View Past Transactions for commercial propertiesClose to 50% of the office space at Keppel South Central has been leased or is currently in negotiations. (Photo: Samuel Isaac Chua / EdgeProp Singapore) Keppel to Focus on Brownfield Redevelopment Projects After Keppel South Central Keppel, a homegrown global asset manager and operator, is shifting its focus to other brownfield redevelopment projects following the successful completion of Keppel South Central. According to Samuel Ng, president of Keppel’s real estate division in Singapore, “The redevelopment of Keppel South Central is our showpiece.”The development, formerly known as Keppel Towers and Keppel Towers 2, was completed in 1991 and 1993, respectively. The flagship 33-storey commercial tower, which offers about 650,000 sq ft of office and retail space, was announced completed last month. Typical office floor plates range between 20,000 and 22,000 sq ft, with a clear ceiling height of 3.2m.Half of the office and retail spaces have been either leased or in active negotiations, and the first anchor tenant has already been secured. Occupants are expected to move in from June, with a leading financial services group leasing two whole floors.The property has been renovated to incorporate green technology to make it more energy-efficient. It has been certified by BCA as a Green Mark Platinum Super Low Energy building, which equates to energy savings of about 6.2 million kilowatt hours (kWh) annually. This translates to about $1.8 million in savings each year.The renovation included physical improvements like treated external windows, which help minimize heat transfer into the building, as well as software applications, such as a smart building management system that optimizes energy usage. The design also takes into account after-hours operations. The office space has been adapted to the needs of modern tenants, with designated floors fitted with micro ACUs (air conditioning units) that provide localized cooling and optimize energy usage when select areas are occupied. The tower also offers retail and event spaces on the ground floor, health and wellness spaces on the fifth and sixth floors, a landscaped terrace on the 18th floor, and end-of-trip facilities on Basement 1. These are in addition to a suite of technological improvements that bring it up to par with other Grade-A office buildings in the CBD.The redevelopment of Keppel South Central is part of Keppel’s Sustainable Urban Renewal (SUR) strategy. Keppel is looking to replicate the success of Keppel South Central across the region. Keppel SURF, the flagship Sustainable Urban Renewal Fund, which has over $2.3 billion in funds under management, is set to fund brownfield projects in the region. Keppel’s in-house capability to execute the renewal works sets it apart from other asset managers. It is equipped to complete the asset enhancement works, stabilize occupancy, and divest it within the fund’s life of seven years. The initiative has already been applied to eight projects in five countries, three of which have yet to be completed.
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