Realising the Marina Bay vision

CHING TUAN YEE and BENJAMIN NG reflect on the planning of Singapore's most ambitious urban project and highlight the exciting developments in store for Singaporeans and visitors alike

THE vision for Marina Bay is that of a high-quality, 24/7 live-work-play environment, one that encapsulates the essence of the global city Singapore is envisaged to be.

Something for everyone: Set by the water's edge and with the city skyline as a backdrop, Marina Bay is envisioned to be a Garden City by the Bay, a 24/7 destination that presents an array of opportunities for people to explore new lifestyle options, exchange new ideas and information for business, and be entertained by rich leisure and cultural experiences

Waterfront business districts such as Canary Wharf in London and Pudong in Shanghai have come, in recent years, to signify urban progress and prosperity. They have raised the international profile of their respective cities while spurring growth and investment.

The Singapore example is in Marina Bay. A seamless extension of Singapore's flourishing central business district spanning 360 hectares of prime land for development, Marina Bay is our city's most exciting and ambitious urban project that will support our continuing growth as a major business and financial hub in Asia.

Set by the water's edge and with our signature city skyline as a backdrop, Marina Bay is envisioned to be a Garden City by the Bay, a 24/7 destination presenting an exciting array of opportunities for people to explore new living and lifestyle options, exchange new ideas and information for business, and be entertained by rich leisure and cultural experiences in a distinctive environment.

The groundwork for the expansion of the existing CBD (Central Business District) and its transformation into a waterfront business district focused around Marina Bay had been laid as early as the late 1960s. Land adjacent to the CBD was reclaimed in phases between 1969 and 1992.

The Master Plan for Marina Bay focuses on encouraging a mix of uses (commercial, residential, hotel and entertainment) to ensure that the area remains vibrant around the clock.

The concept of 'white' site zoning also gives developers more flexibility to decide on the mix of uses for each site, including housing, offices, shops, hotels, recreational facilities and public spaces.

To cater for good connectivity and seamless extension, the development parcels at Marina Bay were planned based on a grid urban pattern which extends from the existing road network within the CBD. This grid creates a flexible framework with a series of land parcels that can be amalgamated or sub-divided to meet different requirements as well as changing demands and allow the phasing of developments.

Creating signature districts

In the planning of Marina Bay, specific attention was paid to creating value. The land parcels are located within a series of distinctive districts, each focusing around attractive public open spaces and tree-lined boulevards which will provide signature address locations for developments.

Along the waterfront and fronting key open spaces, building heights are kept low. This maximises views to and from individual developments further away from the waterfront, enhancing their attractiveness and creating a dynamic 'stepped-up' skyline profile as well as more pedestrian scaled areas.

The successful development of Marina Bay is supported by state-of-the-art infrastructure. To date, the government has pumped in more than $4.5 billion to facilitate development of the area.

A Common Services Tunnel housing electrical and telecommunication cables and other utility services underground is being built, making repeated road diggings a thing of the past. An extensive road and rail network has also been planned, with three MRT stations to be built in the area as part of the new Downtown rail line.

Chain event: A 280m pedestrian bridge - the longest in Singapore - will, together with a new waterfront promenade, create a continuous walking loop connecting all the attractions and open spaces around the Bay

A new vehicular and pedestrian bridge will link Bayfront to Marina Centre. The 280m pedestrian linkway - the longest in Singapore - will sport a dynamic double helix structure. Together with a new waterfront promenade, this will create a continuous walking loop connecting up the necklace of attractions and open spaces around the Bay.

Another key infrastructural project is the Marina Barrage. When officially opened in 2009, it will turn the existing water body into Singapore's first reservoir in the city. This will serve as a new source of fresh water for Singapore and a new lifestyle attraction allowing for a variety of water-based activities and events to take place. It will also house Singapore's tallest fountain project.

The softer touch

Having provided for much of the 'hardware' for the new business district, it became clear that URA had to go beyond its traditional roles of urban planning and land sales management. To this end, the Marina Bay Development Agency was set up within URA to focus on the 'software' for developing the area. Since then, URA has embarked on a full spectrum of marketing, promotion and place management activities to showcase the uniqueness of this new destination.

To generate more buzz, a calendar of events and activities for public spaces and water bodies has been put in place in partnership with various agencies and the private sector. Signature events, like the Marina Bay Singapore New Year's Eve Countdown, have become a new urban tradition. Marina Bay has also become the definitive venue for a host of sporting events like the F1 Powerboat Race, the Oakley City Duathlon and the Great Eastern Women's 10km run.

The shape of things to come

While it will take more than a decade for the entire area at Marina Bay to be fully developed, a host of projects that will offer people from all walks of life exciting and attractive options to live, work and play are already taking shape. These upcoming developments have contributed significantly towards enhancing the area's reputation as a location that offers something for everyone: a tropical living environment among lush greenery; a bustling global business hub and a lifestyle locale presenting a kaleidoscope of entertainment and leisure choices.

LIVE - by the Bay. Marina Bay has fast become one of the city's most popular and prestigious residential addresses, with a number of outstanding projects already under construction.

The Sail @ Marina Bay will be the tallest residential development in Singapore at 245 metres when it is completed in 2009. It boasts two towers - one at 70 storeys and the other at 63 storeys. Meanwhile, the Marina Bay Financial Centre incorporates the 55-storey Marina Bay Residences, comprising 428 luxury apartments, and the Marina Bay Suites, a 66-storey development offering 221 exclusive bayside units.

WORK - by the Bay. With its prime location in the heart of Singapore's future downtown, Marina Bay continues to be a magnet to global investors and tenants seeking premium office space in a prime location.

