OUB Centre Limited will be investing S$540 million on a new commercial tower which will form part of One Raffles Place, to complement the existing OUB Centre tower and retail mall.

The 38-storey tower will provide 350,000 sqf of Prime Grade A office space and is scheduled for completion in 2011. It will stand alongside the existing OUB Centre, one of Singapore’s tallest buildings, officially opened by then Prime Minister Lee Kuan Yew 20 years ago.

The two towers will provide a total combined office space of 760,000 sqf. The entire development will be known as One Raffles Place, creating a new gateway to Singapore’s established centre of business and commerce.

Henry Kok, general manager of OUB Centre Limited, said that Raffles Place has been the centre of commerce in Singapore for over a century. The area has been the heart of Singapore’s commercial district, which houses the nation’s thriving business scene today.

“The opening of OUB Centre as the tallest building in the world outside of the United States in 1988 was a key step for the district. This new tower marks another milestone and reflects our confidence in Singapore’s growing business scene and this location,” said Kok.

The tower, offering panoramic views of Raffles Place and the Singapore River, was designed by Japan’s internationally renowned Tange Associates led by Paul Tange.

“The new tower is very faithful to the proportions of the original tower. The diagonal planes of the new building relate directly to the spacing of the windows in the original OUB Centre, while the triangular peak is exactly the same height as the lower level of the original tower,” said Tange.

The new tower will include raised floors, business continuity services and large column-free floorplates. Security measures will include 24-hour CCTV surveillance at all main entrances and exits, controlled by access cards. It also encompasses environmental management features such as photovoltaic cells and rainwater harvesting.

One Raffles Place is a short stroll via an air-conditioned link to Raffles Place MRT station, the busiest train station in Singapore that carries over 126,000 passengers a day.