Singapore March 2017

Singapore | Hong Kong

The Office A review of the Singapore office market

Forecast Top tier market bottoming out – mid tier to soften by a further 10% in next 12 months

Average top rental rates are now in the region of $8.50 to $9.50 per sq In the Marina Bay area we expect that and Centennial ft effective. The rate of decline in this prime sector of the market has Tower will come under some pressure. enjoys a relatively slowed down significantly and in some cases, such as , high occupancy rate, so effective rates here may soften only slightly to rates are even higher than they were 6 months ago. around $7.50 - $8.00 per sq ft. Out of town locations such as Novena and Alexandra Road are likely to remain popular with average effective Generally we expect top prime rates to soften only marginally, by rate between $5.50 psf and $6.50 psf. around 5% during the course of 2017, but they are beginning to bottom out. It will be the mid-tier market that will experience that greatest It will be important for businesses to plan well in advance pressure over the next 12 months and we expect further falls of around 10% during this period in this sector. 2018 will be an important year for relocations. This is because there will be a lull in new supply for a couple of years after that, with the next 2018 will be an important year for relocations, due to a lull in new wave of supply not coming on stream until 2020/ 2021. supply for a couple of years after that It will therefore be important for businesses to plan well in advance, There should still be some excellent opportunities for tenants to secure which is not easy in this uncertain economic climate but firms should good quality space in the core financial district for around $6.50 to start their reviews this year for their 2018 requirements. Rental cost $7.50 per sq ft effective. Even is expected to average savings should be easy to find in all locations, whatever a tenant’s around $8.00 - $9.00 per sq ft, down from $10.00 per sq ft a year ago. business plan may be.

