20 OCTOBER 2003

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This huge site in the New Downtown is due to be put on public sale in the first half of next year. As of this month, the final details have been released for public viewing to initiate interest amongst potential buyers. We, as high-rise fanatics, are probably their unintended viewers! :D

All the information available now is at their OFFICIAL SITE (http://www.ura.gov.sg/lad/bfc/index.htm). It is mostly in flash, but I painstakingly captured the pages just to be able to present them to you here. You may also download their Brochure (in PDF format) (http://www.ura.gov.sg/lad/bfc/BFCBroc7Oct.pdf) for your viewing pleasure. Enjoy!!! ;)

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what's the height limit?

Originally posted by heirloom

what's the height limit? Erm.....its in the info above.....reproduced here for your benefit:http://e.1asphost.com/sssc/BFC/010.jpg

Thats so exciting! Looks like this is gonna be the next major skyscraper in the new downtown zone. You have to keep us updated with the news too. :eek:

btw it says the site is for 425000 sq m, is that the ground area or building space? How would it compare with Capital Tower?

It wont be just one scraper....we can expect multiple towers as the site allows for that. ;) Will we even see five 245m towers if the developer is rich enough? :D

425000 would be the total build-up space within all the towers. As for comparisons to Capital Tower...how about someone else chk that out for us for now? ;)

Originally posted by huaiwei

425000 would be the total build-up space within all the towers. As for comparisons to Capital Tower...how about someone else chk that out for us for now? ;)

Thanks! Is this that site with the green field in between the towers? Who else is gonna check?

This IS exciting!
I just can't wait, but at 245m, won't One Raffles Quay be the tallest building in the area, with nothing surpassing even Capital Tower?

Originally posted by Cliff

This IS exciting!
I just can't wait, but at 245m, won't One Raffles Quay be the tallest building in the area, with nothing surpassing even Capital Tower? One Raffles Quay is at 245m too isnt it? Well basically it appears the entire New downtown is going to have a 245m height limit. What a waste of expensive real estate!! :rant:

eew wouldnt that be really ugly are you sure its alll 245 m?

I just hope they dont do a SunTec City effect.:cheers:

Originally posted by RafflesCity

I just hope they dont do a SunTec City effect.:cheers: Unfortunately, I think pure economics all point to the possibilty to that happening!! :D

i so hope the developer isn't rich enough for 5 245m buildings...

Originally posted by heirloom

i so hope the developer isn't rich enough for 5 245m buildings... What if its another HK company, as was the case wth Suntec? Hahaha!! :D They are transplanting their faceless scrapper clones to our shores!!! ;)

Move may be attempt to generate excitement as there was lacklustre interest in 3.5ha plot

By Vladimir Guevarra
PROPERTY REPORTER

THE Government appears ready to give the massive New Downtown development, which is being promoted as Singapore's future business and financial centre, a kick-start by investing and co-developing a 3.5ha site there.

National Development Minister Mah Bow Tan last night indicated that the Government will consider investing in the site through Temasek Holdings as part of a consortium if developers indicate that they would like that.

Interest in the site at Marina Bay among private developers has been lacklustre for some time, and the Government's move to step in may be an attempt to generate excitement.

The development of the site is seen by some as crucial in making Singapore more attractive in getting new investments, talent and jobs.

The plot was scheduled to be sold in the first half of this year, but its release was postponed because of a lack of interest from developers and a downturn in the office-property market.

Since then, there has been more interest in the site from developers, Mr Mah said, before making a speech at the 44th annual dinner of the Real Estate Developers' Association of Singapore, held at the Ritz-Carlton Millenia Singapore hotel.

But Chesterton International associate director Nicholas Mak said that if the Government steps in, it may help convince other developers to form a consortium to develop the site.

The plot, located next to the current financial district, can yield a total of 4.3 million sq ft of space - about the size of four Republic Plazas - and would cost more than $2 billion to develop.

