SINGAPORE – Singapore Post will renovate SingPost Centre in Paya Lebar in efforts to bring in new tenants and attract shoppers, and has already appointed an architect to carry out the upgrades.
In an abrupt shift under new chief executive Mark Chong, SingPost is now planning to invest more capital into upgrading SingPost Centre, reversing earlier plans to sell the property to free up funds for its struggling postal business.
Mr Chong was appointed as CEO on Nov 1, 2025.
In a results briefing on May 14, the company said SingPost Centre remains an important asset that generates stable rental income and maintains high occupancy.
It expects the property to benefit over the longer term from future plans to develop the Paya Lebar area into a commercial hub, with possible changes to building height limits and land-use rules.
SingPost added that some of its other post office properties could be partially leased out to third parties to generate higher returns, while other sites are being reviewed for longer-term redevelopment or alternative uses.
These include its post offices in Macpherson, Geylang, Tanglin and Kiliney, warehouses and delivery bases in Jurong, Woodlands, Toh Guan, Tampines and Kallang, as well as the SingPost Airmail Transit Centre in Changi ande SingPost Regional eCommerce Logistics Hub in Greenwich Drive.
SingPost, which announced its full year results for the financial year ended March 31, 2026, also proposed a special dividend of 0.41 cent per share, or about $9.3 million in total, funded by money no longer needed to pay old outstanding liabilities.
The company also proposed a final dividend of 0.06 cent per share, bringing its total ordinary dividend for the year to 0.14 cent per share.
SingPost’s revenue fell 23.1 per cent to $376.1 million for the financial year, mainly due to a sharp drop in its international business amid a weak global economy, as well as continued declines in letter mail volumes.
With lower international shipment volumes weighing on performance, full-year operating profit plunged 68.9 per cent to $11.8 million over the same period.