Disclaimer The information in this publication should be regarded as a general guide only. Whilst every care is taken in it preparation, no representation is made or responsibility accepted for its accuracy or completeness. The rentals mentioned are neither asking rentals nor rentals agreed by property owners, but only represent the writers views on estimated rentals and is intended as reference only. Office Rental Guide Robinson Centre $8.50 Shaw House $8.50 Robinson Point $8.30 Singapore Pools Building Full Asking Rates $8.50 - $10.00 Sunshine Plaza $6.00 SGX Centre 1 & 2 $8.20 Tanglin Shopping Centre $6.00+ In general allow around 10% discount for SIF Building $7.30 The Bencoolen $5.60 negotiations for best effective rate Shenton House $5.50 The Heeren $10.50 The Globe $6.60 Thong Teck Building Full The Octagon $6.00 Tong Building $8.00+ Tokio Marine Centre $7.00 TripleOne Somerset $8.00 - $9.00 Raffles Place / New Downtown Tong Eng Building $5.70 VisionCrest Commercial $9.00 Tung Ann Association Building $4.60 Wheelock Place $11.00+ 6 Battery Road $14.00 Wilkie Edge Full 20 Collyer Quay $10.00 - $12.00 Winsland House 1 & 2 $9.00+ 55 Market Street $8.50 Tanjong Pagar Wisma Atria $10.50 Tower 1 & 2 $11.00 Bank of Building $8.00 78 Shenton Way $7.80 Bharat Building $6.50 79 Anson Road $7.50 Chinatown / River Valley Road Bank of Singapore Centre $9.50 ABI Plaza $6.20 CapitaGreen $12.00 Amara Corporate Tower $7.50 CES Centre $5.50 $9.00 Anson Centre $4.50 Central Mall $6.30 Clifford Centre $8.00 Anson House $7.50 Chinatown Point $6.50 GSH Plaza $10.00 AXA Tower $8.50 Great World City $7.00 Income@Raffles $8.50 $7.20 King’s Centre $6.30 $10.00 Guoco Tower $10.00 - $11.00 The Central $8.00 Maybank Tower $9.00 - $10.00 Hub Synergy Point $5.50 UE Square $7.00 MBFC Tower 1, 2 & 3 $10.00 - $11.00 International Plaza $6.50+ Valley Point $7.00 OCBC Centre $9.50 Jit Poh Building $6.00 OCBC Centre East Full Keppel Towers $6.50 $11.00 Keppel Towers II $6.00 Edge of CBD One Finlayson Green $8.50 Mapletree Anson $8.70 $10.00 MAS Building Full Alfa Centre Full Tower 1 $9.00 St. Andrew’s Centre Full Aperia* $6.00+ One Raffles Place Tower 2 $10.00 Southpoint $6.80 Boon Siew Building $5.20 $11.00 Tower Fifteen $7.00 Central Plaza $7.50 OUE Bayfront $11.00 - $12.00 Twenty Anson $9.00 Goldhill Plaza $5.20 RB Capital Building $9.00 Newton 200 Full Republic Plaza 1 $10.00 Novena Square $7.80 Republic Plaza 2 $8.50 City Hall / / Beach Rd Rex House Full Royal Group Building $9.00 SLF Building $4.40 Royal One Phillip $8.50 11 Beach Road $6.20 United Square $7.00 $10.00 30 Hill Street $8.50 Straits Trading Building $10.00 - $12.00 Towers $8.50 The Arcade $7.00 - $8.00 Beach Centre $7.80 West / Others UOB Plaza 1 $9.80 Centennial Tower $11.00 UOB Plaza 2 $9.50 Duo Tower $9.50 991 Alexandra Road $4.90 Millenia Tower $11.00 Alexandra Point $7.00 Odeon Tower $7.80 Alexandra Techno Park* $4.30 Robinson Road / Shenton Way OG Albert Complex $5.50 Fragrance Empire Building $5.50+ $8.00 Harbourfront Centre $6.90 4 Robinson Road $7.00 Peninsula Plaza TBC Harbourfront Tower 1 $7.50 6 Raffles Quay $8.00 Raffles City Tower $10.00 Harbourfront Tower 2 $6.00 - $7.00 71 Robinson Road TBC Shaw Tower $4.00 - $5.00 International Business Park (Jurong)* $4.00 80 Robinson Road $7.80 $10.00 JEM $5.90 108 Robinson Road $7.25 Stamford Court $7.00 Keppel Bay Tower $7.50 120 Robinson Road $6.00 Suntec Towers 1 - 5 $8.00 - $9.00 Mapletree Business City $7.00 135 Cecil Street $7.00 The Adelphi $6.00 - $7.00 Merrill Lynch Harbourfront $8.00 137 Telok Ayer Street Full $8.00 Pacific Tech Centre* $3.55 146 Robinson Road $5.50 East and West $7.00 - $7.50 PSA Building $7.00+ 150 Cecil Street $6.30 PSA Vista $4.50 158 Cecil Street $8.20 Singapore Science Parks* $4.50+ AIA Tower Full Orchard Road / Dhoby Ghaut The JTC Summit $4.46 ASO Building Full UE Biz Hub West $6.50 Bangkok Bank Building $6.00 50 Scotts Road $7.50 Westgate $6.50 BEA Building $6.80 51 Cuppage Road $7.50 Capital Square $10.50 182 Clemenceau Ave $6.50 Capital Tower $10.00 Burlington Square $6.00 East Cecil Court $6.00 Faber House $7.50 China Square Central $8.50 Fortune Centre $5.20 223 Mountbatten $5.50 City House $7.00 Forum $8.00 Abacus Plaza Full Far East Finance Building $5.50 Goldbell Towers $8.20 AIA Tampines Full Far Eastern Bank Building $6.50 Haw Par Centre $7.00 Changi Business Park* $4.00+ GB Building $6.00 Haw Par Glass Tower $4.80 CPF Tampines Building Full Grace Global Raffles $8.50 International Building $8.50 NTUC Tampines Junction $5.50 Great Eastern Centre $9.00 Liat Towers $8.00 NTUC Tampines Point Full $8.60 Manulife Centre $8.00 Parkway Parade $6.00 Keck Seng Tower $6.00 Ngee Ann City $10.50 Singapore Post Centre $6.50 Oxley Tower $8.50 Orchard Building $8.00 Tampines Concourse $5.20 PIL Building Full Orchard Gateway $8.50 Tampines Grande $5.50 PWC Building $9.50 Orchard Towers $4.30 Tampines Plaza Full Prudential Tower $9.50 Palais Renaissance $8.80 Viva Business Park* $3.00+ $8.00 Regency House $7.00 Robinson 112 $6.50 Shaw Centre $8.00

