacate its floors in its other locations in Singapore as leases expire.

Singapore is Credit Suisse's fourth largest office location worldwide and currently employs over 5500 staff.

2011 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:9SING
Date:Mar 31, 2011
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