In the face of challenges - Singapore

Forty-six years ago, the inception of the Housing & Development Board gave rise to HDB flats that changed the landscape, and consequently the lifescape of the population. Housing 84 percent of the population today, the ubiquitous HDB blocks have become an important part of Singapore's urban landscape.

Three years ago, Icon heralded another exciting era that will see the cityscape of Singapore change radically. This change is factored as much by public policies as by
new demands in the market.

The changing face of Singapore

Icon, developed by Far East Organization, is one of Singapore's first custom-built city living residential projects of the millennium. Its success - 80 percent of Icon's units that were released were sold in the first month of launch - is an articulation of the desire of a new generation of buyers.

This pent-up desire was reflected in the result, released in November 2005, of the Urban Redevelopment Authority (URA) Lifestyle Survey 2002-2004 where a quarter of the respondents stated that they would like to live in the city.

This desire was further substantiated by the overwhelming take-up rates of city-living projects including The Pinnacle @ Duxton, a public housing project in the vicinity of Icon, which was two and a half times oversubscribed.

This new demand by the market is supported by the policies of the URA to build a city that is full of life and vitality and not one that shuts down on weekends and in the evenings when the day's work ends.

In 2001, there were only about 30,000 housing units in the city. The URA plans to increase housing in the city by three-fold.

Far East Organization is the first developer in Singapore to apply for the conversion of an office building, Natwest Centre at McCallum Street, into a residential development, The Clift.

Located right in the heart of the city, The Clift's covetous position embodies the convenience and attractiveness of city living.

Icon, The Clift and all the successful city-living projects signal the nascent realisation of the URA's plans to develop a vibrant live-workplay environment for the city.

Icons of a new age

Cities the world over are in intense competition for capital, for business, for talent. Though Singapore is consistently in the top-tier of the global city rankings - Singapore was named an Alpha World City in 1999¹, and was reconfirmed a Global niche city in 2004² – plans are already set in motion to keep Singapore at the forefront of the pack.

Unlike many major cities with their decades old built-up areas that are now facing functional obsolescence, Singapore has a competitive advantage: a huge, 313 ha plot of prime unencumbered waterfront land that is earmarked as an extension of its present Central Business District.

This new Downtown @ Marina Bay will extend the current Central Business District from the historic Raffles Place, Shenton Way and Marina Centre all the way round the Bay. It is set to be an international business and financial hub, the Wall Street of Asia, a prestigious address for major business and financial institutions. It will help to reinforce and maintain Singapore's position as a premier regional and international business centre.

The new Downtown will have the latest comprehensive and integrated infrastructure, from basic common service tunnels and centralised refuse disposal systems to transportation systems. This infrastructure will support the demands of the workings of a 21st century city.

Unlike Wall Street with its sole business function, Singapore's new Downtown will also be the Fifth Avenue of Manhattan with its towers of magnificent homes, trend-setting retail centres and jazzy spaces for clubs, cultural venues and other lifestyle-related recreation.

The sheer verve of this go-getting city will be balanced by the bay and the sea, where there are plans to make the 190 ha waters of Marina Bay, stretching from Kallang Basin to Marina Channel, into an area of vitality and activities for recreational water sports as well as international meets and championship events.

And by the Bay, a 94 ha of prime waterfront land is reserved for three gardens that are set to blossom in 2010. These gardens with their kaleidoscope of colours will enhance Singapore's image as a “City-in-a-Garden”.

The world's tallest observation wheel, the Singapore Flyer, located at the southeast tip of Marina Centre was completed in April 2007, and will start operating in February next year.

In June 2007 Singapore was listed as one of the TOP 20 most liveable cities in the world³. With the city centre revving up, the buzz of our unique urban and cultural landscape will create an environment that will make Singapore a truly great city.

¹ 1999 Globalisation and World Cities Study Group and Network (GaWC) list
² PJ Taylor, Leading World Cities 2004
³ International Herald Tribune, 21 June 2007