Having undergone itstopping out ceremony, The Metropolis, Ho Bee Investment's one‐north office development, is just months away from completion. The 1.1 million sq ft, Grade A‐specification building
is expected to receive a Temporary Occupation Permit for its first tower in July, and for its second tower in September, just 21/2 years after development began.

Despite rising construction costs and new government regulations on foreign workers restricting labour, The Metropolis is set to be completed ahead of schedule. Ho Bee chairman Chua Thian Poh attributed this to main contractor Lum Chang's good work on the project.

Construction is not the only area in which The Metropolis has a head start. To date, the development has a 60 per cent tenant pre‐commitment rate for its total lettable area. Mr Chua said The Metropolis was also the most successful development this year in attracting blue‐ chip tenants.

According to data collated by CBRE, four out of five of the largest office lease commitments in the past six months were secured by The Metropolis. These were from Procter & Gamble, Shell, Neptune Orient Lines, and Singapore Exchange. Ho Bee has also successfully engaged gym operator Fitness First, as well as F&B outlets including Starbucks, Simply Bread, and Peach Garden, to take up tenancy in The Metropolis. The Ho Bee group is shifting its own headquarters to the new building as well.

Marcus Loo, executive director of office services at Colliers International, was not surprised by the high pre‐commitment rate for The Metropolis, even with its location outside the CBD. "The Singapore office supply for buildings in the CBD are few and far between," he said.

While the lettable office and retail space has not yet been filled, Ho Bee expects to have full occupancy by next year.

Source: AmFraser