Grab signs deal with Ascendas REIT for new Singapore HQ

SINGAPORE, Jan 31 (Reuters) - Ride-hailing firm Grab has signed a deal with business park landlord Ascendas Real Estate Investment Trust for a new Singapore headquarters to accommodate the start-up’s growing team under one roof.

The S$181.2 million ($134.5 million) headquarters will be built by Ascendas REIT and will be ready by the fourth quarter of 2020. The building will house all Grab employees based in Singapore and consolidate its current offices. Its largest research and development centre will also be based in the location.

“With the new building, we will be able to bring our growing Grab family in Singapore under one roof,” Ong Chin Yin, head of people at Grab, said in a statement. The company plans to create and hire a thousand more roles globally over the next 12 months, she added.

Grab has committed to an 11-year lease, with a renewal option of five years for the building, which will have an estimated gross floor area of 42,310 square metres, Ascendas and Grab said in their statement late on Wednesday.

$1 = 1.3471 Singapore dollars Reporting by Aradhana Aravindan; Editing by Subhranshu Sahu