Over the past five years, Singapore has revamped its central business district. Marina Bay, located in Southern Singapore, is now home to a unique blend of entertainment and business. As regional headquarter buildings for companies like Google and Citigroup were being built, so too was a $5 billion Sands casino-resort that seemed a bit out of the ordinary for the typically conservative country. Nonetheless, the casino and revamped business district are attracting both domestic and foreign investment and so far “Singapore’s new skyline” has experienced huge success.
The objective behind this development project was to transform the sleepy city of Marina Bay into the likes of other major financial capitals like Hong Kong, New York City, and London. One of the pressing questions was whether or not the project would be able to attract enough investment to fund the multi-billion dollar makeover. One of the major investors was the Singapore government, which has already funneled 9 billion Singapore dollars into Marina Bay infrastructure and plans to add another S$3.3 billion in the next decade or so. It turns out that finding enough investment was not an issue and condominium and office tower developments are filling up rapidly.
The Sands casino-resort has been monumental in attracting foreign financial firms. On the surface, it may seem strange that a venue geared towards entertainment could make a city more appealing to firms in the financial sector, but it actually makes perfect sense. The city has come alive with the addition of the casino-resort and is now beginning to resemble financial hubs in some of Asia’s major cities. Why would a firm not want to establish itself in a remodeled, vibrant city that has the potential to experience tremendous economic growth?
Feel free to comment below, and be sure to check out the interactive map that shows the transformation of Marina Bay.