The Executive Centre to open Singapore Land Tower workspace in January 2024
TEC’s Lim states the company’s growth momentum in Southeast Asia is assumed to carry toward 2024. Keeping in mind that its expansions are steered by customer requirements, she emphasize that TEC’s networks of centres inside Southeast Asia are boosted by clients that have an international visibility in the area.
Flexible work area service provider The Executive Centre is going to open its eighth center in Singapore, found at the Singapore Land Tower, in January 2024. The centre is located on the 45th to 47th levels of the office high rise at 50 Raffles Place, around Raffles Place MRT Terminal. Extending 50,720 sq ft, it will most likely have 490 workstations and consist of exclusive offices and a member lounge.
Since September, TEC’s common occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
The launching of the brand-new center comes amid expanding interest for office in Singapore, TEC says in a Nov 27 news release. The increased demand comes up from MNCs seeking to set up workplaces in Singapore, as well as growing back-to-office momentum originating from employers tightening up a mix of both working regulations. Pointing out CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of firms are centered on improving office attendance or improving work effectiveness.
In addition, TEC monitors that the way renters use office spaces has altered since pre-Covid days, with firms placing higher focus on having entry to a combination of purpose-built spaces involving private offices for focused work, adjustable seating, shared meeting rooms, and activity areas.
The latest centre complies with a set of four openings TEC has already accomplished across Southeast Asia this year: one in Singapore’s Capital Square along with one each in Jakarta, Ho Chi Minh City and Manila. All together, TEC has included just about 1,200 workstations across these major Southeast Asian markets in 2023, representing a 33% boost in office expansion.
The opening of the TEC centre at Singapore Land Tower is a solution to this increasing need, claims Yvonne Lim, TEC’s handling supervisor for Southeast Asia. She adds that the new centre is observing “robust need”, in line with the good occupancy price at TEC’s different centres in the city. As of September, TEC’s average occupancy rate in Singapore ranked at 95%.