All rents quoted are asking rental rates and subject to change without prior notice * Business Park / B1 space Demand 03

The office rental market has been dominated Traders has moved into Ocean Financial by the frantic leasing activity in the new Centre along with law firm Holman Fenwick office schemes.Guoco Tower is now over & Willan, who relocated form Samsung 85% occupied with some of the most recent Hub. Nearby at One George Street, Ifchor tenants including Dentsu Aegis Networks Panamax has relocated here from The Central (100,000 sq ft), Uber (60,000 sq ft), ING Bank and law firm Chris Chong & CT Ho has moved (70,000 sq ft), Unity Technologies, Straits into OCBC Centre from GB Building. Star Trading Company, Fitbit Singapore, Frontline Insurance has moved into CapitaGreen. Shipping, Seadrill Management, Teva Pharmaceuticals, Danone Asia Pacific, Theoria New Downtown has seen mixed activity. Capital and Graticule Asset Management. Asia Square has seen some of their existing tenants expand within the scheme such as Marina One is scheduled for completion /TOP Mundipharma, Leonteq and CTBC Bank and in April and is also attracting some of the largest other new tenants there include Partners tenants around such as Bank Julius Baer Group (from 71 Robinson Road), Mitsui & (100,000 sq ft), Prudential Assurance (90,000 Co (80,000 sq ft from 80 Robinson Road), sq ft), Bank of Tokyo Mitsubishi (140,000 sq ft), Lombard International and JTP Holdings. BP (70,000 sq ft) and most recently announced One Raffles Quay has been attracting is massive space of over 250,000 sq ft which Guoco Tower several new tenants. Fitch Rating has moved has been leased to Facebook. 1 Wallich Street into South Tower from Suntec City, as has ACCA from Wisma Atria. Finexis Advisory has Close by is the new development of UIC Raffles Place has seen less activity than moved into South Tower from 108 Robinson Building at 5 Shenton Way which has attracted usual but this is in part due to the surprisingly Road and another new tenant here includes new tenants such as Mitsui OSK Lines (68,000 tight supply at the moment. The most Singapore Bora Petroleum. sq ft), Just Office (40,000 sq ft), and it is significant leasing transaction to take place rumoured Grab Taxi has leased 2 floors (40,000 in this location has been in Republic Plaza Shenton Way / Robinson Road still remains sq ft) here. However, not all schemes are where Chinese co-working space operator one of the most competitive locations. Law taking off, with activity at Duo Tower on Beach Distrii (part owned by City Developments - the firm Eversheds has moved toSGX Centre Road continuing to be slow. This is maybe a landlord) has leased around 60,000 sq ft. from One Finlayson Green and fashion marketing strategy, to avoid direct competition Alibaba has expanded to lease another floor group Coach has moved into Robinson 77. from the other schemes in the core of the in One Raffles Place Tower 1 and St James’s Axway also moved into Robinson 77 from financial district and once those projects start Place Wealth Management has leased a AXA Tower. Crown @ Robinson has leased filling out, Duo Tower should come to the fore. whole floor inOne Raffles Place Tower .2 around 55,000 sq ft to co-work space operator Most recent tenants to Duo include Golden MUFG Fund Services has expanded in The Working Capitol. OUE Downtown 2 has Equator Capital and Duferco Asia. Singapore Land Tower. Vatada International secured Hong Lam Shipping and Shinryo

