TikTok proprietor Bytedance transferring to greater Singapore workplace at One Raffles Quay amid enlargement plan

TikTok owner Bytedance moving to bigger Singapore office at One Raffles Quay amid expansion plan

SINGAPORE (BLOOMBERG) – ByteDance, the Chinese language proprietor of video app TikTok, is transferring to a much bigger workplace in Singapore’s monetary district, paving the best way for it to make the city-state its beachhead for the remainder of Asia.

It has signed an settlement to lease three flooring measuring over 60,000 sq. toes (5,574 sq. metres) at One Raffles Quay, in accordance with individuals acquainted with the plan.

Bytedance’s workplace enlargement will assist the world’s most richly valued start-up to anchor itself in Singapore, the place it plans to speculate a number of billion {dollars}. The transfer will help Bytedance’s hiring spree, because it plans so as to add tons of of jobs over the subsequent three years within the city-state, individuals acquainted have mentioned.

Managed by billionaire Zhang Yiming, the agency is pushing its social media service throughout Asia following setbacks in India, the UK and the US, the place Chinese language tech firms are going through rising hostility amid safety considerations.

The brand new workplace is being refurbished and it is seemingly that staff will transfer in by the primary quarter of subsequent yr and might be knowledgeable about it later this month or in November, the individuals mentioned. A consultant for Bytedance declined to remark.

The Chinese language tech agency’s transfer in Singapore coincides with different tech giants’ plans. Amazon is ready to maneuver to a bigger workplace area within the metropolis’s monetary district. Tencent Holdings can also be establishing a regional headquarters within the nation. Singapore is seen as a gorgeous base for each Western and Asian corporations due to its political stability, developed monetary and authorized system particularly as its rival Hong Kong continues to be grappling with upheaval and China’s tightening grip.

Bytedance’s transfer to One Raffles Quay – which is collectively owned by Hong Kong Land Holdings, Keppel Reit and Suntec Reit – might be a lift to the workplace constructing since its anchor tenant, UBS Group, is transferring out having secured one other workplace area to consolidate its operations in Singapore. Bytedance now has a shared area at one of many flooring in Asia Sq. Tower 1, which is owned by Qatar’s sovereign wealth fund.

The tech agency at the moment has greater than 200 job openings in Singapore, for positions from information analysts to product coverage and authorized counsel. A number of the positions are primarily based within the metropolis however will take care of points in different South-east Asian nations, in accordance with its profession web site.

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