CapitaLand Commercial Trust (CCT) announced that CCT has entered into a lease agreement with WeWork Singapore Pte. Ltd. for the entire building at 21 Collyer Quay. The lease will commence in the second quarter of 2021, for a period of seven years. 21 Collyer Quay is a 21-storey prime office building with a leasehold estate expiring on 18 December 2849. The valuation of the building with net lettable area of approximately 200,000 square feet is SGD 462.2 million as at 30 June 2019. 21 Collyer Quay is presently leased to The Hongkong and Shanghai Banking Corporation Limited for one year and this lease will expire in April 2020. The Manager plans to capitalize on the transitional occupancy downtime during changeover of tenants to upgrade the building. The expected return on investment is approximately 9% on an estimated cost of SGD 45 million to upgrade the property. The works include enhancements to essential equipment, common and lettable areas and upgrades to achieve a Green Mark Gold PLUS rating.