The development of Marina Bay will help to further position Singapore as one of Asia's leading financial centres, doubling the size of the existing financial district. The new growth area set aside for the seamless extension of the existing financial district is more than twice the size of London's Canary Wharf and will provide some 2.82 million square metres of office space, equivalent to the office space within Hong Kong's main business district, Central.

Already, a nucleus of office developments is forming 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 multinational corporations, including UBS, Deutsche Bank, DBS and Standard Chartered, are already located or will be locating in these developments.

PLAY - by the Bay. The 'fun' factor at Marina Bay is expected to be raised to a new high when the Marina Bay Sands Integrated Resort opens its doors in 2009. With its impressive design featuring a sky park and three soaring 50-storey hotel blocks with landscaped balconies, the area's most anticipated project will add a new dimension to our city skyline.

The Marina Bay Sands Integrated Resort will house, among other things, a casino, 110,000 sq metres of meeting and convention facilities, and an ArtScience Museum (above)

The integrated resort is poised to be a world-class development that will house a casino, two theatres, 110,000 sq metres of meeting and convention facilities, as well as about 2,500 hotel rooms. Other attractions at the integrated resort include restaurants in the form of two floating crystal pavilions and an ArtScience Museum, the rooftop of which becomes an amphitheatre with tiered seating.

Coming attractions: Building on Singapore's green legacy, three world-class waterfront gardens (above) of about 100 hectares are planned for the area.

Building on Singapore's green legacy, three world-class waterfront gardens of about 100 hectares have been planned for the area. With the first phase of the project slated for completion in 2010, the Gardens at Marina Bay will be another unique destination attraction for those visiting Singapore and a green sanctuary for people living and working in the city.

Each garden will feature a distinctive design and character. All three gardens will also be interconnected via a series of pedestrian bridges to form a larger loop along the whole waterfront and linked to surrounding developments, open public spaces, transport nodes and attractions.

Focal point for the community

Marina Bay is a prime example of a visionary masterplan that is not only well on its way to becoming a new focal point for the local community, but it has also drawn worldwide attention and interest. Testament to this is its achievement in attracting close to $16.5 billion worth of private investments to date from international investors and developers from the US, Hong Kong, Australia, Europe as well as the Middle East.

Moving forward, Marina Bay will continue to be the centrepiece of Singapore's urban transformation, providing the city with the opportunity to attract new investments, visitors and talents.

The URA, as the Development Agency for Marina Bay, is committed to our long-term and strategic plans to meet the area's future development needs. We will continue to adopt a holistic and integrated approach in designing the area with people in mind, work with partners and communities to implement key infrastructure, and carry out active promotion and place management activities. We will also engage investors to garner more interesting business concepts and ideas. This will take us closer to our vision of making Marina Bay a choice destination for all, one that promises Singaporeans and visitors alike a brand-new, live-work-play experience.

Ching Tuan Yee is Executive Architect, Urban Planning Section, Urban Redevelopment Authority, while Benjamin Ng is Place Manager, Marina Bay Development Agency, Urban Redevelopment Authority

Source : Business Times - 22 Mar 2008

MGPA’s Marina View project to cost $5b

Devt to have over 2.6m sq ft in two towers of more than 40 storeys each.

MACQUARIE Global Property Advisors (MGPA) will spend about $2 billion building a commercial complex on two development sites at Marina View that it clinched last year.

With the sites having cost close to $3 billion, the total investment will be around $5 billion.

MGPA bid for the two sites at separate public tenders just three months apart. It paid $1,409 per square foot per plot ratio (ppr) for the first parcel in September 2007 and $952.90 psf ppr for the second in November that year.

The second parcel does come with a requirement to provide a hotel component.

Speaking at the building agreement signing ceremony yesterday, MGPA CEO (Asia Investments) Simon Treacy said that there could be more bargains in the offing here.

‘The next six to nine months will have even better pricing available,’ he said.

Mr Treacy did not give details of future acquisitions here but was bullish on the office sector, where he believes rents can rise between 10 and 25 per cent this year.

MGPA’s Marina View development is expected to have a total gross floor area (GFA) of more than 2.6 million sq ft in two 40-storey-plus towers with a 20-metre-high podium.

According to the conditions of the tender, at least 70 per cent of the GFA of the first site must be developed as office space. The second site must have at least 60 per cent office space.

Also speaking at yesterday’s ceremony was MGPA CEO (Asia Developments) Michael Wilkinson, who revealed that there will be a 250-room luxury hotel. He also said that the retail podium is likely to have a significant number of F&B outlets to support the offices.

While a residential component is allowed, Mr Wilkinson said that this is not likely at the moment. However, he said that the design has not been finalised and MGPA is having ‘extensive discussions’ with the authorities to settle this.

MGPA has invested about $4.5 billion in Singapore over the last 15 months. Other major acquisitions include Temasek Tower, which it bought for $1.04 billion in March 2007.

Source : Business Times - 19 Mar 2008

Aussie firm inks $5b Marina Bay contract

AUSTRALIAN company Macquarie Global Property Advisers (MGPA) is investing $5 billion in an integrated commercial development in Marina Bay and looking for more investments in Singapore and the region.

MGPA’s chief executive for Asia developments, Mr Michael Wilkinson, said at the development’s signing ceremony yesterday that the company is optimistic about Singapore property .

Mr Simon Treacy, who heads the firm’s Asia investments unit, agreed, saying: ‘Fundamentals are great in the medium to long term.’ He added that MGPA is keen to invest in Singapore’s residential, retail and office sectors.

The $5 billion investment will be the private equity fund management firm’s largest in South-east Asia although it has invested $4.5 billion in Singapore over the past 18 months.

