A new Wall Street Journal article titled Singapore Undergoes a Glitzy Makeover examines current developments as Singapore's central business district undergoes its biggest makeover in a generation. New megadevelopments, mixing business and entertainment, are bolstered by government support that has helped lure investments from big-name developers, including Hong Kong's Cheung Kong (Holdings) Ltd., Hongkong Land Ltd., Singapore's Keppel Land Ltd. and MGPA, a private-equity real-estate company.
An excerpt from the article:
Google Inc. established its new Southeast Asia headquarters in Marina Bay's Asia Square earlier this year, and Citigroup Inc. is investing 85 million Singapore dollars (US$69 million) to make the same complex home to its new Singapore office and its largest trading floor by head count in the Asian-Pacific region. In 2011, London-based Standard Chartered PLC opened its largest office in the world in the district.
"As part of Singapore's new skyline, we believe that we are sending the right message to our customers," said Rohinton Mehta, a senior real-estate executive at Standard Chartered.
To be sure, most of Marina Bay's success has come during Asia's remarkable growth spurt and has yet to be tested by a sustained downturn. That is becoming more of a concern as Singapore cools along with the rest of the Asian economy.
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