OCBC's S$500 million plans for Punggol Digital District: 8-storey office, partnership with SIT

OCBC Bank will be investing S$500 million in the up-and-coming Punggol Digital District (PDD).

It plans to build a new state-of-the-art facility: OCBC Punggol.

OCBC will also have a "multi-million dollar" partnership with the Singapore Institute of Technology (SIT), OCBC said in a media statement released on Sep. 18, 2024.

About OCBC Punggol

OCBC Punggol will occupy approximately 430,000 square feet of space, or seven football fields, across eight floors of a 12-storey mixed-use tower.

This will be OCBC's second largest office after its head office in Chulia Street, and will house up to 4,000 employees.

Located near Punggol Coast MRT, the hub is set to be completed in the first quarter of 2027.

The tower will house a range of amenities for members of the public, ranging from a 200-room hotel to retail shops and dining outlets.

SIT-OCBC partnership to encourage undergraduates to explore fintech

The partnership between SIT and OCBC is aimed at encouraging undergraduates to explore the fintech industry, with finance-focused amenities and industry exposure being key aspects that SIT students can look forward to.

One of two campus plots in SIT's new centralised campus in PDD had just opened its doors this month.

The other plot is targeted to be ready "in the earlier part of 2025", according to SIT.

Occupying a total land area of 91,000 square meters, the new campus will be able to accommodate 12,000 SIT undergraduates.

Here's what the OCBC-SIT partnership entails:

Analytics and Innovation Lab

The Analytics and Innovation Lab at the SIT Punggol campus will be sponsored by OCBC.

The lab will focus on coding and development activities that will focus on areas like financial analytics and creating fintech AI applications.

The lab is designed to hold up to 100 Bloomberg terminals, making it "one of the biggest labs in any higher learning institute in Singapore", according to OCBC.

OCBC and SIT also have plans to engage the wider Punggol community.

Punggol residents can look forward to attending workshops in the lab, on topics like financial literary and retirement planning.

New bond-free scholarships

Bond-free scholarships, each valued at S$11,000 annually for up to four years, will be offered to five SIT undergraduate students for the duration of their studies.

These students will also be given internship opportunities with OCBC.

This will start next year, OCBC said, and comes on top of existing bond-free scholarships offered by OCBC.

Symbolic link bridge

There will also be a red link bridge that will connect OCBC Punggol directly to the university's Chua Thian Poh Discovery Hub.

This is in addition to an 800-metre walkway that connects the entire district, as well as a large canopy along SIT's Campus Boulevard.

OCBC also mentioned that its corporate activities could potentially be conducted in SIT facilities, such as its multi-purpose sports halls and auditorium.

Meanwhile, SIT students will have opportunities to be exposed to OCBC’s work environment and experts in various fields, OCBC said.

A state-industry-academic partnership

PDD was conceptualised by JTC and has been designed to be Singapore's largest mixed-use smart business park district in Singapore with an urban district-level smart energy grid. 

OCBC Group CEO Helen Wong shared that JTC’s vision for PDD — "to nurture an ecosystem that fosters collaborative partnerships and innovation" — resonates with the company.

SIT President Chua Kee Chaing expressed his gratitude and delight around the partnership, saying it has enhanced the education and career readiness of students.

He added:

"OCBC’s endowed donation to SIT will go towards the provision of authentic, real-world experiences for our students to thrive in the dynamic financial industry and nurture a stream of ready talent pool to drive Singapore's economy."

JTC Chief Executive Tan Boon Khai highlighted the development of "future-ready tech talents" and said the partnership would provide opportunities for "co-innovation and test-bedding".

He said he looked forward to more of such partnerships.

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