Singapore - Singapore plans to double the size of its financial district as part of its strategy to emerge as one of Asia's leading financial centres, the government said on Monday. The new growth area will be more than twice the size of London's Canary Wharf and provide 2.8 million square metres of office space, the equivalent of Hong Kong's main central district, said the Urban Redevelopment Authority.
"Singapore's strong economic fundamentals have been driving the growth of the property market, and the corresponding demand for quality office space, for the past few years," said Choy Chan Pong, the URA's land administration director.
"To continue attracting investments, we are planning ahead to ensure we have sufficient land and infrastructure to support our robust economic growth."
Singapore's economy grew by 7.7 per cent in 2007, and it is expected to continue to grow by between 4 and 6 per cent in the medium term.
"This sustained growth will continue to underpin and drive the growth of the property market and the demand for quality office spaces in the next few years," the URA or land-use agency said.
The URA will offer sites for development near the multi-billion-dollar Marina Bay convention and casino resort complex over the next five to six years to meet the expected demand.
Over 15 years, the development of the 75-hectare site earmarked for extension of the financial district will see the addition of 2.82 million square metres of office space, "equivalent to the amount of office space in Hong Kong's Central today," the URA said.
