ERA Daily Research - 30 April

OCBC reviewing office space needs, may cut down on number of branches

The Straits Times, 29 Apr 2021, Thu  

By Vivien Shiao

OCBC Bank will be reviewing its office space requirements and may be cutting down on its number of branches, said chairman Ooi Sang Kuang on Thursday during the lender's annual shareholder meeting that was held virtually.

This is in response to a shareholder query on whether OCBC will follow in the footsteps of banks around the world that are slashing their physical footprint.

Mr Ooi said it will "certainly be moving towards" a hybrid workspace where staff can have the flexibility to work from home and the office.

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Integrated developments: Withstanding the test of time

Edgeprop, 30 Apr 2021, Fri 

By Cecilia Chow

Singaporean Ms Lau believes she was one of the first residents to move into the 536-unit Compass Heights condominium in Sengkang when it was newly completed in 2002. When it was launched in 2001, demand was intense, given the novelty of the project: the first private condominium sitting on top of a shopping mall and an integrated transport hub with MRT and LRT stations as well as an air-conditioned bus interchange.

The average price was about $482 psf during the first two months of launch in 2001, according to URA Realis data. Today, units at Compass Heights have changed hands in the resale market for about 1.7 times higher, at an average of $818 psf, based on transactions from November 2020 to April to date.

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