Executive Centre Opens Two Locations Singland Tower And Ioi Central Boulevard Year
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The Executive Centre (TEC) has recently launched its eighth co-working location in Singapore at the renovated Singapore Land Tower in the central business district of Raffles Place. The flexible workspace provider has been managing five floors encompassing 49,354 sq ft in the 47-storey office building.
Owned by Singapore Land, a subsidiary of UOL Group, a $160 million refurbishment of the 45-year-old building began in 2021.
This marks the first time TEC has partnered with a landlord in Singapore to manage non-TEC branded spaces. At Singapore Land Tower, TEC operates the event and function areas on the fourth floor, as well as office spaces on the fifth floor.
The fourth floor features a new 250-person function room, an outdoor al fresco space, and a 20-person boardroom, with plans to open in August. The fifth floor, which opened in October 2023, offers approximately 100 co-working seats and private office suites.
According to Yvonne Lim, Managing Director for Southeast Asia at TEC, about 70% of the co-working space and 65% of the private offices are currently occupied. However, ongoing noise disruptions from renovations on the fourth floor may have impacted the occupancy rates on the fifth floor.
This marks TEC’s first management agreement with a landlord in Singapore. The company will continue to operate the office floor as a swing space while also managing events on the fourth floor. Typically, TEC follows a traditional direct leasing business model in Singapore.
In Southeast Asia, TEC has two other management agreements, both in Jakarta, Indonesia: a 20,468 sq ft office space at Jakarta Mori Tower and a 17,298 sq ft office space at Pacific Century Place.
According to Chelsea Perino, Managing Director of Global Marketing and Communications at TEC, “as a group, we are keen to pursue these types of management contracts and form partnerships with landlords.” She adds that this holistic involvement between landlord and tenant presents numerous opportunities for both parties in terms of event collaboration and market positioning.
The bulk of TEC’s presence at Singapore Land Tower is on floors 45 to 47, which have enjoyed 90% occupancy since opening in January last year. Lim attributes this to the building’s prime location in Raffles Place and says that the company had shortlisted Singapore Land Tower as an option for its expansion strategy in Singapore.
In 2023, TEC will open its ninth location in Singapore at IOI Central Boulevard Towers. The flexible workspace market in Singapore will see more tenants gravitate towards premium options, predicts Lim. She adds that tenants looking for this kind of space prioritize location and quality of working facilities.
Globally, says Perino, “there is an evolution in terms of what most major corporations are looking for in terms of premium office space, and the movement of these trends seems relatively universal.” She adds that most MNCs are willing to pay premium rents to secure spaces in new buildings that align with sustainability metrics.
With senior executives returning to the office, Perino notes that the focus is on the role of the office in employee retention and attraction strategies. According to her, future-ready workplaces need a variety of working environments, from quiet areas for focused work to collaborative spaces like lounges. Widespread use of virtual meetings has also amplified the need for booths and small meeting rooms.
Looking ahead, TEC’s expansion strategy in Singapore will remain focused on vertical expansion opportunities within locations that perform exceptionally well. Lim adds that the limited supply of new Grade-A office developments entering the market in the coming years will impact TEC’s expansion plans.