CNA – Singapore’s first smart business district located in Punggol will get a new technology and innovation centre by the end of 2026.
The facility, into which Singapore bank UOB will invest more than SGD500 million, will span 300,000 square feet, which is the size of about five football fields, national industrial estate developer JTC said on Tuesday.
Around 3,000 talents engaging in technology, innovation and digital roles will be housed in the new centre.
It is the latest development in the Punggol Digital District (PDD), a 50-hectare space which will also host the Singapore Institute of Technology’s (SIT) new campus, as well as community facilities.
At its heart will be an open digital platform, which will collect real-time data from the district and can be used to roll out solutions such as optimising temperatures in buildings.
Opening in phases from next year, the PDD will create 28,000 new jobs closer to home for more than 160,000 Punggol residents, along with those in the north-east region of the country.
Ten companies have joined to date, with local firms Delteq, Target Media Culcreative and UOB the latest to come on board.
DEVELOPING DIGITAL TALENT
The technology, innovation and digital talent housed in the new centre will play a part in furthering UOB’s global agenda. The centre will develop and test UOB’s digital solutions before they are rolled out to the bank’s markets in 19 countries and territories around the world.
The local bank will also collaborate with JTC, the developer of the district, to help other businesses there adopt sustainable practices.
Group head of UOB’s Sector Solutions Group and Global Financial Institutions Group Lim Lay Wah said the bank wants “to help to reach out to JTC’s tenants in Singapore and beyond”, especially in the logistics, transportation, consumer goods and industrial sectors.
The bank has signed a memorandum of understanding with SIT to set up a fintech innovation lab on the upcoming SIT campus in the district, to help nurture future financial, technology and digital talent.
Under the arrangement, UOB’s employees and SIT’s staff and students will have the opportunity to work on real-world problems and hone their skills for the future economy.
Following a 70 per cent occupancy commitment for five blocks in the first phase of its development, the PDD is embarking on its next stage, with three new business park towers providing an additional 1.2 million square feet of business park and commercial space.
