Amazon Consolidates Singapore Presence By Forging Big Office Lease - Amazon.com (NASDAQ:AMZN)

Amazon.com, Inc AMZN forged a lease for 369,000 sq ft at the new IOI Central Boulevard Towers in Singapore, the StraitsTimes reports.
Amazon's lease comprises both office floors of 70,000 sq ft each in the development's podium and all nine office levels of 25,400 sq ft each in the East Tower.
The development, located in the Marina Bay area next to the Downtown MRT station, will likely be completed in October 2023.
The move also reflects a trend of global firms consolidating their presence in Singapore.
BlackRock, Inc BLK explored significant expansion in Singapore to capitalize on capital flows into Southeast Asia.
Alibaba Group Holding Limited BABA is also betting on Singapore-based Lazada, acquired in 2016 to drive international expansion.
TikTok parent ByteDance reportedly negotiated to lease 120,000 sq ft - 130,000 sq ft of space at Capital Tower in Robinson Road.
ByteDance reportedly leased 130,000 sq ft at One Raffles Quay's South Tower, some flexible space at its North Tower, and 100,000 sq ft at Guoco Tower above Tanjong Pagar MRT station.
Grade A office rents in the CBD may surpass their pre-pandemic peak by the third quarter of this year, the report cited JLL Singapore.
Marina Bay saw the sharpest quarter-on-quarter rent growth, among the four CBD sub-markets tracked by JLL, due to its "relatively new and good quality" office developments.
Price Action: AMZN shares traded lower by 0.54% at $115.70 in the premarket on the last check Friday.