Mr Justin Chiu, Executive Director of Cheung Kong Holdings,

Mr Nicholas Sallnow-Smith, Chief Executive, Hongkong Land Ltd,

Mr Kevin Wong, Managing Director of Keppel Land,

Mr David Martin, General Manager, Marina Bay Financial Centre,

Distinguished guests,

Ladies and gentlemen,

1.                Good evening. Today marks the unveiling of one of the largest commercial developments in Singapore, the Business and Financial Centre.  Known as the BFC thus far, I now launch its official name – the Marina Bay Financial Centre, or the MBFC.

MARINA BAY – A 24/7 NEW DOWNTOWN

2.                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 – 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.

3.                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 – A KEY DRIVER OF SINGAPORE’S FINANCE SECTOR

4.                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.

5.                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.

6.                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.

7.                Looking back, the release of the MBFC was an important strategic move. When we decided to release the site for application on the Reserve List in May 2004, the property market was only starting to recover. It was a calculated risk, but one which was backed by our confidence that Singapore would recover strongly and so too the property market.  Our confidence was not misplaced.  The MBFC saw fierce competition by the market when it was launched for sale, and is now a much-anticipated development that will meet the needs of the commercial sector and strengthen Singapore’s standing as a financial hub.

SETTING EXAMPLE FOR GREEN BUILDING TECHNOLOGIES

8.                The MBFC is also setting an example in the use of green building technologies. BFC Development Pte Ltd has committed to strive for a Green Mark for Buildings award for the MBFC. This is an award by the Building and Construction Authority to recognise building owners and developers who construct and maintain environment-friendly buildings.  As global warming and higher energy costs exert increasing pressures on city growth, there is a greater need to promote the use of green technologies and designs in the real estate industry.  The developers of the MBFC have shown great foresight and commitment in making the MBFC a distinctive and environmentally friendly building.

9.                I would like to urge all developers to follow the example of the MBFC and apply for a Green Mark certification. This will come with real benefits, since green buildings will reap cost-savings with lower water and energy consumption, while enhancing the company’s image as an environmentally responsible corporation. Those living and working in green buildings will also enjoy an improved quality of indoor environment.   

CONCLUSION

10.           With the MBFC, we are not just unveiling another office building. We are unfolding a development that will contribute to the fulfilment of our vision for Marina Bay, strengthen our position as a key financial hub in Asia, and at the same time, contribute to our efforts to protect the environment.

11.           All of these would not be possible without the partnership of Cheung Kong Holdings, Hongkong Land and Keppel Land. I would like to thank our private sector partners for sharing our vision. I look forward to seeing the Marina Bay Financial Centre become a reality in the near future. I wish it every success.