Singtel completed an agreement with Lendlease for the redevelopment of its previous headquarters, Comcentre, with the Singaporean operator to gain about SGD1.2 billion ($901.1 million) from the deal.

Under the terms of a framework agreement, Lendlease will acquire a 49 per cent stake in Singtel Somerset, the company incorporated to hold the Comcentre property, with the new entity to pay Singtel SGD1.6 billion for the land on completion of the deal.

In a statement, Singtel noted the redevelopment will be financed through external debt and equity commitments from both Singtel and the developer.

The sale of a stake in Comcentre is part of Singtel’s strategic reset announced in 2021, with an increased focus on capital management.

In early 2022, the operator revealed plans to redevelop Comcentre, a 32-storey skyscraper completed in 1979.

The new development, expected to be finished at end-2028, will have two 20-storey buildings covering a gross floor area of 110,000 square metres.