Tech firm and automotive supplier Continental has opened its third research and development (R&D) building in Singapore.

The move is aimed at meeting demand stemming from the worldwide business expansion, particularly in Asia.

Continental is looking to hire more than 500 employees with future-ready skill sets.

"Our target is to grow to more than 2,000 employees within the next five years," said Mr Lo Kien Foh, managing director of Continental Automotive Singapore.

"The rapid development of the automotive industry necessitates having sufficient talent with the expertise to meet Continental's customers, most of which are international automotive leaders."

The new seven-storey building, which has floor space of about 11,000 sq m, is one of the three largest Continental R&D centres in Asia.

It has also become one of the largest private R&D facilities here.

"The opening of our third R&D site in Singapore attests to our confidence in, and commitment to, Singapore as a strategic location to expand our research and development centres in Asia," said Mr Helmut Matschi, a member of the Continental executive board.

Mr Lim Kok Kiang, assistant managing director of the Economic Development Board, said the new facility will "introduce new focus areas, such as intelligent mobility and mobility services, given the burgeoning interest in urban mobility".

The building's features include hydraulically adjustable workstations, sound-proofed booths for teleconferencing and small discussion pods.