SINGAPORE, 12 Dec 2007 - DBS Bank (DBS) today signed an agreement to lease 700,000 square feet of office space at Marina Bay Financial Centre (MBFC), as part of its strategic occupancy programme. The new DBS headquarters in MBFC constitutes the largest lease deal transacted in Singapore to-date.

The lease was signed today at a ceremony attended by DBS CEO Jackson Tai, David Martin, General Manager of MBFC and the shareholders of MBFC.

The move to the new DBS Group headquarters is part of a comprehensive, multi-year strategic occupancy programme that includes the relocation of various units to a purpose built nine-storey building at Changi Business Park, near the Expo MRT station in 2010. The Changi Business Park site has a permissible Gross Floor Area of approximately 500,000 sq ft and will be developed in phases.

Earlier in October, DBS signed a lease for more than 220,000 sq ft of office space at One Island East, a 70-storey building with Swire Properties in Hong Kong. DBS Hong Kong will be the anchor tenant and the move to the new premises will commence in early 2008.

DBS CEO Jackson Tai said: “DBS will be located right at the heart of the Singapore’s new financial district in 2012. The new DBS headquarters will allow the bank to consolidate its various customer facing units, trading operations and its corporate headquarters into one building. Equally important, our strategic occupancy programme ensures that our staff are housed in efficient, up-to-date facilities while providing certainty of our occupancy costs over the near term."

MBFC is jointly developed by Keppel Land Limited, Hongkong Land and Cheung Kong (Holdings) Limited.

David Martin, General Manager of MBFC said: "We are delighted that DBS will anchor the Marina Bay Financial Centre with their head office. DBS' move to the Marina Bay Financial Centre cements MBFC’s reputation and will significantly add to the centre of banking and financial excellence, as well as a vibrant urban setting we are creating at Marina Bay," Mr Martin said.

Mr Tai said: "This transaction and our strategic occupancy programme underscore our commitment to our people by providing them with a friendly and modern workplace environment."

“In the 1970s, the DBS Building at Shenton Way was the tallest in Singapore. Today, with the signing of this lease, we are pleased to anchor the new financial business district at Marina Bay," added Mr Tai.

The 48-storey MBFC Tower 3 is the latest tower to be built in the area. DBS intends to occupy 22 floors and has secured a 12-year lease from 2012 with options to renew. This lease agreement is conditional upon the necessary building approvals being obtained.