‘MGPA’s participation is a demonstration of the growing interest from foreign real estate investors in Singapore,’ said Minister of State for National Development Grace Fu at yesterday’s signing ceremony for the project.

Ms Fu, the guest of honour, said the Government is committed to supplying adequate land for prime office developments. The new area at Marina Bay will provide about 2.82 million sq m of office space - more than twice the size of London’s Canary Wharf, she said.

MGPA’s Marina View development alone will yield about 200,000 sq m of space.

It had successfully tendered for the first 1.02ha Marina View site with a $2.02 billion bid last September.

The Australia-based firm then won the second 0.9ha site last November at a $950 million bid.

The first office building will be completed in 2011, and the second - which will boast a luxury hotel with at least 220 rooms - will be ready a year later.

STRONG OPTIMISM

‘Fundamentals are great in the medium to long term.’

MR SIMON TREACY, who heads MGPA’s Asia investments unit, explaining the firm’s confidence in Singapore property . He says the firm is keen to invest in the residential, retail and office sectors.

Source : Straits Times - 19 Mar 2008

Macquarie still optimistic over real estate

Even as some market observers are saying that the Singapore property market is weakening, Macquarie Global Property Advisers (MGPA) is still optimistic and sees value in the office, retail and residential sectors.

“There are still some good bargains around, and in the next 6 to 9 months, there might be better pricing value,” said MGPA’s chief executive (Asia investments) Simon Treacy at the signing of the building agreement for the second land parcel at Marina View. The private equity real estate firm won the tender for both Marina View sites last year.

“When completed in 2012, MGPA’s Marina View development will yield about 200,000 sq m of office facilities,” said Ms Grace Fu, Minister of State for National Development. “It will add to the critical mass of prime office space in our CBD and offer more location choices for business and financial services which want to grow their operations.” MGPA said that the development (picture) will include about 250 five-star hotel rooms, and is now in talks with some hotels for a tie-up.

“It will be the first office complex in Marina Bay to be integrated with a luxury hotel,” said Ms Fu. Investors find Singapore attractive, with foreign direct investments to Singapore increasing to $14 billion last year from $6.7 billion in 2006, she added.

“There’s still a lot of latent demand for office space, and there’s limited supply in the next couple of years,” said Mr Treacy, adding that Singapore would follow Hong Kong’s pace where new office building space is taken up very quickly.

He expects office rents in Singapore to rise 10 to 25 per cent this year.

“This reflects strong regional growth in Asia and solid demand for international grade office space. So we’re comfortable and we still see growth in the medium term in Singapore,” said Mr Treacy.

Source : Today - 19 Mar 2008

Macquarie Global Property unveils plans for Marina View land parcels

Macquarie Global Property Advisors (MGPA) says it expects office rentals in Singapore to remain hot, jumping by 10 to 25 percent this year.

The Australian private equity real estate fund management firm is converting two plots of land at Marina View into twin office blocks. The two towers, expected to be completed in 2012, will also house a luxury five-star hotel.

These land parcels drew top dollars from Macquarie Global Property last year. Costing a total of S$3 billion, the sites will soon enjoy a S$5 billion makeover.

Site B, which Macquarie won last December for just under S$953 million, and Site A, for S$2 billion in September - are both on a 99-year lease.

Formerly known as Marina View Parcels A and B, the two-hectare site will be transformed into twin luxury office buildings, one of which will also house a 220-room five-star hotel.

Macquarie expects to announce in the next 3 to 4 months who they will be working with on the hotel.

It says the towers, due to be completed between 2011 and 2012, are well-timed to catch the growing demand for office space.

Simon Treacy, CEO, Asia Investments, MGPA, said: "I think around Asia, we are extremely busy - we see good value emerging around the region. In Singapore, we also think that there will be increased demand in the office sector - rents are likely to grow 10 to 25 percent this year.

"I think over the medium term, people will be surprised because they've underestimated the demand in Singapore for modern international grade office space.

"And we've seen that in Japan for 2003 and this year in Hong Kong. And, I think it's a reflection of the solid economy of Singapore and the ongoing growth in a lot of the financial service sectors and wealth management in particular."

The towers will be more than 40 storeys high and designed by Australian architect Denton Corker Marshall, who also designed the Melbourne Museum and the Australian Embassy in Beijing.

About 60 percent of both buildings will be set aside for office use: Tower A will house 130,000 square metres, and Tower B, 113,580 square metres.

Besides this project, Macquarie Global Property says it is looking out for other bargains.

Mr Treacy said: "I think over the last two years, a lot of investors have probably overlooked and undervalued Southeast Asia. I think now people are seeing very good fundamentals down here, and I think our timing was very good in making a number of acquisitions. We still think there is a very good value in buying... over the next 6-9 months."

Office rentals in Singapore have been surging because of growing demand and a lack of supply. But more office space is expected to enter the market.

The government is targeting to double office space in the Central Business District to an estimated 2.82 million square metres. - CNA/ch

Source : Channel NewsAsia - 18 Mar 2008

Office demand unaffected by global credit crunch

No threat of financial sector redundancies: URA

The credit crunch has so far failed to dent demand for office space in Singapore or derail its bid to become Asia's leading financial centre, a senior member of the city-state's Urban Redevelopment Authority (URA) told Reuters.

Speaking at the annual MIPIM trade fair in Cannes on Tuesday, Choy Chan Pong, head of land administration at the URA, said that Singapore had not felt the threat of vast financial sector redundancies and its construction boom continued.

'We have not seen any evidence of a decline in demand for office space, and for now most financial institutions in Asia are still hiring,' he said.

The URA said earlier this week that it planned to double the size of Singapore's Marina Bay financial district to 2.82 million square metres - or twice the size of London's Canary Wharf financial district - as international financial sector occupiers continued to seek presence in the city.

