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30 July 2009

Singapore’s Marina Bay receives S$27.5bn in investment

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More than S$27.5 billion has been invested so far in the new business and financial district in Marina Bay and the government is planning to pump in a further S$1 billion in infrastructure works there over the next 10 to 15 years, city-state’s news agency Channel News Asia reported. ($1=S$1.3)

Singapore's National Development Minister Mah Bow Tan said there are some signs of speculation in the recent frenzy in the property market.

The government announced in April that Marina Bay had attracted total investments of over S$22 billion, of which S$5.7 billion was from the government and S$16.5 billion was from the private sector.

Three months later, that figure, which includes government and private sector investments, has risen to over S$27.5 billion. The Urban Redevelopment Authority said the increase of S$1.8 billion in government investment is largely due to higher construction costs for the Marina Coastal Expressway.

It said more funds are also being pumped in by various developers for their projects which have seen private investments grow by over S$3.5 billion.

The new financial district is expected to generate quality office space to rival those in Tokyo, New York and London.


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