[SINGAPORE] OCBC has no plans to sell its properties in Singapore’s central business district – and this includes the OCBC Centre, which has heritage value for the lender, said board chairman Andrew Lee.
Speaking at the lender’s annual general meeting (AGM) on Thursday (Apr 17), Lee noted that the lender had enough space for its operations at the moment, and it would also be untimely to redevelop given elevated construction costs.
In April 2024, OCBC said it was exploring the redevelopment of its Chulia Street property, first reported by The Business Times.
During its results briefing in February 2025, however, the lender said it will put its plans for redevelopment on hold.
Noting media reports suggesting the lender should sell its properties, Lee said at the AGM: “We are not taking up that suggestion. We’re quite happy with our building, with our complex and we want to keep it.”
The board chairman noted that construction costs are currently elevated, with redevelopment plans possibly amounting to S$4 billion to S$5 billion.
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“Is this the right time to undertake – in this climate – such a massive project, which will strain the balance sheet of the bank… (and which is) not contributing to the bottom line of the bank?” he said.
Lee said it was the board’s duty to look at its major assets and find areas for improvement. But these plans were “not necessarily for the near future”.
Of the three properties it was looking into, the OCBC Centre was located on freehold land, while its other two properties were on leasehold land with 42 years left.
Lee also noted that the lender has other properties, such as the nearby Bank of Singapore and Great Eastern buildings, and a new building in the upcoming Punggol Digital District, giving it ample space for operations.
“We are a bank, not a property developer, so if we have sufficient space, we do not need to redevelop more property than we need,” he said.
Meanwhile, Lee highlighted the historical significance of the OCBC Centre for the lender, noting that it is on the same site of where the bank was founded in 1932. The building is a national heritage site and serves as an “anchor” for OCBC.
“That site, that building, has a lot of history, has a lot of emotion for us, as the oldest continuing bank in Singapore,” said the board chairman.