Summary of Recent Relocations

Accountants moved to Graticule Asset Management Guoco Tower Hirose Electric ACCA One Raffles Quay South Tower MUFG Fund Services Singapore Land Tower Marriott Hotel Group Harbourfront Pricewaterhouse Coopers Marina One Partners Group Asia Square Propspur Holdings Suntec Tower 3 Rohan Mah & Partners AXA Tower Quantedge Capital Tokio Marine Centre Schuco Singapore Twenty Anson The Iyer Practice SBF Centre St James’s Place Wealth Mgmt One Raffles Place T2 Shinryo Corp. OUE Downtown 2 Theoria Capital Guoco Tower Teva Pharmaceuticals Guoco Tower Banks moved to Bank Julius Baer Marina One Insurance moved to Shipping moved to Bank of Tokyo Mitsubishi Marina One Locktons Group 6 Raffles Quay China Shipping Agency Prudential Tower ING Bank Guoco Tower Prudential Assurance Marina One Frontline Shipping Guoco Tower KDB Korean Development Bank CapitaGreen Star Insurance CapitaGreen Golden Ocean Shipping Guoco Tower Hong Lam Marine OUE Downtown 2 eCommerce moved to IT / Financial Software moved to Ifchor Panamax One George Street Alibaba One Raffles Place Tower 1 Broadbridge Robinson Centre Mitsui OSK UIC Building DS Global Marketing The Concourse Check Point Software Keppel Towers 2 Norgas Carriers AXA Tower Zalora Keppel Towers Global Process System The Gateway Seadrill Management Guoco Tower Zion Global Marketing Clifford Centre Palo Alto Networks Guoco Tower United Arab Shipping Keppel Towers 2 Unity Technologies Guoco Tower Communications moved to Whispir Singapore One Raffles Quay South Tower Traders moved to Arkadin Singapore Springleaf Tower Bright Point Trading Springleaf Tower Eutelstat Suntec Tower 3 Law Firms moved to Bunge Agribusiness Guoco Tower Fixed and Mobile Anson House Chris Chong & CT Ho Partnership OCBC Centre Ecom Agroindustrial 79 Anson Road Mellanox Technologies Suntec Tower 3 Edmond Pereira Law Corp. Chinatown Point InterflourBugis Junction Towers Text 100 36 Prinsep Street Eversheds SGX Centre 2 Itochu Guoco Tower Holman Fenwick & Willan Ocean Financial Centre Mitsui & Co. Asia Square Energy moved to Wong Thomas & Leong 21 Merchant Road Olam Trading Marina One BP Singapore Marina One Southland Global PWC Building Singapore Bora Petroleum One Raffles Quay North Twr Miscellaneous / Products moved to Vatada Ocean Financial Centre Mitra Energy Keppel Towers ASICS Guoco Tower Tata Power 78 Shenton Way Armacell Fragrance Empire Building Transport / Logistics / Travel moved to Axway Robinson 77 Agoda Guoco Tower Financial Services / Investment Advisors moved to Benson Wall Systems Anson House CWT Globelink To be confirmed Aquarius Investment Advisors OCBC Centre Carlsberg Hiap Hoe Building Grab UIC Building Finexis Advisory One Raffles Quay South Tower Coach Fashion Robinson 77 Go Jek AXA Tower Fitch Ratings One Raffles Quay South Tower Danone Guoco Tower IATA Mapletree Business City Golden Equator Capital Duo Tower Dentsu Singapore Guoco Tower Uber Singapore Guoco Tower Demand cont. 04

