The Facebook parent had conveyed its decision to not renew its lease at South Beach Tower in June last year, the newspaper reported, citing Samantha Tan, general manager of developer South Beach Consortium Pte. That was just three months after a round of global layoffs by Meta in March.

Meta is among technology companies that began conducting rounds of layoffs since late 2022, that were deeper and broader than anything in recent memory.

Still, the belt-tightening measures have allowed Meta to announce plans for an additional US$50 billion in stock buybacks and its first quarterly dividend, giving investors a reason to stick around.

Meta started moving staff out of its 115,000-square-feet South Beach Tower offices in the first half of last year, consolidating its teams at its office in Marina One in the financial district, the report said.