One market observer said: 'One interpretation here is that the market is so bad that you need the Government to help develop it. After all, $2 billion is a huge amount to invest.'

'The other view is that the Government is serious about developing it, so as not to be left out as a financial centre by cities like Hong Kong or Shanghai.'

Mr Mah said that the Government had discussed with developers the prospect of forming a venture, but declined to give their names nor say whether they are local or foreign firms.

Many landlords of office space fear that any buildings on the site might just add to the roughly 8 million sq ft of vacant office space islandwide.

In his speech last night, Mr Mah also called on developers, planners and architects to build projects like Tokyo's Roppongi Hills development, which attracts millions of visitors each month.

Damn...Raff beat me to posting it. :D

What are your people's opinion's with regards to this? I tend to be suspicious whenever the govt sticks a finger into anything! ;)

Haha...

I'm just anxiously waiting for construction to start!
Anyway arent most of the big scrapers in Shenton Way linked to Singapore Inc. ?I believe theyre quite profitable too.

Originally posted by RafflesCity

Haha...

I'm just anxiously waiting for construction to start!
Anyway arent most of the big scrapers in Shenton Way linked to Singapore Inc. ?I believe theyre quite profitable too. Well I wont be thinking they will start construction that soon until maybe some big American film decides to burn some fingers here thanks to the FTA. Even if the govt builds it, I wonder who is going to move in. ;)

Stronger economy prompts release of 3.55ha Marina South site put off earlier; it is promoted as future financial centre

10 Dec 2003

NOW that an economic recovery is under way, the Government will release a 3.55ha site in the massive New Downtown development in May next year, said the Ministry of National Development (MND) yesterday.

The site, which is in the reclaimed Marina South area facing the bay, was scheduled for release earlier this year, but this was postponed because of the poor economic conditions and a flagging property market.

Colliers International managing director Dennis Yeo said that the Government could not afford to delay its release any longer as other Asian cities such as Hong Kong and Shanghai were fast building up their financial centres.

MND said it had decided to release the site 'as the economy has started to recover' and because it is a 'strategic project'.

It also said it would continue to release other commercial and residential plots only if developers apply to have the sites put up for sale, which it has done since June 2001.

Developers and analysts said this would give developers breathing space to assess the sites and buy them only when demand is rising, not simply because the land is scheduled to go on sale anyway.

Chesterton International associate director Nicholas Mak said it was likely this method would be a key feature of future land sales by the Government.

Meanwhile, the 3.55ha site, which can be developed for office, commercial and residential uses, is being promoted as Singapore's future financial centre.

The site will be part of the 372ha New Downtown mega-development in Marina South, yielding around 4.3 million sq ft of mainly office space.

Interest in the site was renewed when National Development Minister Mah Bow Tan said last month that Singapore's investment company, Temasek Holdings, may consider investing in it with a consortium of developers.

Observers said there was growing speculation that Temasek-linked company CapitaLand might take a lead role in that consortium.

Hong Kong property group Cheung Kong Holdings, which is controlled by Asia's richest man Li Ka-Shing, had also previously said it was eyeing the site.

Another group, Hong Leong, said yesterday it had studied the site and was looking at the possibility of investing in it.

As it can be developed over 18 years - instead of 15 as announced in August last year - developers would be able to pace their projects according to demand, said the Real Estate Developers' Association of Singapore.

Yesterday, a government survey of private economists showed the economy may grow by an average of 5.2 per cent next year, higher than the official forecast of 3-5 per cent.

Wonderful.....finally some good news about this development! ;)

Exactly!

Now we just have to wait to see what CapitaLand says. The building of this site will deliever office space in the next 5-6 years, allowing the current office market to recover anyways.

I almost forgot...I heard on the Mandarin news not too long ago that they might build a mega development in the NDT just for Chinese companies. I wonder if it might match the BFC in scale? ;)

Originally posted by huaiwei

I almost forgot...I heard on the Mandarin news not too long ago that they might build a mega development in the NDT just for Chinese companies. I wonder if it might match the BFC in scale? ;)

:eek2: You sure you heard the phrase mega development ?
Sounds really exciting!

