Singapore Government Press Release

Standing at a height of 280 metres, Republic Plaza is one of three tallest skyscrapers on our island. It is a well designed and well built building with state-of-the-art, intelligent features that can enhance work efficiency. The building has won many awards, including CIDB’s Best Buildable Design Award and the International Real Estate Federation’s Best of World Real Estate Award 1997. Republic Plaza is indeed a worthy addition to Raffles Place and the cityscape of Singapore.

Over the past 33 years, the Government has made painstaking efforts to transform Singapore into a modern and efficient city-state. We removed slums and tore down dilapidated buildings. We improved the overall living environment and provided the necessary amenities to make Singapore an interesting and exciting place to live in. We also planned ahead to ensure that land needs for housing, commerce, industry and recreation can be met in the years to come.

Our goal is to make Singapore a world-class city for working, living and enjoyment. As a business city, it must function effectively and efficiently, with free-flowing traffic, good transportation, modern telecommunications and fast global links. As a home, it must offer a high quality of life - clean air, clear potable water, good sanitation and hygiene, comfortable homes and a wholesome environment to raise a family. And, it must be a fun place with plenty of things to do and see - fine food, top entertainment and interesting sights.

According to a 1996 survey by Fortune magazine, Singapore was third among the world’s most livable cities, after Toronto and London. In 1997, Fortune ranked Singapore as the third most improved city in Asia. In a more recent survey, this time by Asiaweek, Singapore was the third best place to live in Asia. Let me also read you what Fortune said of Singapore in its 1997 survey. I quote:

"Contrary to its image of being a soul-less city of vast air-conditioned malls, Singapore has become a rambunctious and increasingly sophisticated place. It is building a magnificent arts centre on Marina Bay. Its rich multi-cultural mix is an asset too: recently, a theatre group put on a pan-Asian production of Hamlet… Boat Quay, a necklace of bars and restaurants along the muddy Singapore River, is the centre of the city’s hip after-hour scene. Here Singapore’s corporate highfliers hang around wood-paneled Harry’s Bar, partying as doggedly as they work."

These observations notwithstanding, I believe we can make Singapore even better and more vibrant and exciting. We must keep pace with the rising aspirations of our people and maintain Singapore’s attractiveness to foreigners as a place to work and live. For both Singaporeans and foreigners, Singapore must offer them the best home, second to none in this part of the world.

We are benchmarking Singapore against the best cities in the world. We will study the distinctive features of world-class cities and adapt them for Singapore. In Hong Kong, there are extensive all-weather second-storey pedestrian walkway networks in many areas. They enable commuters to walk from one building to another without using the road. In Osaka, shopping malls have airport-style travellators for shoppers’ convenience. New York and London each has a distinctive entertainment district as well as a major cultural centre for high arts. Major cities have developed new business districts to meet increasing demand, such as the Docklands in London, La Defense in Paris and the new Bay area in Tokyo.

In developing Singapore into a world-class city, there are four key areas we will focus on in the coming years.

Firstly, we will enhance our business infrastructure. This is the hardware that enables business operations to run smoothly such as office buildings, business parks, industrial estates, telecommunication and transportation networks.

We are building a new Downtown at Marina South. This will provide a steady supply of high quality office space to meet future needs. The Government has released the first commercial site in the new Downtown for sale. We plan to release one or two sites a year to build up the critical mass of office space in the new Downtown quickly, so as to accommodate the growth of the financial sector and to keep office rentals competitive.

Our office buildings must also be able to compete in terms of quality. Developers can play a vital role here by building innovative and intelligent buildings with labour and cost saving features. Buildings of the 21^st century should also be designed to optimise the use of space.

The second area of focus is to provide a diverse range of art and cultural facilities close to the central business district. This will keep the city alive day and night. More theatres and museums are coming on-stream. We are also creating more open spaces with innovative landscaping for people to congregate and socialise. We will look into ways to further capitalise on the use of our pedestrian malls and waterfront promenades.

The third area is to provide opportunities for city living. We want to create the critical mass for the development of a dynamic entertainment scene and create a vibrant night life in the city. Some 26,000 high quality residential apartments, similar to those at Central Park and Battery Park City in New York, will be built in the New Downtown at Marina South. At the same time, we will introduce more housing into the existing Downtown, particularly in the Tanjong Pagar area. About 800 more housing units will be developed in this area and another 250 units in the Club Street area. With city living, Singaporeans will be able to enjoy all the city’s attractions and modern conveniences at their doorstep. For those living and working in the city, travelling to work will be a breeze.

City living is also part of the strategy to build up Singapore as a regional financial centre. Trading and financial transactions are round the clock. To encourage the buzz, people in the business must find it convenient to meet before and after work, during lunch or at any time of the day. We will facilitate this by allowing mixed developments - offices, service apartments and residential units in the same development, with recreation facilities such as gyms and sports centres. The residential units will be completely wired so that they can be an extension of the office.

Fourthly, we will enhance our waterfront landscape, creating vistas that will provide a panoramic view as in the San Francisco Bay and Sydney Harbour. The Singapore River is being turned into a riverine entertainment strip. We are also looking into ways to enhance the attractiveness of other waterfront areas such as the Kallang Basin, Marina Bay and the coastline. We will inject a diversity of new activities in these areas and improve access to these places. We are studying the feasibility of building a barrage across Marina Bay. If this is possible, water sports can be introduced in the area. Singaporeans can also enjoy a trip in water taxis that ply throughout the day between Marina Bay, Kallang Basin and the Singapore River.

Developing Singapore into a world-class city, is a big challenge. We have to succeed. A better and more exciting Singapore will keep as well as attract talent into Singapore. Talent is highly mobile. Good talent will go where economic opportunities abound, and where life is comfortable and enjoyable. We will spare no efforts in creating a conducive work and living environment in Singapore, for ourselves, for our children and for the talent that we need.

The completion of Republic Plaza brings us yet another step forward in developing Singapore into a global business hub and a world-class city. This building is a symbol of private sector determination and courage to forge ahead despite the odds, creating a better tomorrow for one and all in Singapore.

Finally, let me tell you a little story. When I was sounded out on opening the Republic Plaza, I told the owners that it would be very costly for them. They have to make a big donation to charities. To mark the opening, CDL has generously and happily agreed to donate $2 million to worthy causes. I have picked 43 organisations to benefit from the $2 million donation. I hope other successful corporations will follow this admirable example of social responsibility and spread happiness beyond the shareholders. It is now my pleasure to declare Republic Plaza open.