Group as new tenants. Several accounting Existing buildings with most stock available firms have purchased their own floors in this district such as Rohm Mah & Partners who purchased a floor atAXA Tower and The Iyer Building Large tenants moving out Practice in SBF Centre. Republic Plaza Bank of Tokyo, Itochu, ING Some of the buildings in Tanjong Pagar offer PWC Building PricewaterhouseCoopers the best value for money and this location 80 Robinson Road Mitsui & Co. has seen plenty of leasing action. Zalora have The Gateway GlaxoSmithKline, Mastercard moved into two consecutive floors inKeppel Ocean Financial Centre ANZ (downsizing) Towers (28,000 sq ft). United Arab Shipping AXA Tower Various and Check Point Software have each leased a Triple One Somerset IATA floor atKeppel Towers 2. Anson House has Robinson 77 Dentsu, Bunge Agribusiness been busy with new tenants including Benson Asia Square Google Wall Systems, Fixed & Mobile and Franco Keppel Bay Tower BP, Abbott, Canon Asian Enterprises.

Beach Road / Marina Bay has been relatively subdued. New tenants moving into Suntec Left City include Eutelsat, Propspur and Mellanox Republic Plaza Technologies. Springer Nature has leased Raffles Place

Supply

There is still ample office space available secure new tenants to infill their space, as well for lease in the newly completed schemes, as retaining their remaining tenants. with the exception of Guoco Tower. Demand is expected to continue to be cost driven Supply in Raffles Place is expected to remain rather than expansion, so it is predicted relatively tight with no major relocations other that there will be a good choice of space in than those tenants coming out of Republic most buildings throughout 2017. The choice Plaza. The bulk of the secondary supply will however for larger space users looking in be coming from the fringe of Raffles Place, Raffles Place is surprisingly limited. Shenton Way / Robinson Road and Beach Road. The amount of new business park There will be some huge voids appearing in space will be more limited than in previous some of the older established buildings years but there are 2 new schemes under construction in Singapore Science Parks 1 & 2. There will be some huge voids appearing in some of the older established buildings, 2018 will be in important year for office as a result of major relocation this year and relocations because options after 2018 will be it will be these buildings that will be under more limited. The three most important new the most pressure. The table above lists the schemes next year are Frasers Tower and 10 buildings that will be most affected. It is Robinson Tower on Robinson Road and Paya Keppel Bay Tower likely these landlords will be very proactive to Lebar Quarter. HarbourFront

Summary of Office Developments 2017 - 2021

Development Location Estimated Size Completion Date

Vision Exchange Jurong East 475,000 sq ft January 2017 Oxley Tower Robinson Road 130,000 sq ft January 2017 UIC Building Shenton Way 276,000 sq ft April 2017 Marina One New Downtown 1,800,000 sq ft April 2017 Frasers Tower Cecil Street 690,000 sq ft April 2018 Robinson Tower Robinson Road 195,000 sq ft April 2018 Paya Lebar Quarter Paya Lebar 883,500 sq ft December 2018 Park Mall Orchard Road 352,000 sq ft Q1 2019 Franklin, Science Park 1 Buona Vista 260,000 sq ft Q1 2019 Aquarius, Science Park 2 Pasir Panjang Road 376,750 sq ft Q2 2019 CPF Building Redev. Robinson Road 500,000 sq ft Q1 2020 Central Boulevard New Downtown 1,000,000 sq ft Q2 2020 Golden Shoe Car Park Raffles Place 1,000,000 sq ft Q1 2021 Afro-Asia Building Robinson Road 180,000 sq ft Q2 2021 Robinson 77 Woods Square Woodlands 630,000 sq ft Q2 2021 Robinson Road Demand cont. 05

