The Marina Bay will be a key platform and catalyst for Singapore’s future growth.

Speaking at the official opening of the waterfront promenade at Marina Bay on Sunday, Prime Minister Lee Hsien Loong said Marina Bay will boost Singapore’s position as a financial hub for Asia.

Mr Lee said the new Marina Bay will define Singapore in the same way the Bund defines Shanghai.

He said: “The private sector has shown its confidence in Marina Bay. Already, it has attracted $20 billion of private sector investments in real estate. And we’ve got firms, local and international ones from around the world – America, Australia, Europe, the Middle East – they’ve come, they’re optimistic and bullish about the development. In fact, they would like us to develop it further.”

Marina Bay is not just for businesses.

With the completion of the 3.5km waterfront promenade, which follows the opening of the Helix Bridge and Marina Bay Sands integrated resort earlier this year, visitors can now walk around the whole Marina Bay and take in the magnificent views.

Prime Minister Lee said: “I came here one evening a few weeks ago, walked along the helical bridge, walked most of the way around the Bay, and it was full of people – families, children, courting couples, tourists – taking in the sights, enjoying the atmosphere.”

With the upcoming Youth Olympic Games and Gardens by the Bay to open soon, Mr Lee said the area promises to be a vibrant destination for all Singaporeans and tourists.

He said the development of Marina Bay mirrors the government’s efforts to build best homes for Singaporeans.

And this is possible, as long as the economy prospers and people work together.

Mr Lee also launched the Marina Bay City Gallery.

URA’s group director (Urban Planning and Design), Fun Siew Leng, said: “The Marina Bay City Gallery shows the transformation story of Marina Bay – how it’s been developed over the last 30 years, from planning to implementation to what you see on site today. It tells the fascinating story of all the different events that happen in this area since the 1800s up to now.”

The gallery’s centrepiece is a model of the entire Marina Bay area.

Visitors can make the Singapore Flyer and Marina Bay Sands integrated resort light up, by just touching the interactive panels.

Admission to the gallery is free.

To celebrate the opening of the waterfront promenade, the Urban Redevelopment Authority (URA) has organised a two-day carnival, which started on Saturday.

It expects about 80,000 people to gather at Marina Bay area to enjoy the performances and activities.

Earlier Sunday, Prime Minister Lee flagged off some 20,000 participants for The New Paper Big Walk@Marina Bay at the Singapore Flyer. He then took a walk to the Youth Olympic Park, The Helix and the Mist Walk at the Marina Bay waterfront promenade.

Source: Channel News Asia, 18 Jul 2010

Big Walk and carnival to celebrate the area’s development so far

HOT on the heels of the Marina Bay Sands (MBS) resort’s opening last month, new additions have been springing up to add to the bay’s ‘necklace of attractions’.

Across the bay from the resort, the new 100-room Fullerton Bay Hotel will welcome its first guests today, while the refurbished Customs House was unveiled yesterday.

The latter has been turned into a complex that features four new restaurants, with a fifth to open soon. A new rooftop bar called Lantern will also open at the six-storey Fullerton Bay Hotel.

A measure of comfort has also been extended to visitors to the area. Several features such as solar-powered fan shelters and a mist-spraying sculpture have been completed along a 3.5km waterfront promenade which allows pedestrians to circle the bay on foot.

A timber boardwalk has also been built which lines the southeastern bank where MBS is situated. It includes seats by the water’s edge.

To celebrate the developments so far, a mass walk and carnival will be held next weekend, with a movie screening, dance and music performances, games, and food stalls. More than 80,000 people are expected to participate in the activities.

The New Paper Big Walk @ Marina Bay will be held on July 18 in conjunction with The Big Carnival @ Marina Bay. For the first time, Prime Minister Lee Hsien Loong will flag off The Big Walk at 7.30am at the Singapore Flyer. Tickets for the mass walk have all been snapped up.

More attractions will come to the area over time. By early next year, 50 Collyer Quay, a development comprising an 18-storey office block, an aerial tower and an overhead bridge linked to Hitachi Tower, will come up next to the Fullerton Bay Hotel.

The overhead bridge will be an attraction in itself, featuring eight to nine shops spread out over 2,800sqft of retail space, said developer Overseas Union Enterprise.

A rooftop restaurant will open at the office block, while the aerial tower will have one or two restaurants spread out over two levels at the top. Combined, these food and beverage outlets will take up 16,000sqft of space.

