Reuters 9 Mar 08;
SINGAPORE, March 10 (Reuters) - Singapore will provide more land for offices as part of a strategy to strengthen its position as an Asian financial centre, the government's real estate planning agency said on Monday.
"The new growth area set aside for the seamless extension of the existing financial district ... will be more than twice the size of London's Canary Wharf," the city-state's Urban Redevelopment Authority (URA) said in a statement.
"Over a span of more than 15 years, the development of the 85 hectare site identified for extension of the existing financial district will see the addition of around 2.82 million square metres of office space," it added.
Demand for office space in Singapore has grown strongly in the past three years, spurred by the growth in financial services, in particular private banking.
According to URA data, office rents soared 56 percent last year as demand for office space rose by an average of 260,000 square meters per annum over the last three years -- a 60 percent increase from the historical average of 160,000 square meters a year.
Foreign direct investment in Singapore's real estate was S$14.4 billion ($10.40 billion) in 2007, compared to S$6.7 billion in 2006, the agency said.
Singapore is currently developing the Marina Bay Financial Centre on reclaimed land south of the existing central business district. It has also offered sites to the east and west of the business district.
The city-state, with a population of 4.6 million, has expanded its land area by more than 10 percent since independence in 1965 through reclamation from the sea.
Developers involved in the Marina Bay project include Hong Kong developers Cheung Kong (0001.HK: Quote, Profile, Research) and Hongkong Land (HKLD.SI: Quote, Profile, Research), as well as Singapore-based Keppel Land (KLAN.SI: Quote, Profile, Research). (Reporting by Kevin Lim, editing by Neil Chatterjee)
CBD – Twice as big in 15 years
Today Online 11 Mar 08;
Singapore will double the size of its financial district over the next 15 years, after demand for offices surged last year with the city-state seeking to become a centre for business in Asia.
The city will add 2.82 million sq m of office space, the equivalent of Hong Kong's Central district, the government's Urban Redevelopment Authority (URA) said in an e-mailed statement yesterday.
Occupancy of Singapore offices rose to a record last year, as banks including Standard Chartered and Deutsche Bank added staff. Demand for offices increased to 260,000 sq m a year between 2005 and 2007, exceeding the average of 160,000 sq m between 1995 and 2004, the URA said today.
"To continue attracting investments, we are planning to ensure we have sufficient land and infrastructure to support our robust economic growth," URA director of land administration Choy Chan Pong said in the statement.
New developments to be added over the next few years include the Marina Bay Financial Centre, located in an area that will include Singapore's first casino-resort built by Las Vegas Sands, the world's biggest gaming operator.
The government will sell more land in the Marina Bay area over the next five to six years to meet demand, the URA said today. — Bloomberg
