OCBC confirms exploring redevelopment of Chulia Street property

OCBC has confirmed that is exploring the redevelopment of its Chulia Street property.

“We are exploring the redevelopment of the 63, 65 Chulia Street and 18 Church Street to rejuvenate a strategic area in the central business district,” said Emily Teo, head of group property management at OCBC, on Wednesday (Apr 3).

“Any redevelopment plans being explored will include preserving the rich heritage of OCBC Centre, a widely recognised iconic landmark in Singapore and South-east Asia designed by the late renowned architect IM Pei,” she added.

OCBC Centre, at 65 Chulia Street, comprises a 50-storey tower and a carpark block (with six storeys and two basement levels) completed in 1976. OCBC’s head office is located in the tower.

The bank went on to develop two extensions: OCBC Centre South at 18 Church Street, a seven-storey building with a basement completed in 1985, and the 15-storey OCBC Centre East at 63 Chulia Street, completed in 1996.

The bank was responding to media queries following a story in The Business Times published on Wednesday morning that the bank is understood to have put out a request for proposals last year to find a property consultant to help it identify a potential partner to carry out a redevelopment of the property. BT understands JLL has been appointed for the job.

Banks are barred from engaging in property development under Singapore’s current banking regulatory framework, observers have noted. OCBC would probably have to transfer the Chulia Street property to a partner that will redevelop it. After the project is completed, the partner would then transfer the asset back to OCBC.

When completed 48 years ago, OCBC Centre, at 201 metres, was the tallest building in South-east Asia. The tower, flanked by two rounded concrete cores, was designed in the Brutalist architectural style, favouring minimalist construction.