The authority had set aside 101 hectares of green parkland directly adjacent to the Marina Bay financial district that would serve as 'lungs' for the city, and which would never be sold for office schemes, at any price.

'We have had offers from several Middle Eastern developers and investors to buy the land we have allocated for the Marina Gardens but we will never sell it,' Mr Choy said. 'It stops Singapore from becoming a concrete jungle. It is priceless.'

Standard Chartered Bank and DBS Bank have agreed to take a total of 111,500 square metres of space at the Marina Bay Financial Centre, a 438,000 square metre office and residential project being developed by Keppel Land, Cheung Kong Holdings/ Hutchison Whampoa and Hongkong Land.

According to data from global property broker Cushman & Wakefield last month, Singapore prime office rents climbed 78 per cent in local currency terms in 2007 but Mr Choy quelled fears that this surge in rental costs had begun to price some occupiers out of the market, and towards rival markets of Tokyo and Hong Kong.

'You have to remember this rental increase was from a very low base. Singapore is still cheaper than Hong Kong . . . and Tokyo is almost full,' Mr Choy said.

Hong Kong is the second most expensive office market in the world, behind London, with annual office rents averaging US$239 per square foot. Tokyo is in third place with annual office rents at US$210 per square foot. Singapore is in seventh place.

Its annual office rents average US$130 per square foot.

'We do not expect financial institutions will have to choose one market over another, so we have no concerns about growth of China or Japan,' Mr Choy said.

'Realistically, banks know they have to be in all three cities because we serve different markets, and if banks want access to India or South East Asia, they need to be in Singapore.'

Source : Business Times - 13 Mar 2008

Singapore building boom continues, office demand firm

The credit crunch has so far failed to dent demand for office space in Singapore or derail its bid to become Asia's leading financial centre, a senior member of the republic's Urban Redevelopment Authority (URA) said.

Speaking to Reuters at the annual Mipim trade fair in Cannes on Tuesday, Choy Chan Pong, head of land administration at the URA, said that Singapore had not felt the threat of vast financial sector redundancies and its construction boom continued.

'We have not seen any evidence of a decline in demand for office space, and for now most financial institutions in Asia are still hiring,' he said.

The URA said earlier this week that it planned to double the size of Singapore's Marina Bay financial district to 2.82 million square metres - or double the size of London's Canary Wharf financial district - as international financial sector occupiers continued to seek presence in the city.

The authority had set aside 101 hectares of green parkland directly adjacent to the Marina Bay financial district that would serve as 'lungs' for the city, and which would never be sold for office schemes, at any price.

'We have had offers from several Middle Eastern developers and investors to buy the land we have allocated for the Marina Gardens but we will never sell it,' Mr Choy said. 'It stops Singapore from becoming a concrete jungle. It is priceless.'

Standard Chartered Bank and Development Bank of Singapore have agreed to take a total 1.2 million square feet of space at the Marina Bay Financial Centre, a 438,000 square metre office and residential project being developed by Keppel Land, Cheung Kong Holdings/Hutchison Whampoa and Hongkong Land.

According to data from global property broker Cushman & Wakefield last month, Singapore prime office rents climbed 78 per cent in local currency terms in 2007 but Mr Choy quelled fears this surge in rental costs had begun to price some occupiers out of the market, and towards rival markets of Tokyo and Hong Kong.

'You have to remember this rental increase was from a very low base,' he said. 'Singapore is still cheaper than Hong Kong ... and Tokyo is almost full,' he said.

Hong Kong is the second most expensive office market in the world, behind London, with annual office rents averaging US$239 per square foot. Tokyo is in third place with annual office rents at US$210 per square foot. Singapore is in seventh place.

Its annual office rents average US$130 per square foot.

'We do not expect financial institutions will have to choose one market over another, so we have no concerns about growth of China or Japan.

'Realistically, banks know they have to be in all three cities because we serve different markets, and if banks want access to India or South East Asia, they need to be in Singapore,' Mr Choy said. -- REUTERS

Source : Business Times - 12 Mar 2008

CBD - Twice as big in 15 years

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.

Source : Today - 11 Mar 2008

$5.25b credit facility for Marina Bay Sands

DESPITE volatile global credit markets, another giant syndicated loan deal has been completed in Singapore.

The deal is a $5.25 billion credit facility to finance the construction of the Marina Bay Sands integrated resort (IR).

It follows Genting International's success earlier this month in lining up funding of $4.19 billion for much of the building of its Sentosa IR.

Las Vegas Sands Corp's senior vice-president for finance, Mr Scott Henry, was in town yesterday for the announcement of the Marina Bay Sands deal, allowing him to meet executives from the participating banks.

More than 30 banks, including Goldman Sachs, Standard Chartered Bank, Lehman Brothers Finance Asia and the three local banks, are involved as coordinators of the financing.

The credit facility is the largest private Singapore dollar-denominated financing ever completed.

Mr Henry said the completion of the credit facility underscores both the attractiveness of the Singapore market, and the enthusiasm and confidence the financial community has in the success of the IR.

Participating banks said the response to the credit facility had been encouraging, especially in the light of the turmoil in credit markets.

'This demonstrates the participating banks' confidence in Singapore and the Marina Bay Sands project,' said Mr Elbert Pattijn, the head of specialised corporate and investment banking at DBS Group Holdings.

Source : Straits Times - 29 Feb 2008

Marina Bay to provide 1.1m sq m of office space

It will become a seamless extension of Raffles Place, says Mah

THE upcoming financial district at Marina Bay will be twice the size of London's Canary Wharf and will provide as much Grade A office space as Hong Kong's Central.

