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.
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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.
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