SG Property Intelligence Singapore office occupiers looking to upgrade face stiffer competition

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SG Property Intelligence Singapore office occupiers looking to upgrade face stiffer competition

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

11 June 2026

SG Property Intelligence

Singapore office occupiers looking to upgrade face

stiffer competition

Singapore/ASEAN Property and

REITs

Singapore occupiers looking to upgrade face stiffer competition over the next AC Terence M Khi

two years as the new-supply pipeline is thin, with Shaw Tower (450,000 sq ft, TOP

(65) 6882-1518

July) and refurbished 39 Robinson Road (165,000 sq ft, TOP Dec) the only sizeable terence.ml.khi@jpmorgan.com

additions, supporting Grade A rents above $14 psf pm and a further 2.5% to 3% AC Mervin Song, CFA

growth this year, according to Corporate Locations. Flight to quality is concentrating (65) 6882-7829

demand in the CBD, with IOI Central Boulevard Towers (96% committed mervin.song@jpmorgan.com

occupancy) filling quickly at $14.80 to $18.50 psf pm, drawing tenant shifts such as J.P. Morgan Securities Singapore Private Limited/

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

Virtu Financial (from 1557 Keppel Road) and Franklin Templeton (from Suntec Morgan Broking (Hong Kong) Limited

Tower 1). Redevelopment-driven relocations are also reshaping demand, with tenants

exiting 79 Anson Road moving into nearby options including Keppel South Central

(Japan Travel Bureau), Hub Synergy Point and ABI Plaza, while HarbourFront

Centre tenants are shifting ahead of its 2H2026 closure, notably to HarbourFront

Tower 1 and mTower, with Mapletree retaining many within its portfolio. Other

notable moves include leasing at 18 Cross (formerly Cross Street Exchange) after its

refurbishment, including Bridgewater Associates and PAG-linked Flow Digital

Infrastructure at around $12 psf pm.