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SPEECH BY MR
MAH BOW TAN, MINISTER FOR NATIONAL DEVELOPMENT, AT THE UNVEILING OF
THE MARINA BAY FINANCIAL CENTRE, ROOF TERRACE, ESPLANADE 每 THEATRES
ON THE BAY, ON THURSDAY, 5 OCTOBER 2006, AT 7PM
Mr Justin Chiu,
Executive Director of Cheung Kong Holdings,
Mr Nicholas Sallnow-Smith,
Chief Executive, Hongkong Land Ltd,
Mr Kevin Wong, Managing
Director of Keppel Land,
Mr David Martin, General
Manager, Marina Bay Financial Centre,
Distinguished guests,
Ladies and gentlemen,
1. Good evening. Today
marks the unveiling of one of the largest commercial developments in
Singapore, the Business and Financial Centre. Known as the BFC thus
far, I now launch its official name 每 the Marina Bay Financial
Centre, or the MBFC.
MARINA BAY 每 A
24/7 NEW DOWNTOWN
2. The MBFC is a
milestone in the realisation of our vision for Marina Bay. It is a
strategic piece of the mosaic of developments planned for the area.
The MBFC, together with the nearby office developments, will offer
prime office space to cater to financial institutions and global
businesses. Marina Bay will soon become a seamless extension of our
Central Business District (CBD), humming with business and activity,
and sizzling with entertainment 每 24/7 when the Marina Bay Sands and
the Gardens by the Bay take shape. The Marina Bay Residences within
the MBFC, The Sail @ Marina Bay and One Shenton Way will also
showcase prime high-rise, inner-city living.
3. The private sector
has so far committed about S$9 billion1 worth of
investments to Marina Bay. The Government is investing another $2
billion in infrastructural developments for Marina Bay to support
private development. The MBFC will be an important contribution to
the success of Marina Bay.
MBFC 每 A KEY
DRIVER OF SINGAPORE＊S FINANCE SECTOR
4. The significance of
the MBFC goes beyond our vision for Marina Bay. The MBFC is a
strategic step to ensure that Singapore remains a major player in
the global banking and financial arena. Singapore is already well
established as a key financial centre, with more than 200 banks
based in Singapore. A total 7,700 jobs were created in the financial
services sector in Singapore last year. In the first quarter of this
year, the finance sector grew by more than 8%, adding another 2,000
jobs.
5. We have just played
host to the annual meetings of the IMF and World Bank. In the past
few months, a number of international banks have announced their
intention to make Singapore their regional headquarters. Credit
Suisse, Barclays, Merrill Lynch and Royal Bank of Scotland have all
announced their intention to strengthen their presence and expand
their operations here.
6. All these are strong
endorsements of Singapore＊s favourable banking and business
environment. The development of the MBFC serves to further entrench
and strengthen Singapore＊s status as a financial hub. The first
phase of the MBFC will comprise about 244,000 square metres of Gross
Floor Area for office space, residential apartments and retail
facilities. It is well positioned to meet the growing demand for
prime office space in the CBD over the next 10 years, and providing
employment for many thousands of people.
7. Looking back, the
release of the MBFC was an important strategic move. When we decided
to release the site for application on the Reserve List in May 2004,
the property market was only starting to recover. It was a
calculated risk, but one which was backed by our confidence that
Singapore would recover strongly and so too the property market. Our
confidence was not misplaced. The MBFC saw fierce competition by the
market when it was launched for sale, and is now a much-anticipated
development that will meet the needs of the commercial sector and
strengthen Singapore＊s standing as a financial hub.
SETTING EXAMPLE
FOR GREEN BUILDING TECHNOLOGIES
8. The MBFC is also
setting an example in the use of green building technologies. BFC
Development Pte Ltd has committed to strive for a Green Mark for
Buildings award for the MBFC. This is an award by the Building and
Construction Authority to recognise building owners and developers
who construct and maintain environment-friendly buildings. As global
warming and higher energy costs exert increasing pressures on city
growth, there is a greater need to promote the use of green
technologies and designs in the real estate industry. The developers
of the MBFC have shown great foresight and commitment in making the
MBFC a distinctive and environmentally friendly building.
9. I would like to urge
all developers to follow the example of the MBFC and apply for a
Green Mark certification. This will come with real benefits, since
green buildings will reap cost-savings with lower water and energy
consumption, while enhancing the company＊s image as an
environmentally responsible corporation. Those living and working in
green buildings will also enjoy an improved quality of indoor
environment.
CONCLUSION
10. With the MBFC, we
are not just unveiling another office building. We are unfolding a
development that will contribute to the fulfilment of our vision for
Marina Bay, strengthen our position as a key financial hub in Asia,
and at the same time, contribute to our efforts to protect the
environment.
11. All of these would
not be possible without the partnership of Cheung Kong Holdings,
Hongkong Land and Keppel Land. I would like to thank our private
sector partners for sharing our vision. I look forward to seeing the
Marina Bay Financial Centre become a reality in the near future. I
wish it every success.
12. Thank you.
﹛
1Marina
Bay Sands S$5.05 billion
Marina Bay Financial Centre S$2.00 billion
One Raffles Quay S$1.00 billion
The Sail @ Marina Bay S$580 million
Singapore Flyer S$240 million
Source:
www.mnd.gov.sg News Release 5
Oct 2006
________________________ ﹛
25 October
2005
BUILDING AGREEMENT SIGNING FOR THE BUSINESS AND FINANCIAL CENTRE (BFC)
SITE (PHASE 1)
AT MARINA BOULEVARD / CENTRAL BOULEVARD
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The Building Agreement
for the Business and Financial Centre (BFC) site (Phase 1) at
Marina Boulevard / Central Boulevard was signed today at The URA
Centre between the Government of Singapore and BFC Development Pte
Ltd, the company formed to develop the BFC. The Agreement spells
out the rights and obligations of the government and the
consortium with regard to the lease and development of the land.
﹛
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BFC Development Pte
Ltd is formed by the consortium of companies comprising Bayfront
Development Pte Ltd [a subsidiary of Keppel Land Ltd], Choicewide
Group Limited [co-owned by Cheung Kong (Holdings) Ltd and
Hutchison Whampoa Ltd] and Sageland Pte Ltd [a subsidiary of
Hongkong Land Holdings Ltd] which had jointly won the tender for
the BFC site earlier in July 2005.
First phase of development
﹛
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The first phase of the
BFC will cover about 2.05ha of land and 1.78ha of subterranean
space. The company will build about 244,000sqm of Gross Floor Area
(GFA) in the first phase which will make up about 56% of the total
GFA of 438,000sqm for the entire BFC development. This is
considerably more than the minimum GFA of 100,000sqm required for
Phase 1 in the tender conditions.
﹛
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The approved
development mix for the first phase of the BFC comprises
approximately 180,000sqm of GFA for office use, 55,000sqm of GFA
for residential use and 9,000sqm of GFA for retail use. In
addition, the BFC consortium has also taken up an 8-year option
within which it may exercise its right to purchase the remaining
194,000sqm of GFA over the remaining site.
Central Promontory Site
﹛
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As part of the tender
for the BFC site, the BFC consortium was given the opportunity to
take up the option to purchase the Central Promontory Site (CPS)
within 12 months from the award of the BFC site (please see Land
Parcel B in Appendix 1). The CPS comprises 0.87 ha of land and
1.1 ha of subterranean space with a total GFA of 40,000sqm. It is
earmarked for the development of a public attraction that will
form part of the ＆loop＊ of activities and attractions around
Marina Bay. The public attraction use should form a minimum GFA of
15,000sqm and the remaining GFA of 25,000sqm may be developed for
convention and complementary commercial uses like shops and
offices.
﹛
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The consortium has
decided not to take up the option to purchase the CPS. The
government is reviewing alternative plans for the site with the
aim of implementing it as soon as possible to complete the entire
loop of exciting uses that are coming up along Marina Bay.
The signing ceremony
﹛
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Signing on behalf of
BFC Development Pte Ltd today were directors Mr. Ian David
Hawksworth (Executive Director of Hongkong Land), and Mr. Kevin
Wong (Managing Director of Keppel Land). Mr Justin Chiu (Executive
Director of Cheung Kong Holdings) has earlier signed the Building
Agreement on 21 October as he was unable to attend the ceremony
today. Mrs Cheong-Chua Koon Hean, Chief Executive Officer of URA,
signed as Collector of Land Revenue for the Government of
Singapore.
﹛
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Minister for National
Development, Mah Bow Tan, attended as the Guest-of-Honour. About
50 guests from the BFC consortium, various partner government
agencies as well as real estate developers and architects turned
up to witness the signing.
About the BFC
﹛
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The BFC site was
launched for tender on 1 March 2005 and the tender closed on 7
July 2005. On 14 July 2005, the tender was awarded to the BFC
consortium as it had submitted the highest bid of $4,101 per sqm
of GFA in the tender. The Phase 1 BFC site will be given a 99-year
lease.
﹛
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The BFC site is slated
for the development of state-of-the-art offices with purpose-built
features to cater to the needs of financial institutions and
global businesses. In addition, the site has the flexibility to
accommodate other complementary residential, retail and
recreational uses that will offer the occupants a fully integrated
and unique live-work-play experience.
﹛
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Comprising a total
land area of 3.55ha with a subterranean space of 1.8ha, it yields
a total GFA of 438,000sqm. The BFC consortium is allowed to
purchase and develop the site in phases. Please see
Appendix 1 for the plan
of the BFC site.
﹛
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The BFC is the most
recent addition to the growing community of stakeholders at Marina
Bay. Many exciting developments are already taking shape at Marina
Bay. The Esplanade, One Fullerton and One Marina Boulevard are
completed. Two sites sold by URA earlier, One Raffles Quay and
The Sail@Marina Bay, are under construction and are expected to be
completed by 2006 to 2009 respectively.
﹛
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Future developments
planned include the three new waterfront gardens around Marina
Channel and the Integrated Resort. The momentum for growth of
Marina Bay is gaining pace. Marina Bay is set to be a beacon
of change
and progress for Singapore - a place for thriving business,
gracious living, and endless
entertainment.
Source:
www.ura.gov.sg News Release 25
Oct 2005
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Marina Bay Financial Centre (MBFC)
unveiled
All rights reserved