Actually I read that the BFC will be released and then other plots will be held back to let it absorb the office space up to 2010 or something like that. Surely the Chinese companies will be housed in BFC?

Yes its MEGA :D Not sure if its on the same site as the BFC really, as they said its a new initiative to attract more chinese companies to base themselves here. ;)

Originally posted by huaiwei

Yes its MEGA :D Not sure if its on the same site as the BFC really, as they said its a new initiative to attract more chinese companies to base themselves here. ;)

I think they gonna use BFC as an attraction to get companies to set up shop. And it has more office space than SunTec City. So it sounds prettymega :cool:
I'm just impatient for news on this!

Originally posted by RafflesCity

I think they gonna use BFC as an attraction to get companies to set up shop. And it has more office space than SunTec City. So it sounds prettymega :cool:
I'm just impatient for news on this! I would rather there be TWO mega deveopments then one! :D

From the URA website

http://www.ura.gov.sg/skyline/skyline01-04/text/images/sale_title.gif

With Singapore’s economy starting to recover, the important Business and Financial Centre (BFC) site has been scheduled to be made available for application in May 2004 as part of the Reserve List. However, as it takes time for the property market to recover, the Confirmed List for the Government Land Sales (GLS) programme will continue to be suspended for the first half of 2004, with sites only available through the Reserve List.

No office sites released

There will not be any office sites released through the GLS programme in the Downtown Core area in 2004 and 2005 as the supply of office space from the BFC site is expected to be sufficient to meet the demand for office space in the Downtown Core area over the next few years.

http://www.ura.gov.sg/skyline/skyline01-04/text/images/sale_01.gif

Land supply outside of GLS programme

For the first time, the Government has also released information on the supply the of private residential and commercial land and property, planned to be initiated by the various government agencies in the first half of 2004. This is outside of the GLS programme. Examples of some of these sites are those at Sentosa Cove and One-North. This provides greater transparency and gives the real estate industry a more complete picture of the planned supply of space for the first half of 2004.

What is Reserve List?

Under the Reserve List system, the detailed conditions of sale for a site will be made available on URA's website on a specific date and applications for the site to be put up for tender can be submitted from then onwards. The Government will only release a site for sale if an interested party submits an application to have the site put up for tender with an offer of a minimum purchase price acceptable to the Government. The successful applicant must undertake to submit a bid for the site in the ensuing tender at or above the minimum price offered in the application.

What is the Central Promontory?

And ,there is a small semi-circular protusion near the Benjamin Shears Bridge.What would that be used for?On photos of the model ,there is a strange ,curly thingy there.

I wish ,however for a Modern Art Museum to be built there.It would rival the Tate Modern ,and the Guggenhiem museums.

Yes, Singapore desprately needs a modern art museum to house contemporary pieces, enough of oil paintings and teracotta scuptures.

The two sites for those special buildings are still a big mystery.....

And I like the new map they produced, although I am obviously dissapointed with the delay in sales again! :bash: :D

i hope the mega chinese development will be gorgeous and not be china-tacky... some gorgeous projects have surfaced in china but there's still a risk of having china-tacky buildings

Well...all they need to do is to get the right architecture for the job. And the authorities here can also reject the proposal anyway, :colgate:

unfortunately... the authorities sometimes have unbelievably (i can't find a word worse than that) atrocious taste. look at nafa.

Originally posted by huaiwei

The two sites for those special buildings are still a big mystery.....

And I like the new map they produced, although I am obviously dissapointed with the delay in sales again! :bash: :D

I think those 2 sites are having an exhibition for ideas at the moment. Central Promontory will probably be a lowrise structure for the public to enjoy.

Actually its not delayed. The May 2004 date is on schedule. The last delay was back in the beginning of 2003 when the BFC was pushed to May 2004.

