United Overseas Bank (UOB) will invest more than $500 million to construct its brand new global technology and innovation center in JTC’s 50 hectare Punggol Digital District (PDD) The bank announced the announcement on 18 April.
The Myst star buy residential development is 16,630 sq ft and is in a prime location. It has a plot ratio of 2.1, is zoned residential, and is set to offer 1, 2, 3, and 4-bedroom units.
The center will be home UOB’s digital platform, UOB TMRW, and The FinLab An accelerator that focuses on sustainability and digitalisation throughout the region.
It is slated as being completed before 2026 end UOB’s 300,000 square foot facility will house three thousand employees.
Planned and developed through JTC, PDD is touted as Asia’s top smart green business area. About 3.3 million square feet of mixed-use and business park areas will be open gradually beginning in 2024. PDD is expected to create 28,000 jobs close to more than 160,000 people in the northeast.
The two companies that are joining UOB to PDD’s ecosystem are regional systems integrator Delteq and the digital agencies for media Target Media Culcreative (TMCC).
PDD will also house The Singapore Institute of Technology (SIT)’s new campus, which will house 1500 students as well as 500 faculty members.
Due to high growing demand, JTC has also activated phase 2 of the project, which includes three business park towers that total 1.2 million square feet of commercial and business space.
MOUs that have been signed
JTC as well as UOB have signed a memorandum of agreement (MOU) to work together in promoting the adoption of more sustainable manufacturing practices by local industrialists throughout 2H2023.
UOB also signed an agreement with SIT to establish an Fintech Innovation Lab. The lab will be housed at SIT’s forthcoming Punggol campus The joint lab will enable UOB’s staff and SIT’s academic staff as well as students to work together.
The MOU is the latest addition to UOB’s support for SIT’s Work-Study degree programs in which SIT students enrolled in three degree programmes – programming, computing, and information security have access to opportunities for applied learning through work-related attachments at UOB in addition to employment opportunities for graduates of the programme.
PDD is Singapore’s first business park to provide businesses with “plug and play” digital infrastructure via the Open Digital Platform (ODP) managed by JTC.
ODP is a secure platform linked to a system of sensors, ODP will collect building information and environmental data which can be used to improve operations.
JTC declares that companies, students and anyone else who wants to join JTC are invited to utilize the data to try out innovative ways of working, living and providing services.
With the real-time repository of district information and district data, the ODP can also create digital twins, which allow students and companies to run simulations and rapid prototyping within a safe and real-life environment and reduce the costs of testing.
As an environmentally-sustainable business park, PDD aims to achieve 30% to 40% higher energy efficiency than standard commercial buildings, zero water wastage with eco-ponds to collect rainwater for landscape irrigation and complete recycling of food and horticulture waste into fertiliser.
UOB, as the PDD’s largest commercial investor, will install smart lifts to minimise energy use, rooftop solar panels, air-conditioning systems with an environmentally-friendly refrigerant and more.
It is looking into alternatives to cooling options like chilled beams as well as direct current distribution systems for further reduction in the amount of energy consumed.
PDD can be incorporated into the residential areas around it that are constructed with green connections to the waterfront, so that residents are able to engage in recreation and leisure activities, as per JTC. “There is also going to be brand new lively public spaces that will include food, retail and leisure opportunities for the residents to relax as well as unwind.”
Tan Boon Khai, CEO of JTC Tan Boon Khai, JTC’s CEO, states: “PDD represents the new technology of industrial development that JTC is pursuing, which goes far beyond traditional brick-and-mortar solutions for industrialists and partners alike. Through this, JTC proactively designs and creates vibrant ecosystems that do are not just a catalyst for growth and innovation and innovation, but also bring all stakeholders together in a sustainable and smart environment. With PDD scheduled to open gradually starting the beginning of next year, we anticipate an increasing interest from businesses to be part of this new community as the starting point for technological advancements and capabilities within the region.”
Wee Ee Cheong vice president and CEO of UOB Wee Ee Cheong, UOB’s deputy chairman and CEO, said: “UOB is pleased to join the Smart Nation initiative. We are one of the very first Singapore bank and the biggest commercial investment within the PDD. Our investment in this initiative demonstrates our commitment to develop our Singapore base, and to help those customers from Singapore as well as across Asean in their journey to digital. We are looking eagerly to engaging with the vibrant community of partners here to help accelerate growth, innovation, as well as sustainability.”
SIT President Prof Chua Kee Chaing states: “SIT’s co-location with industry in PDD will create a solid industry-academic nexus that is at the center of our pedagogy for applied learning. PDD Living Lab PDD Living Lab programme will allow SIT students to work closely with industry partners, and create cutting-edge solutions for technology. Being part of the lively and creative community will enable SIT faculty and students to benefit from synergistic collaborations and exchanges and better prepared to be a part of the digital economy.”