Bloomberg reports that as new construction pushes rents in the area lower, financial-services companies are consolidating operations from the central business district about a 10-minute walk away that was first built almost two centuries ago. Standard Chartered last year relocated from 11 buildings across the city to one tower in the new office area, while Barclays moved from six to two in the district.
'Our growth in Singapore has been incredibly quick over the past few years', Tony Padgett, head of corporate real estate services at Barclays in Singapore, said in an interview. 'Banks tend to go for the prime locations in cities, they gravitate towards the same area like they’ve done in Canary Wharf in London or Wall Street in New York'.
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