Originally posted by heirloom

i hope the mega chinese development will be gorgeous and not be china-tacky... some gorgeous projects have surfaced in china but there's still a risk of having china-tacky buildings

Tacky China-style scrapers with FlashGordon ghastly spires? Unlikely.

Anyway there is no other mega development apart from the BFC as they dont want a large oversupply of office space over the next few years.

I want them to be the WTB(s)!:D :cool:

Originally posted by RafflesCity

Actually its not delayed. The May 2004 date is on schedule. The last delay was back in the beginning of 2003 when the BFC was pushed to May 2004. Well..if its on schedule, it should be launched by May 2004 instead of being on the reserve list until the second half of the year! :D

Originally posted by huaiwei

Well..if its on schedule, it should be launched by May 2004 instead of being on the reserve list until the second half of the year! :D

But doesnt being on the reserve list mean that it is open for developers to pick it? :?

Originally posted by RafflesCity

But doesnt being on the reserve list mean that it is open for developers to pick it? :? Being on the reserve list means it will not be brought out for open bidding until at least one developer expresses a keen interest in it. Compare this to a scheduled release, whereby a parcel of land is open for bidding at a specific time, and developers are free to plan their purchase.

I see i see. So instead of taking 3 steps forward its like taking 1 step. But its still better than being totally blocked. I wanna hear good news for the BFC! :dooby:

Here is a simulated view from the BFC.

http://www.ura.gov.sg/pr/graphics/pr03-72(app2-2).gif

that is crazy! a 1.6mb picture! imagine that from your apartment in the marina boulevard condo!

How bout a wtb here?:D

The simulation dosent look very "correct".....it should be slightly nearer such that u cant see that curly ribbon in the foreground! :D

cannot meh?

Looks like they used a window view from the UOB to simulate the view..anyway the future Singapore Flyer and pedestrian bridge look exciting!

Excuse me...UOB is just on the right of the above rendering beside the OUB...how can it be simulated from that building? :bash: :D

no lahhhh...I was referring to the design of the window wall, looks suspiciously like UOB mah;)

Bids for Singapore's new financial centre seen topping S$1b

5 May 2004

SINGAPORE : The hottest topic about town on the Singapore property front is the much anticipated inclusion of the Business Financial Centre to the reserve list.

Analysts believe the 3.5 hectare site could be worth about S$1 billion. That translates to about S$200 per square foot per plot ratio.

The new financial centre is expected to boost Singapore's position as the premier financial centre in the region.

But analysts Channel NewsAsia spoke to say the proposed 3.5 hectare site is too big and expensive for a single company to handle.

"The site will be valued over S$1b. I would expect consortiums to be formed," said Dennis Yeo, managing director of Colliers International.

"I would think there would be foreign consortium from Hong Kong. A local consortium may be formed as well, maybe with participation from Temasek. I think, confidently, we should be able to get interest from at least two consortiums."

Cushman & Wakefield managing director Donald Han said, "If you look at the last per square foot price a few years ago that was done by CityDev, that was done at S$227 per square foot per plot ratio. This is probably going to hover anything from about S$200 to about S$210 -- around there. It will be lower by virtue of the sheer size."

Due to the size and costs involved, the development of the new financial centre is expected to be done in stages.

This means developers will only have to pay as work progresses, thereby reducing their holding costs.

It also means that there will not be a sudden massive oversupply of office space into the market.

Analysts say they expect at least 30 percent of the 3.5 hectares to be developed in the first phase.

"I think its likely to be a mix of retail, office. I think office will make up a large component and they could also be possibly some residential whether would it be sort of a pure apartments or condos or the other options could be hotel or a service apartment," said Nicholas Mak, director of research and consultancy at Chesterton International.

Because the new financial centre can satisfy Singapore's downtown office needs for next few years, the government will not release any other office sites for sale in the area for the next two years. - CNA

Interesting....have any developer tot of building a mega residential complex instead? :D

Hdb?

