The new name for Marina Bay is ... Marina Bay
After $400,000 branding exercise, experts decide familiarity's
best
Friday July 22, 2005
Lee U-Wen
[email protected]
IT took months of discussion with masses of people, including
branding experts. Finding the right name for the Marina Bay area,
said National Development Minister Mah Bow Tan, was a process akin
to that of parents deciding on the name for their child.
There had to be a sense of identity, a strong personality and a
feeling of pride, said Mr Mah.
So the Urban Redevelopment Authority (URA) met with developers,
retailers, restaurateurs and other stakeholders. Together with
global branding expert Interbrand, over 400 potential names were
considered.
But in the end, they found themselves where they had started.
The best name for Marina Bay is Marina Bay.
"We started off with (the name) Marina Bay and after looking at
everything, the name that really tugged at the heartstrings was in
front of us. The name itself is not new, but what has been used
informally so far has endeared itself to all parties," said Mr
Mah.
In all, $400,000 was spent on a branding exercise that involved,
among other things, conducting market tests both locally and
overseas, focus group discussions and engaging developers and the
community at large.
The URA is promoting Marina Bay overseas using the brand name,
together with a new tagline: Explore, Exchange and Entertain.
At the world's largest real estate conference held in Cannes in
February, a URA team was on hand to promote the key components of
Marina Bay, such as its Business and Financial Centre and the
upcoming Integrated Resort.
Mr Mah's vision is to achieve a "total package" for Marina Bay that
combines individual elements such as an efficient transport system
and a clean environment in a vibrant setting.
Meanwhile, Mr Mah also said that it would take time for the
residential property market to adjust itself, following Tuesday's
announcement in Parliament that the Government would ease
restrictions on property financing and foreign home
ownership.
He remarked that the Government would only intervene if prices rose
"excessively". It had intervened in 1996 to cool the overheated
market at that time.
"There's plenty of supply out there and I think buyers are
discerning. The new rules allow them choice in terms of loan
packages and downpayment, but at the end of the day, it's up to
each individual to decide what he or she is able to afford," Mr Mah
said.
