Overseas Union Enterprise Limited says wholly-owned subsidiary, Clifford Development Pte Ltd, has pre-committed leases with several corporations totalling some 88,000 sq ft or equivalent to 22% of the net lettable area of 50 Collyer Quay.

The initial lineup of tenants include Skandinaviska Enskilda Banken AB (PUBL), one of Europe’s leading banks; Bain & Company SE Asia, Inc., one of the world’s leading global business consulting firms; and Allen & Overy LLP, a leading international law firm offering a full range of legal services across 36 major centres worldwide.

The former Overseas Union House is being redeveloped into a new Grade A 18-storey office tower; the iconic Change Alley Aerial Plaza Tower being conserved and the Change Alley Pedestrian Overhead Bridge being retrofitted to provide quick and sheltered link to the Raffles Place MRT station.

Upon completion, the entire development will comprise a total gross floor area of 503,469 sq ft, net lettable area of 412,000 sq ft, and 245 car parking spaces on four basement levels.

The office tower floor plates will range up to some 30,500 sq ft, with two of the floors designated as trading floors.

The conservation of the Change Alley Aerial Plaza Tower and the refurbishment of the Change Alley Pedestrian Overhead Bridge are targeted to complete simultaneously with the office tower in the first quarter of 2011.

OUE Executive Chairman Stephen T. Riady says, “50 Collyer Quay markedly complements our strategy of focusing on high-end properties in prime locations in Singapore, and building up a stable rental income stream from such properties. This places us in a stronger position to leverage our expertise in this market, capitalize on exciting opportunities for development and re-development, and enhance shareholder value over the longer term.”

For the first quarter of 2010, OUE posted a pretax profit of S$23.7 million (excluding revaluation and impairment writeback), a 173.9% increase from 1Q 2009.