MBFC part of S’pore’s next era of growth: Tharman

SINGAPORE is helping to shape a new era in Asian finance, thanks to its well-regulated but business-friendly financial regime, said Finance Minister Tharman Shanmugaratnam yesterday.

And, as a ‘work, live and play’ destination, the $4 billion Marina Bay Financial Centre (MBFC) is poised to support Singapore in its next era of growth, he said at the topping-out ceremony for MBFC’s 50-storey Tower Two.

‘Asian finance is back to growth, and Singapore is seeing enhanced growth as a gateway to the area,’ he added.

MBFC, being developed in a joint venture comprising Cheung Kong (Holdings), Hongkong Land and Keppel Land, has attracted key tenants like Barclays Capital and Standard Chartered Bank.

Said CBRE executive director (office services) Moray Armstrong: ‘In the long term, the uplifted quality of the office stock in Singapore will be an important platform for the city’s ongoing development as a major global financial centre.’

Also, the office development opportunities at Marina Bay beyond MBFC will place Singapore in a highly competitive position, he said. ‘There are few major global cities which have such a rich reservoir of prime developable land directly adjacent to the existing CBD,’ he added.

Tenants at MBFC’s first tower are due to start moving in from July, while those at the second tower could occupy their office suites by the end of the year.

MBFC’s fully-let Phase 1 consists of commercial Towers One and Two, and has a total office space of about 1.6 million sq ft. Tower Three – 55 per cent pre- committed thanks to one tenant, DBS – will be completed in mid-2012.

Together, the three office towers will offer about three million sq ft of prime Grade A office space. Alongside office space, MBFC will provide retail and two residential towers.

The first phase of the Marina Bay Link Mall is now 65 per cent pre-committed – an improvement on the 45 per cent late last year – and new tenants include restaurant chain Din Tai Fung.

The Marina Bay Residences is sold out. But the Marina Bay Suites, which had a preview late last year, has yet to be officially launched for sale. It will be completed by 2014.

Mr Wilson Kwong, chief executive of MBFC management company Raffles Quay Asset Management, said the launch plans for the Marina Bay Suites are still being ‘reviewed’.

Source: Straits Times, 14 Apr 2010