Revealing more plans for Singapore's new financial hub, National Development Minister Mah Bow Tan told Parliament yesterday that Marina Bay remains the centrepiece of the government's efforts to provide more office space.

'URA (the Urban Redevelopment Authority) will make available more sites for development in this area over the next five to six years, in line with market demand,' he said. 'When completed, these new developments will provide more than 1.1 million sq m of office space, to match the total amount of office space at Raffles Place today.'

The area will become a seamless extension of Raffles Place, Mr Mah said. It is expected to take more than 15 years to materialise, depending on market demand.

The existing central business district will not be neglected, he said. URA will release land around the Tanjong Pagar precinct as well as redevelop the Ophir/Rochor corridor into an office cluster.

Mr Mah also touched on plans for Orchard Road, saying that URA plans to work with the private sector to build a pedestrian network with underground links, walkways at street level and second-storey links between buildings.

The Ministry of National Development will set out its land use plans for the next 10-15 years in the next few months in its Master Plan 2008. The plans have been developed with three key objectives in mind - to ensure that Singapore has sufficient land to support economic growth; to reduce commuting by bringing jobs closer to home; and to provide greater greenery and leisure options.

Addressing a now-hot topic, Mr Mah said that sustainable development will continue to be a priority.

To encourage environmentally friendly practices, the government will look at a range of measures including public education, research and development, and possibly legislation, he said.

Source : Business Times - 29 Feb 2008

Marina Bay prime office space equal to HK business site

It’ll be a ’seamless extension’ of CBD, to rival London’s and Hong Kong’s.

THE new Marina Bay growth area will be a ’seamless extension’ of the Central Business District (CBD) and will offer a significant amount of office space, said National Development Minister Mah Bow Tan yesterday.

Adjacent to Raffles Place and Shenton Way, it will be more than twice the size of London’s Canary Wharf and provide as much premium office space as Hong Kong’s Central district.

Mr Mah was responding to a question by Mr Liang Eng Hwa (Holland-Bukit Timah GRC) on plans to rejuvenate the CBD and develop Marina Bay.

Mr Mah said: ‘Marina Bay remains the centrepiece of our efforts. It will be a seamless extension of Raffles Place, and will offer high-quality office spaces along a lively waterfront.’

The district will have a land area of 85ha, more than double the size of London’s bustling financial and shopping hub, Canary Wharf.

It will also offer an estimated 2.82 million sq m of office space, the equivalent of Hong Kong’s main business district.

Mr Mah also revealed that the Urban Redevelopment Authority (URA) will release more sites in this area over the next five to six years.

Once built, these projects will provide more than 1.1 million of office space - the total amount of office space in Raffles Place.

The new Marina Bay financial district is expected to take more than 15 years to materialise, he added.

Mr Mah also said the URA will release land around Tanjong Pagar and ‘redevelop the Ophir-Rochor corridor into a vibrant office cluster’.

Mr Mah also addressed a query from Mr Zainudin Nordin (Bishan-Toa Payoh GRC) on having more underground connections between buildings in the downtown area.

He said Marina Bay will be a pedestrian-friendly area, with covered walkways on the ground and an extensive underground network linking developments to MRT stations.

He added that the Government is working to ease the office space crunch in both the short and long term.

In the short term, the Government has released land for transitional office sites and vacant state properties, which will yield 150,000 sq m of space. These spaces will be available within a year.

The Government has also temporarily disallowed the conversion of office space to other uses in the central area.

Over the long term, about 1.4 million sq m of office space, equal to about five years of supply, will be completed mostly in 2010 and beyond.

Mr Mah said: ‘These measures are going to take some time to filter through to the market. I will suggest that in the meantime, tenants can look at alternative locations outside the central area.’

Source : Straits Times - 29 Feb 2008

More office space with new extension in Marina Bay

National Development Minister Mah Bow Tan said in Parliament on Thursday that the government has set aside a new growth area in Marina Bay. This will yield an estimated 2.8 million sqm of gross floor area for office use.

Marina Bay - a centrepiece of efforts to ensure there is sufficient office space to meet future needs - will be a seamless extension of the current Central Business District at Raffles Place.

At 85 hectares, the new growth area will be more than twice the size of Raffles Place, which now spans 31 hectares.

About 40 percent of the available office space has already been taken up by developments such as One Raffles Quay, the Marina Bay Financial Centre and white sites at Marina View.

Mr Mah said: “To give you an idea of its eventual scale, the amount of space that will be generated within the area located immediately adjacent to the existing financial district at Raffles Place and Shenton Way will be equivalent to two Canary Wharfs in London.

“It will provide as much Grade A office space as Hong Kong’s Central. URA will make available more sites for development in this area over the next five to six years, in line with market demand.”

More land will also be released around Tanjong Pagar, as well as redevelopment plans for the Ophir and Rochor area to transform it into a vibrant office cluster.

Mr Mah said the office market will remain tight until 2009. But some 1.4 million sqm of office space should become available in 2010 and beyond.

To ease the supply crunch, the government will continue to release land for transitional office sites.

The office developments at Scotts and Anthony Roads - two parcels on short-term leases of 15 years - could be completed by mid-2009.

These transitional office land parcels will join three others awarded previously at Scotts Road, Tampines Avenue 5 and Mountbatten Road.

Source : ChannelNewsAsia - 28 Feb 2008

Amex signs up for Marina Bay Financial Centre

It is said to be taking 50,000 sq ft in Tower 2, in the project's 1st phase

AMERICAN Express International is the latest new tenant at Marina Bay Financial Centre (MBFC), which means that slightly more than half of the total 2.9 million square feet of offices in the entire development has been taken up.

