DP Architects and PSB Academy to Exit Marina Square Mall Ahead of SingLand UOL Redevelopment

DP Architects, which occupies about 45,000 sq ft on the second level of Marina Square mall, has leased a similar-sized space at SingPost Centre next to Paya Lebar MRT station.

PSB Academy, which takes up about 136,000 sq ft across the mall, is relocating to SingPost Centre and two ESR Reit-owned buildings at 29 Tai Seng Street and 16 Tai Seng Street. The private educational institution announced earlier this week that it is establishing new campuses spanning over 220,000 sq ft at the three buildings.

Market watchers estimate about 116,000 sq ft of PSB Academy’s new space is at SingPost Centre, likely comprising two full floors (levels 10 and 11) and part of level 9. This space is part of the 192,000 sq ft in the 14-storey building currently leased to Visa, whose lease is said to end in December 2026 as it moves to new premises at Paya Lebar Green.

SingLand and parent UOL intend to transform the Marina Square complex by adding three new buildings: a for-sale residential tower, a serviced apartment block, and a mixed-use tower with hospitality, office, and performing arts spaces. The proposed redevelopment will tap incentives under the Urban Redevelopment Authority’s Strategic Development Incentive Scheme.

Marina Square mall, with about 800,000 sq ft of net lettable area, is part of the larger Marina Square complex that also includes three hotels. The complex sits on a total site area of about 992,400 sq ft with a 99-year leasehold tenure that began on September 9, 1980.

Market watchers surmise that PSB Academy, being an educational institution, was probably the first tenant served a notice of early lease termination by landlord Marina Centre Holdings (MCH). Retail tenants including Gain City, Daiso, Mothercare, Kiztopia, Pororo Park Singapore, and Haidilao do not appear to have been served notifications so far. Flexible workspace operator JustCo leases about 57,000 sq ft on the third level.

Marina Square mall and the Pan Pacific Singapore hotel are fully owned by MCH, which is 77.34% held by SingLand subsidiary Singland Properties and 22.66% by UOL. UOL in turn owns about 50.35% of SingLand.

MCH jointly owns (together with UOL) the Parkroyal Collection Marina Bay hotel, while the third hotel in the complex, the Mandarin Oriental Singapore, is equally owned by MCH and Mandarin Oriental International.

The partial redevelopment plans are expected to minimise disruptions to the operations of the three hotels. Market watchers expect SingLand to provide an update on the project when it releases its first-half results next week.