Singapore – More land will be provided for offices as demand for office space intensifies.
According to Reuters, Urban Redevelopment Authority said it will provide more land for offices as part of a strategy to strengthen its position as an Asian financial centre. The new growth area, set aside for the seamless extension of the existing financial district, will be more than twice the size of London's Canary Wharf.
"Over a span of more than 15 years, the development of the 85 hectare site identified for extension of the existing financial district will see the addition of around 2.82 million square metres of office space," it added.
According to URA data, office rents soared 56% last year as demand for office space rose by an average of 260,000 square meters per annum over the last three years, a 60% increase from the historical average of 160,000 square meters a year. And foreign direct investment in Singapore's real estate was S$14.4 billion in 2007, compared to S$6.7 billion in 2006.
Singapore is currently developing the Marina Bay Financial Centre on reclaimed land south of the existing central business district. It has also offered sites to the east and west of the business district.