BT understands it will take about 50,000 sq ft or two floors in the 50-storey Tower 2, which is under MBFC's first phase and slated for completion by early 2010. Amex will join British bank Barclays, Swiss private bank Pictet and UK-based stockbroking firm Icap as tenants in Tower 2.

Barclays is said to have agreed to lease about 100,000 sq ft or four floors in the tower, Icap is taking 35,000 sq ft and Pictet around 25,000 sq ft.

MBFC's Tower 2 will have nearly one million sq ft of net lettable area (NLA).

The 33-storey Tower 1, also in the development's first phase, has about 600,000 sq ft of NLA and is fully leased, mostly to Standard Chartered, which is taking 508,298 sq ft.

Smaller tenants in that tower include French corporate and investment bank Natixis, which is taking 65,000 sq ft, and Wellington International Management Co (21,000 sq ft).

DBS has leased about 700,000 sq ft in MBFC's Tower 3 - which will be in the project's second phase and slated for completion by early 2012.

Office leasing interest in Singapore since the start of the year does not seem to have been dented by sub-prime writedowns that have struck international banks. 'Most banks still see Asia as a bright spot and will continue to invest in Asia,' an executive with a major office landlord told BT.

CB Richard Ellis executive director (office services) Moray Armstrong, whose firm is the leasing agent for MBFC's office space, declined to be drawn into speculating about the latest tenants at MBFC, when contacted by BT.

However, he said, there is a 'healthy level of active leasing negotiations going on and further announcements are expected within the next three months'.

'Generally, too, leasing momentum in the Singapore office market has carried forward from 2007. There has been relatively minor impact arising out of the external sub-prime crisis. There's still plenty of activity and leasing negotiations in motion,' he said.

CBRE data show that Grade A office rents in Singapore rose 96.5 per cent last year to hit $17.15 psf a month.

'We expect a more modest rate of rental growth in the order of 15 to 20 per cent this year. Upside remains because of the severe shortage of available office space. But because rents have moved up so sharply, a more modest pace of growth is likely, combined with greater caution among occupiers, which is understandable. These twin factors will contribute to more moderate rental growth.'

American Express International Inc currently has operations at The Concourse while American Express Bank has operations at Hitachi Tower.

Source : Business Times - 19 Feb 2008

Some govt units moving out to free up city space

20,000 sq m or more will be available to private sector

THE government has decided to relocate several agencies out of the Central Area to free up space of 20,000 square metres or more by first quarter next year for use by the private sector.

The space being released, which will help to address the office space shortage in the near term, is equivalent to 20 floors or more of an office tower block in Suntec City.

Finance Minister Tharman Shanmugaratnam did not identify the government agencies that will be moving out of the city but market watchers suggest that they may include Singapore Land Authority, which currently occupies several floors at Temasek Tower near Tanjong Pagar MRT Station; the Energy Market Authority, which is housed in Singapore Power Building on Somerset Road; Intellectual Property Office of Singapore, located at Plaza by The Park on Bras Basah Road; and Info-Communications Development Authority of Singapore, now at Suntec City.

The Workforce Development Agency, housed at One Marina Boulevard, has also been highlighted by market watchers as being a possible candidate for relocation out of its prime CBD offices.

The Economic Development Board is expected to vacate its offices at Raffles City when its lease expires next year and move into Fusionopolis at one-north in Buona Vista.

Market watchers suggest that some of these government agencies with public counters are likely to move to city-fringe locations, rather than to outlying areas to minimise inconvenience to the public. 'Vacant state properties could be their new homes,' an industry observer reckons.

In his Budget speech, Mr Tharman noted that in the short term, Singapore faces tight office space capacity, caused by the surge in business growth, especially in the business and financial sector.

'Office rentals have risen sharply. Although office space still costs 30 to 50 per cent less in Singapore on average, compared to Hong Kong and Tokyo, the pace of cost increases has been rapid and unsettling for businesses,' he added.

'The tightness in office space should ease over the medium term, with the completion of major projects currently under construction, such as phases one and two of the Marina Bay Financial Centre, the Marina View sites and South Beach. By 2012, we will have an additional 1.4 million sq m of office space.'

To address the problem in the short term, the government has released a total of 15 transitional office sites and vacant state properties, which will yield 150,000 sq m of additional office space. Companies are already relocating to some of these sites, and to new regional centres, Mr Tharman noted.

Source : Business Times - 16 Feb 2008

Marina Bay Suites: sweet interest in these suites

Sales previews for Marina Bay luxury condo to start end of this month

DESPITE worries of a global slowdown and a decline in sales of private property these few months, developers of the Marina Bay Suites are confident they will be able to attract enough buyers for this luxury condominium.















Sales previews for these 221 units will start by the end of the month, and marketing agents said they have seen substantial international interest, as well as interest from earlier buyers of the sister residential development, Marina Bay Residences.

“We believe that currently, the market is strong enough,” said Marina Bay Financial Centre (MBFC) head of residential marketing Kan Kum Wah, who added that while last year was exceptionally good for the residential property market, he expects demand from buyers to continue this year.

While prices for the units in the 66-storey development have not been fixed, Mr Kan said people could get some indication from current market transactions of around $3,000 per square foot (psf).

This translates to at least $4.8 million per unit, which ranges from $1,600 to $2,700 psf.

Marketing agents DTZ Debenham Tie Leung and CB Richard Ellis, which have done pre-marketing visits to Shanghai, Dubai, Jakarta and Hong Kong, said there is significant interest from international buyers.

Between 40 and 60 per cent of the buyers for the luxury residential property segment in Singapore are usually from overseas, said Ms Ong Choon Fah, executive director and regional head of consulting and research at DTZ. Forty per cent of the buyers of Marina Bay Residences were from overseas.

