Oversea-Chinese Banking Corporation (OCBC) will invest some $500 million in Punggol Digital District (PDD) with a new innovation hub and a partnership with the Singapore Institute of Technology (SIT).
The 430,000 sq ft OCBC Punggol, when completed in 1Q2027, will become the bank’s second-largest office premises after its head office in Chulia Street. Up to 4,000 OCBC employees — mostly tech staff — will be housed across eight floors of a 12-storey mixed-use tower, which will also include a 200-room hotel, retail shops and dining outlets.
According to a JTC spokesperson, the tower is complete and awaiting Temporary Occupation Permit (TOP). JTC declined to comment on the ongoing search for parties interested in operating the serviced residence or hotel on a 60-year tenure, which began earlier this year.
OCBC will occupy the fourth to 11th levels of the tower, and fit-out works are expected to be completed in early 2027.
OCBC also has an office at Tampines housing its tech staff, along with a regional data centre in the east of Singapore. OCBC group CEO Helen Wong says the bank is still in the early stages of designing its space at Punggol, and declined to reveal how many staff could be transferred from its Tampines office.
Wong also says the bank will keep "most of its existing premises" islandwide, with more plans to be announced "later on".
The $500 million figure includes "acquisition cost" for the eight floors of the tower, says Wong at a Sept 18 briefing. However, she declined to disclose a breakdown of the sum.
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OCBC is also funding the establishment of a new 440-sqm learning lab at SIT’s Punggol campus. Currently equipped with more than 30 Bloomberg Terminals, the lab can house up to 100 terminals and host a maximum of 100 students at a time.
From left: Sunny Soh, professional officer, business communication and design cluster, SIT; Prof Chua Kee Chaing, president, SIT; Helen Wong, group CEO, OCBC; and Lee Hwee Boon, head of group human resources, OCBC, at the Analytics and Innovation Lab
According to SIT, the Analytics and Innovation Lab will be a vital resource for students of the Accountancy and Applied Computing (Fintech specialisation) degree programme.
OCBC Punggol, located at 98 Punggol Way, is directly connectd to SIT's Chua Thian Poh Discovery Hub via a link bridge. The learning lab is located within the Chua Thian Poh Discovery Hub on the eighth floor.
OCBC Punggol is also connected to SIT via a canopy along the 800m Campus Boulevard, which connects the entire district.
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In addition, OCBC will award five SIT undergraduates “bond-free” scholarships for the 2025 academic year. Valued at $11,000 each per year, recipients of the scholarships will be supported for up to four years. According to OCBC, these students will also be given internship opportunities with the bank.
SIT has some 12,000 students spread across seven campuses: Punggol, Dover and the five polytechnics in Singapore. SIT is moving its student body into its Punggol campus in phases. Some 3,800 students began using the space last month, and the remainder of the student body will move into the Punggol campus by May 2025.
Following the move, the only programme that will continue to be administered outside SIT's Punggol campus will be the Bachelor of Business Administration in Food Business Management, a joint programme with the Culinary Institute of America. The SIT-CIA programme will continue to be taught at Temasek Polytechnic's campus.
JTC is the master planner and developer of PDD, a 50ha district that contains eight towers. According to JTC, 65% of space across these towers have been pre-committed, and first-movers include Government Technology Agency (GovTech), Cybersecurity Agency of Singapore and United Overseas Bank U11 (UOB).
Around 3.3 million sq ft of business park and mixed-use space will open in phases, with the first phase of 21ha opening in 3Q2024.
In May, PDD achieved the Building and Construction Authority’s Platinum Award for Green Mark Districts, which recognises the highest level of environmentally-friendly and sustainable practices in the master-planning, design and implementation of district developments.
In addition, 17 of the district’s buildings have achieved Green Mark Platinum certification.
As at 11.46am, shares in OCBC are trading 4 cents higher, or 0.26% up, at $15.32.
Photos: OCBC
