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     FrontPage Edition: Mon 9 October 2006

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Marina Bay Financial Centre (MBFC) unveiled

Source: www.mnd.gov.sg

SPEECH BY MR MAH BOW TAN,MINISTER FOR NATIONAL DEVELOPMENT, AT THE UNVEILING OF THE MARINA BAY FINANCIAL CENTRE, 5 OCTOBER 2006

An Excerpt

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 ¨C 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.
The private sector has so far committed about S$9 billion[1] 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 ¨C A KEY DRIVER OF SINGAPORE¡¯S FINANCE SECTOR
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.
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.
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...

Full Text of Speech

Source: www.mnd.gov.sg News Release 5 Oct 2006

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