Just a stone’s throw away, the Marina Bay Financial Centre’s two office towers and a residential tower have swiftly taken shape as well. Tenants have begun moving in, and the buildings will be occupied by the fourth quarter of this year.

By the end of the year, the new Marina Bay Link Mall located underneath the development will open its doors. The underground mall will comprise shops, restaurants and a supermarket.

MBS expects to open more offerings by that time as well. These include the museum, shops along the boardwalk, and two glass pavilions.

In the coming months, visitors to the area will be able to take water taxis making stops along the bay and up the Singapore River, said an Urban Redevelopment Authority spokesman yesterday.

Source: Straits Times, 8 Jul 2010

Trimmings made as costs skyrocket

THE first of Gardens by the Bay’s attractions – Bay South – will open on Nov 11 next year, but not all of it will be ready.

One of the park’s two conservatory complexes – Cloud Forest, a 0.8ha glass dome that displays plants from tropical highlands such as Kota Kinabalu – will open in early 2012 instead.

Construction costs – which skyrocketed by 34 per cent between June 2007, when Gardens by the Bay was in the planning stage, and December 2008, when work was just beginning – led to the delay.

The original cost to build Bay South was tagged at $893 million, but that had since risen to slightly over $1 billion.

The spiralling cost led to other hiccups as well. Plans to build a permanent stage for performances in the south section might be scrapped altogether, unless a viable developer and sponsor would come forward. The public would also be looking at fewer and smaller offerings than what was planned initially.

For example, fewer of the ‘Supertrees’ – concrete and metal structures built to resemble trees – were built. Gardens by the Bay refused to say how many of the structures were originally planned, but it said there would be 18 built.

Two conservatory complexes which were to house plants and flowers from cooler regions in the world were also downsized.

Gardens by the Bay CEO Tan Wee Kiat said yesterday that the intent of the original concept had been kept intact.

‘If you had not known we were more ambitious, you will be quite happy with what we have in the garden,’ he said.

He also said Bay South, the largest of the three gardens at Gardens by the Bay, would open round- the-clock, seven days a week. It would be free of charge for the most part, but visitors to the conservatory complexes would have to pay an entrance fee on most days.

Source: Straits Times, 25 Jun 2010

Food lovers will be able to feast in food and beverage (F&B) areas spanning 9,400 square metres (picture) when the first phase of the $1 billion Gardens by the Bay project opens in November next year.

Gardens by the Bay is a development covering three major parks around the Marina Bay in downtown Singapore.

Yesterday, the National Parks Board unveiled the F&B area which will span about two football fields. It will house 18 spaces that are expected to attract casual to high-end dining F&B operators to Bay South, the first phase of Gardens by the Bay.

Gardens by the Bay is currently in talks with F&B outlets from Singapore, Shanghai, Hong Kong, Australia and the United Kingdom.

The tender for all 18 F&B spaces in Bay South, which is located in Marina South, will be opened in September.

Mr Darren Oh, assistant director of business at Gardens by the Bay, said it is working with F&B operators to create concepts unique to the green setting.

“They have been very forthcoming in coming up with new concepts and refreshing ideas about leveraging on some of the spaces that are available in the gardens,” said Mr Oh.

The F&B outlets will be in several of Bay South’s eco-themed attractions, such as the Conservatory Complex which houses endangered plant species; as well as atop of the 50-metre tall Supertree which has panoramic views of Singapore’s skyline.

Source: Today, 25 Jun 2010

The Youth Olympic Park at Marina Bay opened on Saturday with a bang against a backdrop of pyrotechnic display and a line-up of performances.

National Development Minister Mah Bow Tan who officiated the opening also announced the names of the landmark pedestrian and vehicular bridges at Marina Bay.

After a public consultation process in November, the pedestrian bridge is named “The Helix”, reflecting its helical structure.

The Helix is part of the 3.5 kilometre continuous waterfront promenade around Marina Bay and serves as a direct connection between Marina Centre and the Bayfront area.

Meanwhile, the vehicular bridge which is part of Bayfront Avenue near Marina Bay Sands Integrated Resort, will be called “Bayfront Bridge”.

It runs parallel to the pedestrian bridge, and provides a direct vehicular connection between Marina Centre and the Marina South area for the first time.

Before the Marina Bay Sands Integrated Resort is fully completed, pedestrians planning to cross from Marina Centre to the Bayfront area can use The Helix.

They can cross over to the four-metre wide pedestrian walkway of Bayfront Bridge at midway point.

The Helix will be open to the public from 9.30pm on Saturday while the Bayfront Bridge will be opened from 3.00pm on Sunday.

As part of the opening activities, the Urban Redevelopment Authority (URA) is inviting members of the public to take photographs of the bridge and post them online on the Marina Bay Facebook page.

A 3-D image of the bridge will then be constantly recreated based on photographs contributed by the community.

Members of the public can log on here for more details.

The official opening is one of many events under “Marina Bay Invitations 2010″, a year-long series of activities to mark the completion of the key developments in Marina Bay.

Source: Channel News Asia, 24 Apr 2010

SINGAPORE’s newest landmark in Marina Bay will debut this Saturday.

This is the iconic pedestrian bridge shaped like a double helix, which will link the part of the Bay near the floating platform to the soon-to-be opened Marina Bay Sands integrated resort.

The official name of the bridge will be unveiled that evening, and the public is invited to catch a two-minute pyrotechnics display, along with music, dance, drum and gongfu performances.

The vehicular bridge running parallel to it and the Youth Olympic Park at the entrance to the bridges will also be declared open that evening. The first vehicles will cruise across the bridge from 3pm the next day.

Those attending Saturday’s event may use the seats on the floating platform on Marina Bay from 6.30pm.

Bands, jugglers, stilt-walkers and fire-twirlers will add to the evening’s razzmatazz from 7.30pm. This will be followed by the pyrotechnics at 8pm, at the official opening attended by National Development Minister Mah Bow Tan.

The 280m long bridge, built to take 16,000 people, will welcome its first public users at 9.30pm; the organisers expect about 2,000 party-goers to show up.

The festivities will continue the next day, with more dance and musical performances from 5.30pm to 9pm.

The pedestrian bridge, plans for which were announced in 2006, was conceived as one of many jewels on a ‘necklace of attractions’ ringing the Bay.

These include the Marina Bay Sands integrated resort, the Marina Bay Financial Centre, and the upcoming Fullerton Bay Hotel and Customs House, a nightspot complex.

With the double-helix bridge and the pedestrian footpath on the vehicular bridge open, a 3.5km pedestrian loop around the Bay will be complete.

Designed by Australia’s Cox Group, the London-founded Arup and homegrown Architects 61, the bridge arches 8.8m above Marina Bay, giving enough clearance under it for pleasure craft to enter the Bay.

The steel used in the structure is no ordinary metal. It is a special duplex stainless steel normally used in the chemical industry to transport highly corrosive material.

The Marina Bay Sands resort on one end of the bridge will have its Phase 1 opening on Tuesday. From then on, it will be accessible by car via the vehicular bridge.

Those walking to the resort from next week can use the double-helix bridge and cross over to the pedestrian footpath on the vehicular bridge.

When the Phase 2 of Marina Bay Sands opens in June, the double-helix bridge will lead directly to the resort.

The Youth Olympic Park next to the floating platform on the other end of the bridge is Singapore’s first art park.

Named after the upcoming Youth Olympic Games in August, it will feature 27 pieces of art by local youths, depicting life’s aspirations; Olympic-themed artwork will be introduced in July.

The two bridges and the park cost $82.9 million.

Source: Straits Times, 22 Apr 2010

SIXTY-FIVE per cent of the space in phase one of Marina Bay Link Mall has been taken up and the mall will open for business in the fourth quarter of this year.

The 5,202 sq m mall will house retail and food-and-beverage outlets such as Din Tai Fung, Absolut Thai, an Apple concept store and Four Seasons Market Place.

Wilson Kwong, chief executive of Raffles Quay Asset Management, announced the developments at the topping out ceremony yesterday for Tower Two at Marina Bay Financial Centre (MBFC). He also said: ‘MBFC is very well placed. It has been doing an excellent job so far in attracting very big names.’

Tower One and Tower Two at MBFC have been fully let. Moray Armstrong, executive director of office services at CB Richard Ellis (CBRE), told BT: ‘This is certainly confidence-boosting, particularly if you look at the quality of the tenants.’

They include American Express, Barclays Capital, BHP Billiton and Prudential.

According to a recent CBRE report, Grade A office rents averaged $8 per sq ft per month in the first quarter, down slightly from $8.10 psf per month in Q4 2009.

Mr Kwong said that there was ‘ongoing interest’ in Tower three at MBFC. It has 1.3 million sq ft of space, 55 per cent or 700,000 sq ft of which has already been taken up by DBS Group.

Finance Minister Tharman Shanmugaratnam, who was guest of honour at the ceremony, said that high-quality office space in Singapore is an added reason for financial institutions to invest or locate operations here.

Source: Business Times, 14 Apr 2010

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

Leasing momentum in the office sector remains strong with an improving economy. Analysts said this has drastically cut the amount of so-called “shadow space” or vacant office space not on the market.

In the first half of 2009, shadow space was 550,000 square feet. Now, it’s just a tenth of it.

Meanwhile, demand for new office space like the Marina Bay Financial Centre has eased concerns of a supply glut.

The Marina Bay Financial Centre is seeing strong take up from multi-national corporations and financial services firms.

Its Tower One and Two have been fully taken up.

Finance Minister Tharman Shanmugaratnam, said: “Asian finance is back to growth and Singapore is seeing an enhanced role as a gateway to the region and a centre for risk management. The Marina Bay area will be a significant part of this story.”

The MBFC has nearly three million square feet of prime Grade A office space.

And DBS Bank will join other financial heavy weights there when it takes up over half of the space at Tower Three.

The third office tower will also house two of the largest trading floors in Singapore.

The 1.3 million-square-foot office building is expected to be completed by 2012.

Wilson Kwong, CEO, Raffles Quay Asset Management, said: “DBS has taken up 700,000 square feet making it 55 per cent to be committed at the moment right now.

“We are talking to a number of prospects who are interested in taking up some space in Tower 3 although TOP for the tower is expected to be some two years away.”

Giving an update on Tuesday, Mr Kwong said tenants in Tower One are making arrangements to commence fitting out and will move in by July.

With more new office space coming on stream, analysts expect companies to choose better facilities.

Donald Han, managing director, Cushman & Wakefield, said: “We expect this year’s demand to hit quite close to 1.7-1.8 million square feet in terms of positive demand. Out of that 2.6 million square feet of new supply coming up on stream this year, almost 50 to 55 per cent have already been pre-committed.”

Despite the recovery of demand in the office sector, market watchers said landlords are likely to hold firm on rentals. They expect overall office rents to remain flat for the whole of 2010 and possibly bottom out in the fourth quarter.

Average monthly Grade A rents at Raffles Place fell 2.9 per cent on-quarter to about S$7.52 per square foot in Q1 while office space in the Suntec-Marina area cost about S$6.67 psf per month, down by about one per cent on-quarter.

Rents at the Marina Bay area range between S$7 and S$8 psf depending on size.

Meanwhile, the Marina Bay Link Mall is slated for completion in the third quarter.

To date, about 65 per cent of the mall spanning 176,000 square feet has been pre-committed and business could commence by year-end in the fourth quarter.

Source: Channel News Asia, 13 Apr 2010

Singapore’s Marina Bay Sands integrated resort will add more hotel rooms in the downtown area currently home to at least nine hotel chains. But the existing players see opportunities from the new kid on the block rather than threats.

The tower blocks are now prominent landmarks in downtown Marina Bay. Hotels in the vicinity are watching the anticipated opening of Marina Bay Sands more with excitement than concern.

When fully completed, Marina Bay Sands will have some 2,500 rooms and travel agents said they expect about 900 to 1,000 rooms to be available when the resort opens at the end of the month.

Competition aside, Fairmont Singapore said it can tap on opportunities created by Marina Bay Sands’ 1.2 million square feet of meeting and convention space.

Pan Pacific Singapore said even with rising room inventory, more tourist arrivals will soak up the demand.

According to the Singapore Tourism Board (STB), tourist arrivals rose 24.2 per cent on-year in February to 857,000 visitors.

Ivan Lee, general manager, Pan Pacific Singapore, said: “With Marina Bay Sands in front of us, the added features and availability of attractions within the vicinity has increased so we are able to market ourselves in a very attractive location.”

Travel agents said near-term room demand is strong partly due to the economic recovery.

Room rates rose 15 to 30 per cent on year in the first quarter.

Observers don’t expect a price war on rates even with Marina Bay Sands.

Alicia Seah, senior vice president, Marketing & PR, CTC Holidays, said: “With Marina Bay Sands opening, we understand that their rates will range from about S$420 per room night, attracting more high end leisure and business travellers. Comparatively, the hotels around the Marina Bay area are charging maybe 20 to 30 per cent lower ranging from S$320 to S$360 per room night.”

Events like the Formula One race and Youth Olympics are expected to keep occupancy rates above 80 per cent.

Source: Channel News Asia, 12 Apr 2010