United Overseas Bank (UOB) recently announced an investment of more than $500 million for the building of their new global technology and innovation centre. This centre will be located within JTC’s 50ha Punggol Digital District (PDD), which is set to be completed by the end of 2026. Upon completion, the 300,000sq ft building will house around 3,000 staff, and will serve as the home to UOB’s digital platform, UOB TMRW, and The FinLab, an accelerator focused on digitalisation and sustainability across the region.

Master planned and developed by JTC, PDD is touted as Asia’s premier smart and sustainable business district. Upon completion, the district will open progression in 2024, with an estimated 3.3 million sq ft of business parks and mixed-use spaces – creating 28,000 jobs and opportunities close to the 160,000 residents of the northeast. Joining UOB in PDD’s ecosystem are local systems integrator Delteq, and digital media agency Target Media Culcreative (TMCC).

The Singapore Institute of Technology (SIT)’s new campus will also become part of PDD’s ecosystem, with 11,000 students and 500 academic staff. In 2H2023, JTC and UOB signed an MOU in order to promote the adoption of greener business practices by local industrialists. UOB also signed an MOU with SIT to create a Fintech Innovation Lab, which will be housed in SIT’s new Punggol campus.

PDD will include an Open Digital Platform (ODP) operated by JTC to provide business with “plug and play” digital infrastructure – connected to a network of sensors that collect building and environmental data, optimising operations and allowing companies and students the chance to test out new concepts of living, working and delivering services with a digital twin. In addition, PDD also aims to achieve 30-40% higher energy efficiency than commercial buildings, with zero water wastage via eco-ponds, complete recycling of food and horticulture waste and solar panels to further reduce energy consumption. Additionally, PDD will also be integrated with the residential areas with green links to the waterfront, with retail, dining and leisure for the community.

UOB’s deputy chairman and CEO, Wee Ee Cheong, expressed the bank’s commitment to Singapore, saying: “UOB is pleased to be part of this smart nation initiative as the first Singapore bank and the largest commercial investor in the PDD. Our investment here reinforces our commitment to grow our Singapore core, and to support our customers in Singapore and across Asean on their digital journey. We look forward to working with the vibrant ecosystem of partners here to accelerate innovation, talent building and sustainability.”

Tan Boon Khai, CEO of JTC, also noted the project’s future success: “PDD represents the new generation of industrial development which JTC is undertaking, beyond brick-and-mortar real estate solutions, for industrialists and partners alike. With PDD set to open progressively from next year, we see much interest from companies to join us in this new estate as the launchpad for new growth technologies and capabilities in the region.”

Capitaland’s CLD is developing J’den, a 40-storey residential and commercial development at Jurong East MRT Station, expected to launch in 2023 with prices J’Den Condo starting at S$2,000 psf. It will be connected to other amenities in the Jurong Lake District.

Singapore Institute of Technology (SIT) President Prof Chua Kee Chaing expressed enthusiasm regarding the collaboration, saying: “SIT’s co-location with industry in PDD will facilitate a strong academia-industry nexus, which is at the heart of our applied learning pedagogy. The PDD Living Lab programme will enable SIT students to collaborate closely with industry partners and work on cutting-edge technological solutions. Being part of the vibrant and innovative community will allow SIT students and faculty to benefit from symbiotic exchanges of ideas and collaborations, and be better equipped to contribute to the digital economy.”

UOB’s investment in the PDD marks their commitment to Singapore’s digital journey and innovation initiatives, expecting to foster the growth of local companies, students and the public in the upcoming years. Through the MOUs and continued support of SIT’s Work-Study Degree programmes, UOB will be part of PDD’s vibrant ecosystem and help to promote sustainability and innovation. Upon completion, the PDD will bring new opportunities to the northeast, allowing the community to benefit from the smart and sustainable business district.