Results 1 to 8 of 8

Thread: Marina Bay sucks in $22b of investments

  1. #1
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Marina Bay sucks in $22b of investments

    http://www.businesstimes.com.sg/sub/...29521,00.html?

    Published April 22, 2009

    Marina Bay sucks in $22b of investments

    More sites are available in the area but govt is in no hurry to release them

    By EMILYN YAP


    (SINGAPORE) Marina Bay has attracted investments of more than $22 billion and while the area still has sites for development, the government has no plans to sell them at the moment.

    'We are in no hurry to release these sites,' said National Development Minister Mah Bow Tan yesterday. He was speaking to the media after a tour of several projects taking shape along Marina Bay, such as the Marina Bay Sands integrated resort, the double helix bridge and the Fullerton heritage area.

    According to Mr Mah, some investors are looking at specific sites and have approached the government, but 'we will pause for a while', he said. Of the 360 ha of land set aside for Marina Bay's development, around 24 ha have been sold, the Urban Redevelopment Authority (URA) said.

    The agency has not put up any more sites at Marina Bay for sale through the Government Land Sales Programme. The timing and number of sites to be released 'will depend on the economic conditions and market demand and subject to more detailed planning later on,' URA added.

    For now, 'the timing is not right,' Mr Mah explained. 'We also want to be sure that the infrastructure is in place and the other developments are up. Then we'll see what else we want to have that will add to the attractiveness of the bay.'

    Of the more than $22 billion pumped into Marina Bay's development, close to $5.7 billion was the government's investment in infrastructure. Another $16.5 billion came from private investors both in Singapore and abroad.

    The US$4.5 billion Marina Bay Sands integrated resort is one of the most significant projects in the area. In 2006, the consortium behind the Marina Bay Financial Centre (MBFC) also said that they would spend $2 billion on the first phase of the development.

    Over the next 10 to 15 years, the government will continue to pump more than $1 billion into infrastructural works to support Marina Bay's growth and to enhance connectivity within the city.

    'What we have seen today shows that the progress of Marina Bay is very much on schedule and on track,' Mr Mah noted.

    One important project is the construction of the double helix bridge, which will allow pedestrians to cross from Marina Centre to the Marina Bay Sands Integrated Resort in just three to four minutes when it is completed at the end of the year. The bridge, together with an adjacent vehicular bridge and the nearby art park, cost $82.9 million.

    The double helix bridge will be part of a 3.5 km long waterfront loop linking key developments along Marina Bay, such as the upcoming MBFC and 50 Collyer Quay. 'In one or two years' time, this bay will be alive with people and activities,' Mr Mah said.

    There will also be an extensive underground pedestrian network linked to MRT stations and retail shops. Phase one of MBFC for instance, will have around 93,000 sq ft of retail space both above and below ground level.

    MBFC manager Raffles Quay Asset Management may start marketing the retail mall in H2 2009. 'The exact timing depends on how best we could finalise our plans once all the necessary authorities' approvals are in place as well as market conditions,' said its general manager Wilson Kwong.

    As for the MBFC, space across its three towers is 61 per cent pre-committed.

    'Given the uncertainty and business volatility, it is inevitable and understandable that interested prospects would take a longer time before making any long-term pre-commitments,' Mr Kwong said. Nevertheless, MBFC still receives a 'healthy level' of leasing enquiries.

    According to property consultant Cushman & Wakefield, 1.97 million sq ft of new office space could come onstream this year even as the property market softens. But Mr Mah was not unduly worried by such numbers.

    'While we need to be mindful of the current economic downturn . . . we must also not forget that we have to prepare ourselves for when the economy recovers,' he said. 'When it does, we will be ready.'


  2. #2
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default

    http://www.straitstimes.com/Prime%2B...ry_366704.html

    April 22, 2009 Wednesday

    New heart of city takes shape

    By Joyce Teo


    MORE than $22 billion of investments have been pumped into transforming Marina Bay and the vision of a prime waterfront location for living, working and playing is steadily taking shape.

    'In one or two years' time, this bay will be alive with people, with activities, festivities and it's a testimony to the foresight of the people who started developing this area many, many years ago,' said National Development Minister Mah Bow Tan after touring key sites yesterday.

    The immediate vicinity of Marina Bay will be ready 'for people to enjoy in a couple of years' time', he added.

    The development of the entire Marina Bay area - Singapore's most ambitious urban transformation project - is expected to be completed in 10 to 15 years.

    Yet the groundwork for the expansion of the existing Central Business District started back in the late 1960s. The new downtown comprises 360ha, which was reclaimed in phases from 1969 to 1992.

    Plans started in earnest about 10 years ago when the area was first developed. The first site was put up for sale in 2004.

    The transformation of Marina Bay into Singapore's new downtown is part of a bigger plan to remake the city and turn it into an exciting, liveable global city.

    Mr Mah reiterated that the plans are going ahead in spite of the economic crisis. 'As a Government, we must be able to look farther ahead and we must be willing to invest,' he said.

    While local and international investors have injected $16.5 billion into the bay area, the Government has invested $5.7 billion and will put in more than $1 billion in additional infrastructure. Key projects such as the Double Helix Bridge, Art Park and The Fullerton Heritage at Collyer Quay will be completed by year's end.

    The Marina Bay Sands Integrated Resort will be ready in phases from the end of this year, while the first phase of the Marina Bay Financial Centre will be finished by the middle of next year.

    [email protected]

  3. #3
    Join Date
    Apr 2009
    Posts
    335

    Default

    Quote Originally Posted by mr funny
    Marina Bay sucks in $22b of investments
    Sucks is the word. Poor fools who got suckered won't know what hit them.

  4. #4
    Join Date
    Jun 2008
    Posts
    1,569

    Default

    But I am looking at MBR as a great investment.
    Will definitely double in value if can get it at $1000-1300 psf.

  5. #5
    Join Date
    Nov 2008
    Posts
    1,393

    Default

    lol same here. no biters yet tho.

    the worst project there (other than one shenton) is mb suites. it's blocked by orq, blocked by one shenton, blocked by sail, and horizon blocked by phase ii of mbfc. thus the only view one will have is the container port, assuming that won't be blocked by mbay extension

  6. #6
    Join Date
    Jun 2008
    Posts
    1,569

    Default

    Yes.. you can see the vast area with containers very clearly from one raffles .. not a very nice site.. so better buy the one facing outwards to the sea or bayview.

    You looking at studio or 2bedrooms ?

  7. #7
    Join Date
    Nov 2008
    Posts
    1,393

    Default

    studio. i bo lui liao

  8. #8
    Join Date
    Apr 2009
    Posts
    5,841

    Default

    how much do u intend to dump into the studio, 100% cash or 80% mortgage?
    Quote Originally Posted by gfoo
    studio. i bo lui liao

Similar Threads

  1. Apartments should be homes, not investments
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 2
    -: 19-05-18, 08:24
  2. WEST SUCKS STORY
    By Lord Anus in forum Coffeeshop Talk
    Replies: 0
    -: 28-01-15, 19:03
  3. LUCK and life and investments
    By mcmlxxvi in forum Coffeeshop Talk
    Replies: 2
    -: 12-01-13, 13:31
  4. Investments Choices?
    By Condo Kaiser in forum District 9
    Replies: 0
    -: 28-02-11, 03:53
  5. Investments Poll
    By gfoo in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 06-07-10, 23:34

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •