Ascendas Reit and Grab to build new headquarters in Singapore

Singapore REIT News

Ascendas Real Estate Investment Trust (Ascendas Reit), and Grab, the leading O2O mobile platform in Southeast Asia, announced that they will construct Grab’s new headquarters in Singapore.

The development will be located within the one-north business park and will house all of Grab’s employees based in Singapore.Grab plans to consolidate its current offices and to create the first dedicated physical facility for the company. Grab’s largest R&D centre will also be based here, as Grab continues to expand its tech team globally.

Mr William Tay, Chief Executive Officer and Executive Director of the Manager said, “We are delighted to announce this partnership with Grab to develop their headquarters within the vibrant one-north business park. The long lease commitment of 11 years by Grab will provide Ascendas Reit with a stable income stream. This build-to-suit development takes our business and science park investments to S$3.8 billion and accounts for 34% of our total portfolio value of S$11.3 billion.”

“We are very excited for our new home. Grab has come a long way since 2012, from just a ride-hailing service provider to becoming the everyday app that meets our customers’ daily needs. One week ago, we have also hit our three billion rides across Southeast Asia. The new headquarters is yet another important milestone for us – it represents our long term commitment to Singapore and the region,” said Ong Chin Yin, Head of People, Grab.

“With the new building, we will be able to bring our growing Grab family in Singapore under one roof. The increased capacity of our headquarters will also enable us to achieve our ambitions of becoming the leading super-app in Southeast Asia. To this end, we have plans to create and hire for a thousand more exciting roles globally over the next 12 months,” she added.

The building will have an estimated gross floor area (GFA) of 42,310 sqm and is expected to complete in the fourth quarter of 2020. Total development cost is estimated to be S$181.2 million.

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