ByteDance, TikTok ‘s Chinese video app maker, is heading to a larger office in the financial district of Singapore, opening the way for it to make the city-state its beachhead for the rest of Asia. According to individuals familiar with the plan, it has went into an agreement to lease 3 storeys measuring over 60,000 sq ft at One Raffles Quay.
The extension of ByteDance ‘s office would allow the most widely regarded start-up in the world to anchor itself in Singapore, where it plans to spend some billion dollars. The step would help the recruiting spree of the organization, since they intend to create hundreds of workers in the city state during the next three years , the people have said.
Following setbacks in India, Britain and the United States, where Chinese tech firms face rising animosity in the face of security issues, the business is powered by billionaire Zhang Yiming, pushing its social networking service across Asia.
The new office is being updated and it is possible that workers will move in by next year’s first quarter and will be told about it either this month or next month, the people added. A spokesperson from ByteDance refused to comment.
The Chinese tech company ‘s move to Singapore coincides with the plans of other tech giants. In the financial district of the nation, Amazon is expected to shift to a larger office location. Tencent Holdings is now building up the country ‘s provincial headquarters.
Due to its political stability and sound legal and financial system, Singapore is highly sought after as a base for global firms, particularly as its rival Hong Kong is still struggling with upheaval and China’s tightening grip.
The transfer of ByteDance to One Raffles Quay, collectively held by Hong Kong Land Assets, Keppel Reit and Suntec Reit, would be a boost to the office building as UBS Company, its anchor tenant, steps out, securing another office room to consolidate its Singapore operations.
In Asia Square Tower 1, operated by Qatar’s sovereign wealth fund, ByteDance now has a common room on one of the levels.
Currently, in Singapore, the software company has more than 200 work vacancies for roles from data scientist to product policy and legal counsel. Some of the roles are centered in the region, but according to its job site, they will deal with problems in other South-east Asian countries.