half a floor at The Gateway East, DS Global The full impact on demand/supply from which theoretically would require over 1,000 Marketing has moved into The Concourse this sector remains unclear small new companies to fill out? Well, if the and Hitachi Consulting leased space in South experience in Tower 535 in Causeway Bay in Beach Tower. The full impact on demand/supply from this Hong Kong is anything to go by, the answer sector remains unclear and many observers may soon be clear. Leading co-work space Outside the CBD there has been plenty are wondering who will actually occupy all the operator WeWork leased over 60,000 sq ft in of activity in the business / science parks vast space they have committed to. The knock this brand new development and HSBC Bank and Ascent, the largest Ascendas scheme on effects could be significant. Buildings that is lined up to take up most of that space. It in Science Park 1 is nearly full. Mapletree faced huge voids such as Republic Plaza, is understood that some banks are looking Business City is also nearly full with with several anchor tenants moving out, found to house their sales staff in such space, with International Air Travel Association (IATA) a solution with attracting co-work operator many of their sales team ‘on the road’ for being one of the latest tenants to move from Distrii leasing some 60,000 sq ft. much of the time. So it comes as no surprise 111 Somerset. that it is rumoured that another financial Elsewhere The Working Capital Group has institution is lined up for over 200 workstations Co-working space and serviced office leased 11 floors in 140 Robinson Road (Crown in Crown @ Robinson. space could have a huge impact on supply @ Robinson) amounting to some 55,000 sq and demand ft. Just Office has leased 40,000 sq ft inUIC The knock on effect is likely to be these Building (2 whole floors) as well as 34,000 sq companies will lease smaller conventional A new sector of the office leasing market ft in Marina One, both for co-working space. office space and allow for greater flexibility by that has come to the forefront recently is the allocating a larger proportion of their team to serviced office / co-working space sector. The question is who will occupy this space, work in co-work space.

Business Park / Science Park Space

The supply of office stock that is categorized with the regulations before you sign any • Product Design / Development as Business Park or Science Park space has lease because you will be signing as a light • Data Processing / Computer Centre increased substantially and has now become industrial / business space user. • Call Centre Services a major part of the Singapore office leasing • Industrial Training market but not every business qualifies to use Do you qualify? • Telecommunication Business such space. • Central Distribution Centers Generally those companies that operate from • Media Activities The space in such new developments business park space are one or more of the • E-commerce/Internet providers is usually high quality with good natural following users and should occupy at least lighting and excellent facilities yet the 60% of the gross floor area for such purposes Certain categories such as CDC and rental rates can be up to 40% cheaper than as follows: e-commerce can be ‘grey areas’ and special traditional office space, ranging from $3.25 care is needed when relying on just this use to $5.00 per sq ft effective. • Manufacturing of high tech products using to qualify. Normally a tenant will have their advanced processes interior designer prepare a colour coded floor However there are strict rules and regulations • Test Laboratory plan marking clearly the uses for each section for businesses to qualify and it is imperative • Research and Development of the space making the evaluation a much that you check with URA that you comply • Software Development simpler process.

$4.00* The Capricorn Singapore Science Park 2

$3.70* $5.00* $6.00* The Signature 18 Tai Seng Mapletree Business City Changi Business Park (fka Mapletree 18) Alexandra Business Park Recommended Leasing Options 06

Prime Grade A *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

Circa $9.75* $9.00* $9.50* $8.50 - $9.50*

CapitaGreen Asia Square - Towers 1 & 2 One Raffles Quay North Tower One Raffles Place Tower 2 138 Market Street 8 & 12 Marina View 1 Raffles Quay 1 Raffles Place Units from 4,000 - 22,000 sq ft Units from 2,000 - 30,000 sq ft Units from 2,500 - 19,000 sq ft Units from 2,000 - 11,000 sq ft

Best Value for Money *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

$6.50* $6.50* $6.50* $4.00*

Robinson 77 OUE Downtown 2 79 Anson Road Shaw Tower 77 Robinson Road 6 Shenton Way Anson Road 100 Beach Road Units from 2,000 - 40,000 sq ft Units from 1,841 - 12,000 sq ft Units from 1,400 - 6,600 sq ft Units from 1,000 - 10,000 sq ft

Edge of Town / Out of Town Locations

$6.50 - $6.85* $6.00 - 6.50* $4.85 - $5.50* $6.00 - $6.50*

Novena Square The Gateway Fragrance Empire Building Keppel Bay Tower 238 Thomson Road 152 Beach Road 456 Alexandra Road 1 Harbourfront Avenue Units from 3,000 - 11,600 sq ft Units from 1,000 - 11,000 sq ft Units from 1,000 - 9,000 sq ft Units from 5,000 - 40,000 sq ft Summary of New Schemes 2018 07

*All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

TOP TOP TOP

June 2018 June 2018 Dec 2018

Robinson Tower Frasers Tower Paya Lebar Quarter Robinson Road Cecil Street Paya Lebar

Total size: 195,000 sq ft Total size: 690,000 sq ft Total size: 883,470 sq ft Average floor size: 8,850 sq ft Average floor size: 19 - 21,000 sq ft Average floor size: 23 - 32,400 sq ft Building height: 28-storeys Building height: 38-storeys Building height: 12-storeys Close to Raffles Place Direct underground link to Tanjong Pagar MRT Integrated development with retail and leisure Basement parking – 85 spaces Large floor plate Premium out of town location

Summary of New Schemes 2017

*All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

$7.50psf* $8.25+psf* $7.75+psf*

UIC Building Marina One Duo Tower 5 Shenton Way Marina Way Beach Road

Total size: 276,000 sq ft Total size: 1,800,000 sq ft Total size: 568,000 sq ft Average floor size: 19,700 sq ft Average floor size: 40,000 sq ft Average floor size: 19,700 sq ft Subdivision down to 5,000 sq ft Subdivision down to 8,000 sq ft Subdivision down to 6,000 sq ft Smallest unit: 5,000 sq ft Smallest unit: 8,000 sq ft Smallest unit: 8,000 sq ft

