Singapore: Singapore plans to double the size of its existing business district to maintain the city-state’s position as a regional financial centre, the government said Monday.
An 85-hectare (210-acre) waterfront site bordering the current business district will house the expansion, the Urban Redevelopment Authority (URA) said in a statement.
The site, which is next to the Marina Bay Sands convention and gaming complex currently under construction, is expected to yield 2.82 million square metres (30.34 million square feet) of office space, the land-use agency said.
The expansion of the business district in the Marina Bay area will take place over more than 15 years.
“We want Marina Bay to be the pulse of financial and business-related activities, with state-of-the art Grade A office spaces within a lively waterfront area, comparable to the world’s finest cities,” said Choy Chan Pong, the URA’s director for land administration.
“With the new growth area and financial district in Marina Bay, Singapore is well-positioned to attract even more financial institutions and business services to cement its reputation as an international financial hub,” he said.
Major European and US financial firms use the city-state as a base from which to grow their Asian business.