SINGAPORE (Sept 13): HSBC Singapore today announced plans to relocate its head office from Collyer Quay to Marina Bay Financial Centre (MBFC) Tower 2, where it will occupy approximately 140,000 sq ft over the top floors of the 50-storey building.

HSBC Singapore will have signage rights to the building.

Fit-out work is expected to commence in 2H19 with target occupation by April 2020.

In a press release on Thursday, HSBC Singapore says the relocation of its head office comes part of its growth strategy and ambitions, including its plans to increase headcount by 10% over the next three years across all business lines.

It also intends to invest substantially in the new workplace to create an environment that is “conducive to collaboration; encourages innovation and an entrepreneurial mindset; and trigger new ways of working” for its employees.

Further, the company highlights Singapore as one of eight countries classified as a “scale market”, into which HSBC Group investment will be channeled to support material growth, in HSBC’s global strategy update in June this year.  

Tony Cripps, CEO of HSBC Singapore, says the company will be undergoing a number of workplace and cultural changes that will transform the way its employees communicate, engage and work with each other.

“The new space [at MBFC] will not only reflect our company goals but also focus on delivering quality service to all our customers,” says Cripps.

“As a scale market, Singapore is key to HSBC’s global growth plan. Our new premises will ensure we can meet our people, technology and workplace requirements that will be needed to carry out this business expansion, and reflect our ambitions in the market,” he adds.

Moray Armstrong, Managing Director of advisory & transaction services, CBRE, says: “By entering into a forward lease over the top floors at Marina Bay Financial Centre Tower 2, HSBC has secured some of the best office space in the city for its Singapore head office. This prime location in Singapore’s core business district offers tremendous visibility on the city skyline; along with this strong branding, the bank will benefit from large, efficient floorplates in a Grade A development.  HSBC’s deal represents one of the largest new office lease commitments signed in 2018. This is a good sign of the underlying confidence in Singapore’s position as a key financial centre. CBRE is pleased to have advised HSBC on this transaction."