The building, which will cost $540 million to build, is expected to be completed in 2011. It will offer 350,000 sq ft of top-quality office space and five floors of shops.

Together with OUB Centre, the two towers will be called One Raffles Place, said developer OUB Centre Limited yesterday. OUB Centre's shareholders are Overseas Union Enterprise, UOB, Khattar Holdings and the Kuwait Investment Office.

In an interesting twist, the new tower is being designed by Tange Associates' Paul Tange, the son of Kenzo Tange, who designed the original OUB Centre more than 20 years ago.

OUB Centre's general manager, Mr Henry Kok, told reporters on Thursday that leasing activities had just started and no tenants had been secured yet.

Jones Lang LaSalle, which has been appointed as one of the marketing agents along with CB Richard Ellis, said that rents would be at 'market rate'. Asking rents at OUB Centre are now between $17.50 to $19 per sq ft.