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Thread: A place to live, work and play

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    Default A place to live, work and play

    http://www.straitstimes.com/suppleme...-play-20121110

    THE REMAKING OF THE CBD

    A place to live, work and play

    For years the Central Business District was simply a place where people went to work. Tens of thousands poured into the area every morning and left it empty every evening. But all that has changed. The CBD has greatly expanded, not only in size but also in terms of the amenities it offers. It is now a place where people live, work and play, as Yasmine Yahya finds out.

    Published on Nov 10, 2012


    LeVel 33, a brewery and restaurant in Tower 1 of Marina Bay Financial Centre, caters to those who want to have a drink or two after work in the Central Business District area. Developments like this have helped to change the image of the CBD from a purely business-oriented location to one which has an entertaining nightlife. -- ST PHOTO: CAROLINE CHIA

    How it all began

    BY THE middle of the last century, most of Singapore's commercial activity centred on the Government offices on St Andrew's Road and Empress Place. Raffles Place, Robinson Road and Collyer Quay were traditionally regarded as the trading centre where banks, general ship suppliers and money changers set up shop.

    Towards the end of the 1960s, the Government put up five vacant plots of land along Shenton Way for sale.

    These sites were developed into Robina House, Shing Kwan House, Shenton House, UIC Building and Marina House. Of these, only Shenton House remains.

    Early on, the Government designated the Golden Shoe area, which included Shenton Way and Raffles Place, as a development area.

    Tenanted pre-war properties were freed from rent control, recounts Knight Frank chairman Tan Tiong Cheng.

    Buildings that soon sprung up included OCBC Building, OUB Centre (now One Raffles Place), Ocean Building (now Ocean Financial Centre), The Arcade and Clifford Centre.

    Shenton Way and Robinson Road formed the nucleus of the Central Business District in the 1970s, but gave up this title to Raffles Place by the mid-1980s when OUB Building, then Singapore's tallest office building, was launched, Mr Tan says.

    "The Raffles Place MRT station was opened in 1987, and when that happened the gravitational pull was again towards Raffles Place.

    "But Shenton Way had its importance too because DBS Bank was there and a lot of other financial institutions were there, such as Citibank at Robina House."

    Today, however, the heart of the CBD is in Marina Bay, Mr Tan says.

    The latest phase of the CBD

    IN 1996, then Minister for National Development Lim Hng Kiang said the Government would focus on building up Marina Bay into Singapore's new downtown - to be an integrated working, living and recreational area.

    Marina Bay is a 360ha plot created from reclaiming land off the seafront at Collyer Quay. Within this, about 80ha was designated an extension of "traditional" CBD sites Raffles Place, Shenton Way and Tanjong Pagar, already measuring 82ha.

    As a result, the CBD has almost doubled in size. The amount of office space in this enlarged CBD is expected to more than double to 52 million sq ft when Marina Bay's development potential is fully realised, property consultancy CBRE said.

    Today, there are more than 5.5 million sq ft of Grade A office space in the buildings there, including Asia Square and the three towers of Marina Bay Financial Centre (MBFC).

    About 65 per cent of the space at these buildings is taken up by financial firms such as DBS Bank, Citibank and Standard Chartered Bank.

    Playing in the CBD

    ASIDE from swankier office space, the addition of Gardens by the Bay, Marina Bay Sands and the Marina Bay Cruise Centre has added a dash of leisure and fun.

    Joggers, once a rare breed in the CBD, are now a common sight, wending their way across Collyer Quay and Marina Boulevard.

    The Lawn at Marina Bay, along Marina Boulevard, is a large patch of green where people are often seen exercising in small groups after 5pm.

    For those who prefer knocking back a drink or two after work, a crop of new eateries, bars and pubs that open late into the night now liven up the whole area.

    Harry's Bar and the Boulevard Bayfront restaurant-bar at MBFC's Ground Plaza are the hang-outs among professionals who work in the three towers, as is brewery and restaurant LeVel 33 at Tower 1.

    Mr Tony Padgett, head of corporate real estate services at Barclays, says the whole area is usually buzzing until about 10pm. On Friday nights, the crowd stays later, until 11pm or midnight.

    Mr Jai Ganesh, a senior manager at an international bank, says this transformation has made Singapore as lively and vibrant as Hong Kong.

    "It's quite different now in the new CBD and that has really bumped up the cool factor. There's more life to it now," says the Singaporean, who moved to Hong Kong two years ago but comes back regularly.

    "In terms of shopping, food, both are top-notch. Nightlife and entertainment are pretty much the same. Both are just as crowded and lively."

    Living in the CBD

    WHILE some 200,000 professionals work in the CBD in the day, as many as 17,000 people now call it home.

    Since 2007, the stock of residential apartments has doubled, and there are now between 3,000 and 3,500 units in the area, including those at Icon in Tanjong Pagar, with CBRE expecting a further 3,400 homes to be built from now to 2018.

    "We are halfway from the end point of the CBD's development," says Knight Frank's Mr Tan. "What has been developed so far can satisfy our needs for the next five years or so but beyond that, the CBD can expand further, either east or west."

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  2. #2
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    u forget a place to live work play and.....PAY$$$

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    a place to work & work, pay & pay, worry & worry.... depressing !...

