Ascendas Reit to develop, manage Grab’s new $181m HQ

This article is more than 12 months old

Jan 31, 2019 06:00 am

Ascendas Reit will be developing and managing Grab's new $181.2 million headquarters located in the one-north business park, the Reit's manager announced yesterday.

The building will house all of Grab's Singapore employees, consolidating its current offices and creating the first dedicated physical facility for the company. Grab's largest R&D centre will also be based there.

"The long lease commitment of 11 years by Grab will provide Ascendas Reit with a stable income stream.

"This build-to-suit development takes our business and science park investments to $3.8 billion and accounts for 34 per cent of our total portfolio value of $11.3 billion," said Mr William Tay, chief executive and executive director of the Reit's manager.

Ascendas Reit yesterday reported a 0.7 per cent increase in distribution per unit to 3.998 cents for the third quarter ended Dec 31, 2018, from 3.970 cents a year ago.

Net property income rose 6.6 per cent to $168 million mainly due to lower property tax expenses. Gross revenue increased 4.2 per cent to $226.4 million.