Office Space in Singapore Set to Double



Office Space in
Singapore Set to Double

In his speech made during the Committee of Supply Debate,
National Development Minister Mr Mah Bow Tan unveiled the
Government’s plan to double the size of the financial district as
part of the strategy to position Singapore as one of Asia’s leading
financial centres. Skyline tells you more about this vision and
brings you other highlights of Minister Mah’s speech.





 

Already well-known internationally as a high-quality office locale,
more developments are underway at Marina Bay to sharpen this position.

 

Mr Mah Bow Tan, Minister for National Development, announced this in his
2008 Committee of Supply Debate speech.

 

Because of forward planning on the part of the Government some 30 years ago,
Singapore is now able to seamlessly extend our existing business district at Raffles Place
/Shenton Way/Tanjong Pagar towards Marina Bay to accommodate the growing demand.

 

 

 

 

Comparable to the world’s finest

Minister Mah announced that the new 85 ha growth area at Marina Bay will be more
than twice the size of London’s Canary Wharf. It will provide some 2.82 million sqm of
office space, or the equivalent to Hong Kong’s main business district, Central.
The new financial district will be developed over more than 15 years, depending on market
demand.

The vision is for Marina Bay to be the pulse of financial and business-related activities,
with state-of-the-art Grade A office space within a lively waterfront area, comparable to
the world’s finest cities. With the new growth area and financial district at Marina Bay,
Singapore is well-positioned to attract even more financial institutions and business
services to galvanise its reputation as an international financial hub.

In the shorter term, the Urban Redevelopment Authority (URA) will make available
more sites for development in this area over the next five to six years, in line with market
demand. When completed, these new developments will provide more than 1.1 million sqm
of office space. This is equivalent to the total amount of office space at Raffles Place today.

One of Singapore’s most prestigious addresses

With its prime location in the heart of Singapore’s future downtown, Marina Bay will continue
 to be a magnet to global investors and tenants wanting to set up offices in Singapore.

Already, a nucleus of office developments is already forming at the new extension of the
financial district, with the development of One Raffles Quay, the soon-to-be-completed
Marina Bay Financial Centre, and the two recently sold sites at Marina View.
Several global banks and MNCs, including UBS, Deutsche Bank, DBS and
Standard Chartered are already located or will be located in these developments.

Planning ahead to meet demand

Singapore’s office sector has seen robust growth over the past three years,
with demand for office space increasing by 260,000 sqm in 2007. Singapore’s economy
grew by a strong 7.7 percent in 2007, and is expected to continue to grow by between
4 percent and 6 percent in the medium term. This sustained growth will continue to underpin
and drive the growth of the property market and the demand for quality office spaces in the
next few years.

Minister Mah also announced that apart from Marina Bay, to meet the future demand for
Grade A office space, sites around the Tanjong Pagar precinct will be released, and the
Ophir-Rochor corridor will also be redeveloped into a vibrant office cluster.

All set for action in Master Plan 2008

The above plans were announced in relation to one of three objectives of the Draft Master Plan 2008,
which is to ensure that Singapore has sufficient land to support economic activity.
The other two objectives are to reduce commuting by bringing jobs closer to homes and homes
closer to jobs; and to provide greater greenery and leisure options for our people.

To meet the second objective, new commercial centres at Jurong, Paya Lebar as well as
Kallang-Bugis will be developed. New industrial estates will also be created and located over
different regions. All these efforts will make getting to work more convenient and cut down
commuting time.

Minister Mah also addressed the need for more recreational choices and destinations to
improve the quality of life. Some of the initiatives in the pipeline include more water-based
recreation, new sports facilities, lifestyle destinations and parks. The Government has
stepped up the development of Park Connectors, and come 2015, 200 km of these green
corridors will link up our parks.

The Draft Master Plan will be presented publicly in May 2008 and will guide Singapore’s
land-use planning and development for the next 10 to 15 years.

Sustainable Development

Minister Mah’s key emphasis in his speech is that sustainable development must continue to
be a key priority of the Government. Land use planning will continue to be done judiciously
to ensure that we can grow comfortably into the future, and yet provide an even higher quality
living environment for our people.

As a signal of the Government’s commitment to ensure that the growth we strive for is not at
the expense of our quality of life, an Inter-Ministerial Committee on Sustainable Development
(IMCSD) was formed to review policies and chart new strategies for Singapore’s future
development. The committee is co-chaired by Minister Mah and Minister for the Environment
and Water Resources, Dr Yaacob Ibrahim.

Moving forward, Minister Mah announced that the IMCSD intends to co-create a sustainable
development strategy with the people and private sectors for the future, by seeking the views
and expert knowledge that resides both locally and internationally.

It will look into specific new initiatives in various areas, such as transport, our built environment,
promoting green industry and expanding green spaces, to make Singapore the leading
eco-global city in Asia.

The Committee will also launch a blueprint next year that will provide a comprehensive road map
of the initiatives and the measures that Singapore will need to take to sustain our development for
the next 10 years and beyond.


Source from : http://www.ura.gov.sg/skyline/skyline08/skyline08-02/text/02.htm

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