Mainboard listed Overseas Union Enterprise (OUE) has announced that its subsidiary – Clifford Development – has obtained pre-committed leases of almost 88,000 sq ft for its latest development 50 Collyer Quay, which translates to around 22 percent of the total net lettable area.
The initial tenants include international law firm Allen & Overy and global business consulting firm Bain & Company.
OUE will redevelop the former Overseas Union House into an 18-storey Grade A office tower.
The company will also retrofit the Change Alley Pedestrian Overhead Bridge and conserve the Change Alley Aerial Plaza Tower, providing a quick and sheltered link into the Raffles Place MRT station.
When completed, the entire development will comprise a net lettable area of 412,000 sq ft and a total gross floor area of some 500,000 sq ft. Its office tower floor plates range up to 30,000 sq ft, with two of the levels allocated as trading floors.
The Pedestrian Overhead Bridge and Change Alley Aerial Plaza Tower are targeted to be completed simultaneously with the office tower in Q1 next year.
Stephen Riady, Executive Chairman of OUE, said 50 Collyer Quay complements the company’s strategy of focusing on high-end properties located in prime locations and building a stable rental income stream from such properties.