Wednesday, April 22, 2009

Glut in office space?

A short-term problem, say private sector players, Government

EASING fears of a glut in office space with demand falling and more space to come onstream this year, Minister for National Development Mah Bow Tan assured that there will be a need for office space and infrastructure when the economy picks up.

Developers will also have the flexibility to phase in the office spaces available.

“Some of those developments may be delayed ... so I think such short-term adjustments in the timing, (we’ll) leave it to the developers, they’ll know what to do,” he said during a site visit around the Marina Bay.

The Government will play its part by looking forward.

In 10 to 15 years’ time, the Marina Bay area would be completed, creating new space for Singaporeans to work, live and play.

By the end of this year, a Double Helix Bridge and the Art Park in the Marina Bay area would be ready.

The former will link the bayfront promenade near the floating platform to the Marina Bay Sands integrated resort, while the latter will feature 27 artworks by Singaporean youth.

To date, over $22 billion in investments have been pumped into Marina Bay. The Government has spent about $5.7 billion, with the remaining $16.5 billion coming from private investors like Keppel Land.

The Government will be spending another $1 billion over the next 10 to 15 years on additional infrastructural works.

Both public and private sector players were also “quietly confident” that the Sands resort, which is scheduled to open in the last quarter of this year or in early 2010, will be able to attract visitors from around the world.

Source: Today, 22 April 2009

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