SG Property Intelligence Allianz potentially shifting to Shaw Tower

Research evidence excerpt

SG Property Intelligence Allianz potentially shifting to Shaw Tower

J P M O R G A N Asia Pacific Equity Research

28 May 2026

SG Property Intelligence

Allianz potentially shifting to Shaw Tower

Singapore/ASEAN Property and

REITs

Allianz said to have leased about 78,000 sq ft at Shaw Tower. According to a AC Terence M Khi

Business Times report, this is the biggest leasing deal signed so far at the redeveloped

(65) 6882-1518

project. The group is expected to relocate from CapitaSky, at 79 Robinson Road, terence.ml.khi@jpmorgan.com

where it is said to occupy about 88,000 sq ft. Its lease there will end in March 2027. AC Mervin Song, CFA

Allianz is said to have clinched an attractive long-term deal at Shaw Tower. It is (65) 6882-7829

expected to pay a lower rental than the S$12 or higher per square foot (psf) a month mervin.song@jpmorgan.com

gross effective rent estimated by some observers, had it renewed its lease in J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

CapitaSky. Other tenants secured at Shaw Tower include payments technology firm Morgan Broking (Hong Kong) Limited

Adyen – which is said to have inked a lease for two floors totalling about 39,700 sq

ft – and flexible workspace operator The Great Room, with two floors adding up to

about 36,600 sq ft. Pharmaceutical company Sanofi-Aventis Singapore will also be

relocating from the neighbouring South Beach Tower to Shaw Tower. The space that

Allianz will vacate at CapitaSky has been garnering strong leasing interest given the

tight supply. CapitaSky is 70% owned by CICT, and CapitaLand Open End Real

Estate Fund holds the remaining 30% interest. JPM view: Allianz represents ~17% of

CapitaSky’s NLA and ~0.7% of our CICT FY27 revenue estimates. While the Allianz