New tenants: New tenants: New tenants: Mitsui OSK Line, Just Office, Grab Taxi Bank of Tokyo Mitsubishi, Bank Julius Baer, Abbott Laboratories, Mastercard Prudential Assurance, Olam International Faststream Recruitment Keppel Tower Propex Singapore SGX Centre Our Clients Fearnleys Asia Winsland House I Provenance Capital SIF Building Financial PR 4 Robinson Road Provident Capital Partners UOB Plaza I FSL Management Suntec City Tower Two Puig Asia Pacific UOB Plaza II Fujitrans MAS Building Pure Commerce Gateway East Gaelic Inns Orchard Towers Reyl Singapore MBFC Tower II Air France & KLM Fragrance Empire Building Golden Ocean Shipping Guoco Tower Richfield Marine Keppel Tower Allegis Global Solutions Suntec Tower One Greenhill Cogent One Raffles Place T1 Rockstead Capital Clifford Centre Aquarius Investment Advisors OCBC Centre Grohe Pacific Haw Par Centre RWC UOB Plaza II ArcelorMittal Anson House Hamburg Sud The Concourse S-Oil Corporation Suntec City Tower Four Arch Coal Suntec City Tower Three Heidmar OCBC Centre SAC Capital AIA Tower Armacell Asia Fragrance Empire Building Heliconia Capital Suntec Tower 2 SA Hotel Management Twenty Anson Armstrong Asset Management Chevron House Helm Asia The Concourse Sea Hub Energy Capita Tower Asahi Group The Central Hertz Asia Pacific Shaw House Seadrill Management Guoco Tower Asiasoft Online Tampines Plaza Hoegh LNG Asia Springleaf Tower Seateam Management Keppel Tower 06 Aviation Services Orchard Towers HKT Global (S) Suntec Tower Four Schoeller Asia/ Columbia Shipmanagement Suntec Ayala International Shaw Centre Hopu Singapore SBF Centre Shipco Transport 10 Raeburn Park BBAM UOB Plaza II Indian Register of Shipping SIF Building Shipowners Asia Suntec City Tower Four Bachy Soletanche The Adelphi Indofood Agri Resources The Central Shin-Etsu Suntec Tower Two Bank of Baroda Republic Plaza I Intercall Tower Fifteen Siam Commercial Bank Robinson Centre BCD Travel Twenty Anson International Bunkering Asstn 110 Robinson Road Sierradale Chevron House Bechtel Shaw Tower Ishihara Sangyo Kaisha Keppel Tower Sindo Damai Shaw Tower Berlitz Language Centre Ngee Ann City Tower B JB Boda 78 Shenton Way Sinokor Singapore Southpoint Bluescope Steel Twenty Anson John Deere Alexandra Point SK Global Chemical Capital Square Braemar Falconer Great Eastern Centre Kanematsu Corporation Amara Corporate Tower SK LNG Trading Anson House Burberry 50 Scotts Road Kerneos Asia Pacific Mapletree 18 Sky Premium One Raffles Place Tower 2 Business Monitor OUE Downtown II KIB Insurance Brokers PSA Building Smith Detection Shaw Tower Canalys Keck Seng Tower Korea National Tourism Organization Samsung Hub Softbank Telecom 78 Shenton Way CBS Interactive Chevron House Korean Registry of Shipping Republic Plaza II Sri Lanka Airlines CPF Tampines Building CIBT Keck Seng Tower Korea Reinsurance Company PWC Building Stena Bulk Suntec City Tower Four Citilegal LCC 150 Cecil Street L-3 Communications NTUC Tampines Junction Stone Forest Wilkie Edge City Gas PSA Building Leica Camera Asia Parkview Square Stone Harbor Investments Suntec City Tower Two Club Med Valley Point Li & Fung 10 Raeburn Park SY Energy Suntec City Tower Five Coaltrade One Finlayson Green Lombard Risk Chevron House Sumitomo Electric Automotive Products PSA Bldg Consort Bunkers ABI Plaza Lukoil Marine AXA Tower Symphony Financial Partners UOB Plaza Corporate Serviced Offices 55 Market St/ Tong Bldg MP & Silva Sports Media Asia Square T1 Tatsumi Marine International Plaza Crescent Point Millennia Tower Marubun Arrow Shaw Tower Tectura Shaw Tower Dolphin Drilling Millennia Tower Milli Reasurans T.A.S. Bank of China Building Teekay Shipping PSA Building Drake International 78 Shenton Way Mondi Packaging Shaw House TCS Huxley Cecil Court DS Global Marketing The Concourse Morgan McKinley One Raffles Place Tower 1 Thummel Schutze & Partners Fuji Xerox Tower E-Commodities Holdings UOB Plaza II Mott MacDonald Orchard Building Timeo Performance 150 Cecil Street E Sun Bank Asia Square Tower 1 Mundipharma Asia Square Tower II Tokuyama Robinson Centre Ed Broking (Asia) Samsung Hub NMG Financial Services 30 Hill Street Trafigura Ocean Financial Centre Edmond Pereira Law Corporation Chinatown Point Nishimura & Asahi OUE Bayfront Trident Trust SIF Building Edrington Asia Square Tower 2 Nissho Odyssey Valley Point Trina Solar Energy Parkview Square Embassy of Portugal Winsland House Novo Nordisk Pharma The Gateway East Trinseo Holdings One Raffles Place Emergency Assistance Japan 137 Telok Ayer Street OKI Data Alexandra Technopark Unigestion The Gateway East Emirates Airlines Twenty Anson One Partnership Anson Centre United Arab Shipping Keppel Towers 2 Ensco Asia Pacific Suntec City Tower Five Ooredoo Asia Shaw House Vatada International Trading Ocean Financial Centre EQT Partners UOB Plaza 1 ONGC Videsh Suntec City Tower 3 Webbe International Asia One Raffles Place Everest Reinsurance One Raffles Place Tower 1 Open Link Financial Guoco Tower Western Digital NTUC Tampines Junction FACT Software Keppel Tower Pacific World Shipping Bank of Singapore Centre Yang Ming Shipping CES Centre Fairfield Chemical Carriers Suntec Tower Three Porsche Asia Pacific Tokio Marine Centre Zoll Medical Aperia

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