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SINGAPORE: Ocean Building will be torn down to make way for a new development, said developer Keppel Land on Monday.
When completed in about four years, the new building – Ocean Financial Centre – will offer about 30 percent more office space.
Tan Swee Yiow, director of Singapore Commercial, Keppel Land International, said: "The site has been known as 'Ocean Building' for many years and we wanted to link back to the heritage. 'Financial Centre' is to reflect that this is really catered for financial institutions."
Designed by the same architectural firm that created the Petronas Towers in Kuala Lumpur and the World Financial Centre in Beijing, Ocean Financial Centre will be a 43-storey office building with environmentally friendly features.
"We're trying to install probably the largest solar panel system... in the new building. We will also adopt a hybrid system of air conditioning by having an in-house cooling system, plus the district plant supply," said Mr Tan.
The Ocean Financial Centre will mark the third redevelopment on the site. The new building will target financial institutions and have one of the largest floor plate size of up to 23,000 sq ft.
The new building is expected to generate about 850,000 sq ft of office space – close to one-third more than the current building.
Some of Keppel Land's former tenants have already expressed interest in the new building.
Demand for office space in Singapore has been growing, with occupancy hitting close to 98 percent in the third quarter.
- CNA/so
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