Why did OCBC put Chulia Street project on the back burner?

[SINGAPORE] Nearly a year ago, when news broke that OCBC was exploring the redevelopment of its Chulia Street property, there was much buzz in property circles as to how this would rejuvenate the locale, which is in Singapore’s central business district, near the banks of the Singapore River.

However, at the bank’s fourth-quarter results briefing last month (February 2025), group chief executive officer Helen Wong revealed that the bank would defer plans for the redevelopment of the OCBC Centre cluster of three buildings.

What brought about the change?

For one, redevelopment would involve a huge capital outlay at a time when Singapore banks are under pressure from the market to return excess capital following changes to global bank capital requirements.

OCBC or its consultants would have held discussions with the Urban Redevelopment Authority (URA) to explore plans for the trio of buildings. The landmark OCBC Centre, comprising a 50-storey tower and a carpark block (with six storeys and two basement levels), was completed in 1976. Two extensions were built later: OCBC Centre South, a seven-storey building with a basement, and the 15-storey OCBC Centre East.