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    Good to see the birdseye view of my condo in today's Straits Times. Did not know there are 200,000 professionals working in the CBD and 17000 of them staying there. The banker had a good rental deal of $4800 for a 950sqft unit on the 35th floor at one shenton. Rental at one shenton is on the low side.

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    it seem like a new trend now...

    even in Jakarta, many offices' roof top now doing the same... drink bar at the roof top...over see the night view... is just so beautiful...

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    considering the strategic location of DTL station the new financial center, I would put my money on properties around downtown line stations in CCR region for rental.

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    Quote Originally Posted by zzz1
    it seem like a new trend now...

    even in Jakarta, many offices' roof top now doing the same... drink bar at the roof top...over see the night view... is just so beautiful...
    oh wdf.. juz watch skyfall.. see shanghai skyline so many roof top bars, swimming pool.. dream a dream

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    Quote Originally Posted by Ringo33
    considering the strategic location of DTL station the new financial center, I would put my money on properties around downtown line stations in CCR region for rental.
    I wouldnt not consider doing that now if i were to buy at the current moment:
    - prices near DTL factored in
    - if you buy for stay also no use coz cannot enjoy now
    - prices near DTL will spike in 2nd phase on close to MRT completion [u mmight have a choice to hoot from now till this period if prices fall]

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    Quote Originally Posted by DC33_2008
    Good to see the birdseye view of my condo in today's Straits Times. Did not know there are 200,000 professionals working in the CBD and 17000 of them staying there. The banker had a good rental deal of $4800 for a 950sqft unit on the 35th floor at one shenton. Rental at one shenton is on the low side.
    the rental is not bad
    I took the road less traveled by, and that has made all the difference. - Robert Frost quotes (American poet, 1874-1963)

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    Cityfringe already getting 5k plus.
    Quote Originally Posted by roly8
    the rental is not bad

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    Quote Originally Posted by roly8
    the rental is not bad
    I alway see CBD condos got up.. I always use cinemas as a benchmark of ultimate peak. If you see Jcube and Punggol Central, you will get what I mean. The time when tanjong pagar area has a mall with cinema, that would be the peak where inner city living is already the norm and there is a huge substantial critical mass for any movie operator to deem is as feasible to open a cinema. dream a dreamm

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    Unfortunately action will be at D1 in the next 5 years. D2 may have spill over effect but action will happen in 2027.
    Quote Originally Posted by dtrax
    I alway see CBD condos got up.. I always use cinemas as a benchmark of ultimate peak. If you see Jcube and Punggol Central, you will get what I mean. The time when tanjong pagar area has a mall with cinema, that would be the peak where inner city living is already the norm and there is a huge substantial critical mass for any movie operator to deem is as feasible to open a cinema. dream a dreamm

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    Quote Originally Posted by DC33_2008
    Unfortunately action will be at D1 in the next 5 years. D2 may have spill over effect but action will happen in 2027.
    2027 waterfront city too far ahead. Yes D1 will be the main star, D2 also.. 2 more mall coming up, the tanjong pagar development all within the foreseeable 3-4yrs as well. Given the options I would prefer to stay near D2, cheap maxwell food, more malls, artas food at duxton hill, tras street/ang siann hill

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    D1 covers a large area till some part of Telok Ayer. Anyway, not sure still got $2.50 prawn noodle after renovation in end of nov.
    Quote Originally Posted by dtrax
    2027 waterfront city too far ahead. Yes D1 will be the main star, D2 also.. 2 more mall coming up, the tanjong pagar development all within the foreseeable 3-4yrs as well. Given the options I would prefer to stay near D2, cheap maxwell food, more malls, artas food at duxton hill, tras street/ang siann hill

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    Quote Originally Posted by DC33_2008
    D1 covers a large area till some part of Telok Ayer. Anyway, not sure still got $2.50 prawn noodle after renovation in end of nov.
    llst.. inflation is here to stay

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    Quote Originally Posted by DC33_2008
    D1 covers a large area till some part of Telok Ayer. Anyway, not sure still got $2.50 prawn noodle after renovation in end of nov.
    lets just hope it does not cost $5.20...

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    Quote Originally Posted by radha08
    lets just hope it does not cost $5.20...
    Bro, dc may be hopping for $8 noodle leh. He could be vest there u know. So if rental up 1 k, can u imagine how many bowl of noodles he can buy?

    Like me, I rely on my WV to pay for my latte . Hahaha

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    Sure. Getting excited these days with so much good news in this area. DTL opening next year, Remaking CBD news, Sportshub opening year after, etc. More to come in the coming concept plan.
    Quote Originally Posted by chestnut
    Bro, dc may be hopping for $8 noodle leh. He could be vest there u know. So if rental up 1 k, can u imagine how many bowl of noodles he can buy?

    Like me, I rely on my WV to pay for my latte . Hahaha

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    Side-track a bit... i need some advice from the experts here

    If you have a 2M budget, will you go for a FH in D9/10/11 or a D1/2 99LH? I believe the CBD has a better rental yield but any upside in appreciation?

    The traditional prime districts have always been `poorer' in yield but rather stable in value.

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    Quote Originally Posted by dtrax
    oh wdf.. juz watch skyfall.. see shanghai skyline so many roof top bars, swimming pool.. dream a dream
    is a mesmerising view at nigh...big contrast of the day

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    Quote Originally Posted by roly8
    the rental is not bad
    Actually for LH yield is not fantastic.

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