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.
