SINGAPORE: OCBC Bank is developing a $500 million office in the Punggol Digital District (PDD), its largest office outside Singapore’s Central Business District (CBD).
The new innovation hub, called OCBC Punggol, will be home to up to 4,000 employees, mostly from the bank’s technology teams, and is expected to be completed by the first quarter of 2027, OCBC said in a statement on Wednesday, Sept 18.
According to The Straits Times, the new hub will cover eight floors of a 12-storey complex, which will also include a hotel with 200 rooms and retail spaces. OCBC Punggol will be directly linked to the Singapore Institute of Technology (SIT), located nearby.
The bank will work with SIT to establish an Analytics and Innovation Lab to drive fintech innovation and help develop future talent.
Helen Wong, OCBC’s group chief executive, stated that this development will be the bank’s second-largest office after its head office at Chulia Street and the largest outside CBD.
She also explained that JTC Corporation’s vision for the Punggol Digital District, which focuses on creating an environment that encourages collaborative partnerships and innovation, aligns closely with OCBC’s goals.
JTC Corporation is the agency developing PDD.
Located at 98 Punggol Way, the innovation hub will be connected by a red link bridge to SIT’s Chua Thian Poh Discovery Hub. It will also be connected to the varsity by a large canopy along the 800-metre-long Campus Boulevard, which links the entire district.
The building, spanning around 430,000 square feet, roughly the size of seven football fields, will also be connected to the upcoming Punggol Coast MRT station.
OCBC says its 4,000 or so employees at the site will focus on emerging fields, including quantum computing.
The hub will be equipped with high-tech features, including audio-visual technology, biometric access, mobile applications, and other advanced workspace tools.
In addition, the building will be designed to be energy-efficient, incorporating renewable energy sources to minimise its environmental impact.
A key element of OCBC’s development is its partnership with SIT, which goes beyond just physical connections.
The Analytics and Innovation Lab will be a focal point for fintech innovations and artificial intelligence-driven applications for students to bridge theoretical knowledge with practical, real-world challenges.
Educational activities, including workshops on financial literacy, financial planning, and retirement planning, will be held at the lab to engage with Punggol residents and support community development.
OCBC will also provide five annual scholarships of $11,000 each, with no bonds, to SIT undergraduates and offer internships at the bank.
SIT President Professor Chua Kee Chaing said that OCBC’s donation will provide students with “authentic, real-world experiences,” preparing them for successful careers in the dynamic financial sector and nurturing talent to contribute to Singapore’s economy.
SIT will also offer some of its facilities, such as sports halls, for OCBC’s corporate events once the new hub is completed in 2027.
The development of OCBC Punggol is part of the bank’s seven-year plan to modernise its technological architecture. The first phase, from 2019 to 2022, involved a $250 million investment to upgrade systems for quicker digital updates and better personalisation using AI.
The bank is investing an additional $300 million from 2023 to 2025 to further enhance innovation and design. The SIT campus in Punggol will start opening in September, with about 8,900 students expected to use it by 2025.
Meanwhile, UOB is also investing $500 million to build a 300,000-square-foot centre in the Punggol Digital District for around 3,000 staff in digital, technology and innovation roles, with completion set for 2026. /TISG
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