GlaxoSmithKline plans to move into a new global headquarters for Asia, located in Singapore, in 2017, boosting its presence in the city-state.

The British drugmaker said in a statement: "The Consumer Healthcare, Pharmaceuticals and Vaccines markets are forecast to grow significantly faster in countries covered by the global headquarters for Asia than in the rest of the world. The new global headquarters for Asia will support local GSK businesses across the region by providing the relevant leadership, expertise, capability and services to make the right decisions for our company, patients and consumers."

GSK added: The eight-storey, nearly 15,000 square metres facility will have capacity for up to 1,000 employees across GSK's Pharmaceuticals, Vaccines and Consumer Healthcare businesses...GSK has over 700 office-based employees in Singapore and expects an additional 100 roles to move into the country as the headquarters nears completion.

"...Construction is expected to be complete by the end of 2016."

GSK said earlier this month that it had agreed to sell its opiates business in Australia to India's Sun Pharmaceutical Industries. The firms did not divulge the financial details of the deal but said that they expect to close it by August.

GSK was fined 3bn yuan (about £317m, €448m, $479m) in China last year following allegations in 2013 that it routed funds to travel agencies to facilitate bribes to doctors and officials over six years. That high-profile case hit GSK's drug sales in the country.