Box Story 11: Marina Bay Business and
Marina Bay Business and Financial Centre. © Urban Redevelopment Authority. All rights reserved.
The Government has recently announced initiatives to double
the size of its business and financial district as part of its plans
to meet the increased demand for office space by financial
institutions. This includes developing the Marina Bay area to
facilitate the seamless extension of the existing business and
financial district at Raffles Place, Shenton Way and Tanjong Pagar.
Over a span of more than 15 years, the development of the 85
hectare site identified for the new growth area will see the addition
of around 2.82 million square metres of office space. With stateof-
the-art Grade A office spaces within a lively waterfront area,
Marina Bay will add to the vibrancy of the business and
The Government has also implemented temporary measures to
alleviate the current office space crunch. These measures include
sites designated for transitional offices, release of vacant state
properties for private sector use, and developing new business
park space for financial institutions' mid/backoffice operations.
Selected government agencies will also vacate their Central Bay
Busines District offices by 1Q 2009, giving up some 20,000 sqm
of grade A office space for private sector users.
These measures have been welcomed by the financial community
in Singapore, with many major banks making plans for expansion
into the new Marina Bay area, as well as relocating some of their
mid/backoffice operations to suburban sites such as Changi
Business Park and Alexandra Business Park areas. Over the next
two years, we can expect to see a more vibrant financial district
spanning a larger area and offering exciting lifestyle options for
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