Mr Donald Han, managing director of property consultancy Cushman and Wakefield, agrees that these prices are reflective of the rates in that area, but the developers “might offer a lower price for early birds”.

“I’ve got no doubt that the project is able to sell well,” he said.

The Marina Bay Suites, located at the bayside near One Raffles Quay, will feature 218
three- and four-bedroom apartments, and three penthouse units. There is a significant demand for big units, explained Mr Kan, who received feedback from buyers about the earlier development that offered one to-four bedroom apartments.

This project, which is a joint venture between three developers, Cheung Kong/Hutchison Whampoa, Hongkong Land and Keppel Land, will appeal to a distinct group of internationally-well-travelled buyers, said Mr Kan. He noted that this is the last call for buyers interested in owning an apartment directly fronting Marina Bay.

But he added that this is not the last chance for buyers who are interested in having an address in this “new downtown”.

While this residential property may be the last few available in the necklace of developments at Marina Bay, said Mr Han, “the government still holds a fair bit of undeveloped and unreleased URA sales of sites in that area”.

The Urban Redevelopment Authority (URA) is setting aside 60 hectares of land at Marina South for a landmark residential district.

URA said last September that some 11,000 housing units have been planned.

Source : Today - 17 Jan 2008

Marina Bay Suites @ Marina Bay

Set in the heart of the US$30 billion Marina bay, Asia's most exciting urban lifestyle hub, the 66- storey, 239-metre tall Marina Bay Suites sets new standards for exquisite luxury living in Marina Bay Fortunate residents will enjoy dynamic city skyline vistas and exclusive views of the elegant Central Linear park.

An oasis of peace and tranquility in the heart of the new Downtown, the Central Linear park will serve as a ceremonial green focal point for the entire area. Wake up to the soothing greenery of the park and the cool breezes from the sparkling blue water of Marina Bay.

Marina Bay Suites residents will also enjoy superb road and rail connections and easy access to the airport and the rest of Singapore. With direct road links to East Coast Parkway and the upcoming US$1.65 billion Marina Coastal Expressway, the international air link hub of Changi Airport is less than 18 minutes away. Residents will also have convenient access to Raffles Place and the rest of the Island via future MRT station.

Location : Marina Boulevard
District : 01
Tenure : 99yrs Leasehold (w.e.f 8 March 2007)
TOP : 31 Aug 2012
Total Units : 221 in one block of 66 storeys

Unit Types:-
Type A 4 Bedroom ~ 55 units (2680 to 2691sqft)
Type B 4 Bedroom ~ 55 units (2045 to 2067sqft)
Type C 3 Bedroom ~ 54 units (1572 to 1604sqft)
Type D 3 Bedroom ~ 54 units (1615 to 1625sqft)
Type P Penthouse~ 3 units (4715 to 8181sqft)

Nearby Amenities: Walking distance to CBD- Raffles Place, Garden by The Bay, Singapore Flyer, Bayfront Bridge, Marina Barrage, Marina Bay Sands Integrated Resort, Bussiness Financial Centre, Grand Prix Racing, Esplanade Theatres on The Bay.

Email lushhome@gmail.com for more information.

Marina Bay Suites priced around $3,000 psf

Over 600 potential buyers, half foreigners, have registered interest to buy units in 221-unit project

AT around $3,000 psf, the next luxury development to go on sale - Marina Bay Suites - looks like it could actually be quite reasonably priced, especially as luxury home prices have trended towards the $4,000 psf range.

Revealing the estimated selling price at a press conference for the upcoming sales preview of Marina Bay Suites, slated to be before Chinese New Year, Marina Bay Financial Centre (MBFC) head of residential marketing Kan Kum Wah said: 'As a developer, we believe in leaving something behind for capital appreciation.'

Asked if this meant giving speculators more incentive to buy, Mr Kan said he doubts there will be speculative activity, but added that several investors have already expressed their interest in the development.

Marina Bay Suites is part of Marina Bay Financial Centre, being developed by joint venture (JV) partners Cheung Kong Holdings/Hutchinson Whampoa, Hongkong Land and Keppel Land.

So far, over 600 potential buyers (of whom half are foreigners) have registered their interest to buy into the 221-unit Marina Bay Suites. Mr Kan added that over 100 of these potential buyers already own a unit at the JV's earlier-launched development, Marina Bay Residences.

On the projected pricing, Mr Kan cited some sub-sale transactions for Marina Bay Residences at above $3,000.

Mr Kan also said that Marina Bay Suites will have only 218 three- and four-bedroom units ranging between 1,600 and 2,700 sq ft in size. This means units could cost in the range of $5 million to $8 million, putting them out of reach of the average property speculator. DTZ Debenham Tie Leung (DTZ) executive director Ong Choon Fah added: 'At this price range, it will attract the investors.'

These investors will be looking for capital appreciation.

Joseph Tan, executive director (residential) at CB Richard Ellis (CBRE), which is marketing the development together with DTZ, said that capital appreciation for developments in the vicinity has been between 35 and 75 per cent in the previous two years. 'Some have even seen 100 per cent gains,' he added.

But news of a possible US recession does seem to have affected market confidence.

According to caveats lodged, a unit at Marina Bay Residences (excluding penthouses) did cross the $3,000-level last August. However, sub-sale caveats lodged in December show transactions at between $2,400 and $2,700 psf.

Marina Bay Suites will be initially sold through private previews.

Source : Business Times - 17 Jan 2008

Email lushhome@gmail.com to register your interest.

Marina Bay Suites to go on sale this month

PREVIEW sales of the posh Marina Bay Suites will start before the end of the month, even though sentiment in the property market remains weak and the stock market is very rocky.

