Singapore-listed property developer SingHaiyi Group has announced that investment bank UBS Singapore will be taking up the entire 381,000 sq ft of Grade A office space in the two towers at 9 Penang Road. The latter is a new commercial development by SingHaiyi Group and its joint-venture partners Haiyi Holdings and Suntec (PM).

SingHaiyi Group and Haiyi Holdings – a wholly-owned entity of the group’s major shareholders, Gordon Tang and Celine Tang – each hold a 35% stake in the joint venture, while Suntec (PM) owns the remaining 30% interest.

UBS Singapore will be the building’s anchor tenant and plans to occupy the office space in 2H2020. “The move will allow us to bring employees currently working at One Raffles Quay and Suntec City under one roof to enhance collaboration, as well as offer new capacity for future growth in Asia Pacific,” says August Hatecke, country head of UBS Singapore. UBS has almost 4,000 people across all its businesses in Singapore.

UBS says the “office campus” in the city will give clients access to its integrated wealth management, investment bank, asset management and global banking expertise. The new premises will also house UBS University, which provides training and development for employees in the region.

The 10-storey property is a redevelopment of the former Park Mall on Penang Road. The offices occupy the third to 10th floors of the building, while the ground floor comprises a retail space of 15,000 sq ft. Carpark space is located in the basement and on the second floor. The entire development is expected to be completed by year-end.

“9 Penang Road marks SingHaiyi’s first foray into commercial property redevelopment and a strategic springboard to expand our brand and track record in commercial and retail property development,” says Celine Tang, who is also group managing director of SingHaiyi.