Ascendas Funds Management (S) Limited (the Manager), the Manager of Ascendas Real Estate Investment Trust (Ascendas Reit), and Grab announced the signing of an agreement to design and build Grab's new headquarters in Singapore. The building, which will be located within the one-north business park, will house all of Grab's employees based in Singapore, consolidating its current offices and creating the first dedicated physical facility for the company. Grab's R&D centre will also be based here, as Grab continues to expand its tech team globally. The building is designed to provide Grab's employees with a green and sustainable workplace environment. It will incorporate lush greenery on ground and mid-level sky terraces that are integrated with communal spaces and public pedestrian thoroughfares to promote social interactions and exchange of ideas. In support of Singapore's car-lite vision and to reduce carbon footprint, bicycle parking, lockers and shower facilities are provided to encourage Grab's employees to take up cycling as a mode of commuting. Other green features include the use of recycled building materials and energy efficient low emissive glass façade to reduce solar heat gain. The development is expected to achieve Green Mark GoldPlus certification from the Building and Construction Authority. One-north business park has established itself as a hub for companies driving the growth of Singapore's knowledge economy sectors, such as biomedical sciences, infocomm technology and media, supported by capabilities in science and engineering. The location of the site is a one-minute drive away from the Ayer Rajah Expressway and a 10 minutes' drive to the Central Business District. The building will have an estimated gross floor area (GFA) of 42,310 sqm and is expected to complete in the fourth quarter of 2020. Total development cost is estimated to be SGD 181.2 million.