About a year ago, apartments like this - in the new downtown and preferably with a bay view - were setting new price benchmarks.

For instance, Marina Bay Residences attracted large crowds and achieved a record price of $3,450 per sq ft (psf) in December 2006.

But since then, Orchard Road properties have emerged as some of Singapore’s hottest properties , crossing $5,000 per sq ft (psf).

Also, the market has now slowed significantly, weighed down in part by fears of a United States recession.

Market sources said Marina Bay Suites could sell for $3,000 psf and above, so the units could go for $4 million to possibly more than $20 million for the penthouses. The condominium is being marketed around the globe.

‘Marina Bay is a growth area,’ said marketing agent DTZ’s regional head (consulting and research), Mrs Ong Choon Fah. ‘This is the next big thing.’

A series of previews for the 221-unit, 99-year leasehold Marina Bay Suites will be held late this month. To the project’s head of residential marketing, Mr Kan Kum Wah, the time is right. ‘As a joint venture, we believe that the market currently is strong enough,’ he said.

The 66-storey condo, which together with two office blocks form phase two of the Marina Bay Financial Centre, is being developed by Cheung Kong (Holdings)/Hutchison Whampoa, Hongkong Land and Keppel Land.

Every unit comes with its own private lift lobby and there are just four units of 1,600 to 2,700 sq ft per floor.

Apart from three penthouses - which range from 4,700 sq ft to more than 8,100 sq ft, each with its own swimming pool - the rest are three- and four-bedders.

‘It is one of the last sites in the bay area with bay views,’ said Mr Joseph Tan, executive director (residential) at CB Richard Ellis, which is also marketing the project.

Elsewhere, Frasers Centrepoint will start staff previews for its freehold Martin Place Residences in Kim Yam Road today and its Waterfront Waves in Bedok Reservoir tomorrow.

But most other launches are expected to take place only after the Chinese New Year celebrations next month.

Source : Straits Times - 17 Jan 2008

Email lushhome@gmail.com to register your interest.

Marina Bay Suites sees strong demand despite market uncertainty

Marina Bay Suites is seeing strong demand despite uncertainty in the market, according to its marketing agents.

Both CB Richard Ellis and DTZ Debenham Tie Leung say they've received significant numbers of enquiries from both local and foreign buyers.

What goes up may not necessarily come down, even in these uncertain times.

Demand for these luxury apartment units overlooking Marina Bay seems almost immune to external shocks.

Ong Choon Fah, Executive Director and Regional Head, Consulting and Research, DTZ Debenham Tie Leung (SEA), said: "The top end of the market is like your blue chip stocks. When the market recovers they're the ones that run first, the price recovery is the fastest. But when the market comes down, a lot of them don't need to sell, so activity may come down but we find there's very good price support."

Joseph Tan, Executive Director - Residential, CB Richard Ellis, said: "This is likely to be probably one of the last sites that has views of the Bay so in any property purchase situation, it's still location, location, location."

According to Raffles Quay Asset Management, the prevailing market rate for the Marina area is between S$3,000 and S$4,000 per square foot.

And it remains bullish about the capital appreciation from residential units there.

Kan Kum Wah, Marketing Head - Residential, Raffles Quay Asset Management, said: "You can see from the first phase of Marina Bay Residences, the price has moved between 25 percent and 75 percent as of today, and we believe that based on the current strong economy, we'll be growing in tandem or even outperform."

Each unit in Marina Bay Suites comes with its own private lift lobby and there are just four units per floor.

The apartments range from 1,600 to 2,700 square feet in area each.

The development also includes three penthouse units, ranging from 4,700 to over 8,100 square feet each.

Selected buyer previews for all 221 units will be held later this month. - CNA/ch

Source : Channel NewsAsia -16 Jan 2008

Email lushhome@gmail.com to register your interest.

The Clift @ Mccallum Street

The Clift is a metaphor for modern living located in the heart of the Central Business District.

A 43-storey tower of compact residential units designed by world famous Super Potato of Japan beckons the soul that seeks a life less ordinary.

Located on the cross junction of Telok Ayer and Mccallum Street, The Clift transcends traditional notions of living space.

It neighbors include concrete skyscrapers like Capital Towers and SIA building, an eclectic mix of pubs converted from conservation shop houses and renowned hawker centers.

It is a home like no other. It is unconventional in theme yet holistic in its approach of providing unparalleled comfort.

Lifestyle facilities such as spa-inspired saunas, massages, Jacuzzis and an infinity-edge plunge pool with a glass-end wall, provide respite from the demands of the corporate world.

Recent property reports have highlighted the new benchmark prices that properties in this area have commanded. The Clift is your last opportunity to own a new condo unit in this area.

Location: 21 McCallum Street
District: 01
Tenure : 99 years w.e.f 2004
Expected Completion : 2011
Site Area: 19,578 sqft
Total Units: 312 (1 Block of 43 storey)

Unit Types:
1 Bedroom ~ 505sf - 560sf
1 Bedroom Loft ~ 753sf - 807sf
2 Bedroom ~ 775sf - 818sf
2 Bedroom loft ~ 1065sf

Facilities:

10th Storey
• Clubhouse patio & lounge
• Deck dining (with BBQ pits)
• Feature catwalk deck with trellis & raincurtain
• Massage pavilion
• Cabana lounge
• Lift core wall reflective pool
• Waterwall cascade
• Pool lounge beds
• Launderette snack bar

31st storeya
• Multi-purpose room
• Lounge deck
• Plunge pool with glass end wall
• Dining/ preparation top
• Sauna
• Wash facilities
• Jacuzzi

Unit Features:
• Marble flooring
• Complete kitchen system
• Washing machine and Drier


Email lushhome@gmail.com for more information.