http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_409654.html
$1b boost to Marina Bay
View of the Singapore skyline from the 50th floor of the Marina Sands Hotel Towers. From vision that started some 30 years ago, Marina Bay was planned to be a seamless extension of the existing Central Business District, providing businesses with a premier waterfront address, a 24-hour live-work-play environment and seamless public transport and pedestrian connectivity. -- ST PHOTO: DESMOND FOO
TO SUPPORT the future growth of Marina Bay, the government will invest another $1 billion in infrastructure works over the next 10 to 15 years, on top of the $7.5 billion already pumped into the area, National Development Minister Mah Bow Tan announced on Wednesday.
Calling it 'a sound investment and a vote of confidence', Mr Mah said the new business and financial district in Marina Bay reflects the government's commitment towards supporting the needs of international financial institutions.
Speaking at the topping out ceremony of the Marina Bay Financial Centre, he said: 'When fully developed, this new financial district will generate quality office space in a prime downtown location that can rival those in the leading financial centres of Tokyo, New York and London.'
The project, the first to be developed under a Master Developer concept, gave developer greater flexibility to decide on the mix of uses, layout and design, so as to better serve the needs of the market. In addition, the Government introduced a flexible payment scheme, which enabled investors to phase the development according to market demand, and lowering upfront costs and risks, said Mr Mah.
The MBFC project exemplifies the integrated live-work-play environment we envision for Marina Bay. Besides being a high quality office locale, MBFC will also be an exclusive waterfront home with its two residential towers, he added.
Residents and tenants will be served by an underground pedestrian retail mall that provides seamless access to surrounding shops, restaurants and MRT stations. Such integration of uses will breathe life into this part of the city beyond the five-day work week.
'In addition, the MBFC exemplifies our vision of a sustainable business district,' added Mr Mah, pointing out that the Marina Bay has attracted over $20 billion of private real estate investments from both local and international investors.
And despite the current economic slowdown, the commercial towers of MBFC are already more than 60 per cent pre-leased.
From vision that started some 30 years ago, Marina Bay was planned to be a seamless extension of the existing Central Business District. It will provide businesses with a premier waterfront address, a 24-hour live-work-play environment and seamless public transport and pedestrian connectivity. It will also provide a livable and environmentally sensitive environment to work in, including the iconic Gardens by the Bay.
'We have invested consistently, through good times and bad, to turn our plans into reality. Despite the economic difficulties in 2001, 2003 and now, we have pressed on to put in the road and rail systems, the Common Services Tunnel, a waterfront promenade, and new bridges connecting the Bayfront and Marina Centre areas,' said Mr Mah.
'As a result, an exciting new skyline is fast taking shape in Marina Bay.'
$1b boost to Marina Bay
View of the Singapore skyline from the 50th floor of the Marina Sands Hotel Towers. From vision that started some 30 years ago, Marina Bay was planned to be a seamless extension of the existing Central Business District, providing businesses with a premier waterfront address, a 24-hour live-work-play environment and seamless public transport and pedestrian connectivity. -- ST PHOTO: DESMOND FOO
TO SUPPORT the future growth of Marina Bay, the government will invest another $1 billion in infrastructure works over the next 10 to 15 years, on top of the $7.5 billion already pumped into the area, National Development Minister Mah Bow Tan announced on Wednesday.
Calling it 'a sound investment and a vote of confidence', Mr Mah said the new business and financial district in Marina Bay reflects the government's commitment towards supporting the needs of international financial institutions.
Speaking at the topping out ceremony of the Marina Bay Financial Centre, he said: 'When fully developed, this new financial district will generate quality office space in a prime downtown location that can rival those in the leading financial centres of Tokyo, New York and London.'
The project, the first to be developed under a Master Developer concept, gave developer greater flexibility to decide on the mix of uses, layout and design, so as to better serve the needs of the market. In addition, the Government introduced a flexible payment scheme, which enabled investors to phase the development according to market demand, and lowering upfront costs and risks, said Mr Mah.
The MBFC project exemplifies the integrated live-work-play environment we envision for Marina Bay. Besides being a high quality office locale, MBFC will also be an exclusive waterfront home with its two residential towers, he added.
Residents and tenants will be served by an underground pedestrian retail mall that provides seamless access to surrounding shops, restaurants and MRT stations. Such integration of uses will breathe life into this part of the city beyond the five-day work week.
'In addition, the MBFC exemplifies our vision of a sustainable business district,' added Mr Mah, pointing out that the Marina Bay has attracted over $20 billion of private real estate investments from both local and international investors.
And despite the current economic slowdown, the commercial towers of MBFC are already more than 60 per cent pre-leased.
From vision that started some 30 years ago, Marina Bay was planned to be a seamless extension of the existing Central Business District. It will provide businesses with a premier waterfront address, a 24-hour live-work-play environment and seamless public transport and pedestrian connectivity. It will also provide a livable and environmentally sensitive environment to work in, including the iconic Gardens by the Bay.
'We have invested consistently, through good times and bad, to turn our plans into reality. Despite the economic difficulties in 2001, 2003 and now, we have pressed on to put in the road and rail systems, the Common Services Tunnel, a waterfront promenade, and new bridges connecting the Bayfront and Marina Centre areas,' said Mr Mah.
'As a result, an exciting new skyline is fast taking shape in Marina Bay.'