Bah! It can be done by any huge residential developer! :D What u hoping for? The Pinnacle@Marina? :D

sc global please! but they most likely wont have the resources - they could be design consultants though!

I dont think they will be allowed to overbuild residentials on that site as its reserved mainly for office. Maybe we will get a new tall hotel tower?

There seems to be some similarity to the Union Square project in HK.

But it is not really "reserved" for offices since it is a white site?

but URA keeps mentioning it as the "BFc". For sure it will have mainly offices...

but URA keeps mentioning it as the "BFc". For sure it will have mainly offices...
They are just assuming lah....its a marketing gimmick afterall! :D

URA RELEASES THE BUSINESS AND FINANCIAL CENTRE (BFC) SITE
FOR SALE ON RESERVE LIST

The URA announced today the detailed tender conditions for the Business and Financial Centre (BFC) site. The site is available on the Government’s Reserve List, and developers interested in purchasing the site can now apply to URA for the site to be put up for tender.

BFC WITHIN THE DOWNTOWN AT MARINA BAY – A CHOICE BUSINESS HUB

The BFC site is a large prime waterfront site located within the Downtown at Marina Bay. It is the third URA sale site offered for sale within the Downtown at Marina Bay. Two sale sites have already been taken up and are being developed for commercial and residential developments. The BFC is the next phase of development in the area.


The Downtown at Marina Bay is envisioned as a seamless extension of Singapore’s Central Business District and planned as a ‘city-in-a-garden’, providing an integrated live-work-play environment.


The Government has earlier announced a pro-active approach to realising the vision for Downtown at Marina Bay and the appointment of URA as the Development Agency to champion the realisation of the plan, steer and co-ordinate development efforts, and undertake place-making and place- management. To spearhead further development, the Government has set aside $300 million to develop additional infrastructure and facilities for the area.


URA has recently invited both local and international consultants to participate in the design development of two exciting projects at the Downtown at Marina Bay – a 1.5km waterfront promenade and a 280m pedestrian cum vehicular bridge. The new promenade and bridge will be constructed by 2008 and complete the 3.4km pedestrian ‘loop’, linking up all the cultural, entertainment and recreational facilities around the Bay.


“The BFC is slated to be one of the anchor developments in Downtown at Marina Bay, with purpose-built features to cater to the specific needs of financial institutions and global businesses. With its prime waterfront location in the heart of Singapore’s Central Business District, it is the business hub of choice to meet the complex and demanding needs of businesses” said Mrs Cheong Koon Hean, Chief Executive Officer of URA.

THE BUSINESS & FINANCIAL CENTRE (BFC) SITE

The large 3.55ha site for the BFC, together with the adjoining 1.8ha subterranean space, provides a unique opportunity and flexibility for a master developer to plan, design and develop the BFC in phases to meet market demand and tenant’s specifications, including the expansion of office space over time.


The BFC site will yield a total gross floor area (GFA) of 438,000sqm. The site is zoned ‘White” to give the master developer the flexibility to plan an optimum mix of uses to achieve an attractive, well-integrated development that will meet the needs of modern business and financial firms and their employees. As the objective is to establish a business and financial centre, at least 60% of the GFA has to be built for office use. Up to a maximum of 40% of the GFA can be for other commercial uses, as well as complementary hotel, residential, entertainment and recreation uses. The site will also allow for the provision of signature open spaces, courtyards and sky-gardens which will enhance the attractiveness of the environment.


The BFC development will include the development and landscaping of the Central Open Space, a major new civic space and focal point for the area. It is about 1.37 ha in size, similar in scale to Istana Park and War Memorial Park. This open space will help to create an identity for the area and provide an attraction for the surrounding developments. It will also serve as an amenity for those living and working in the area.


The BFC development will be served by utility services via the Common Services Tunnel, allowing for dual power feeds, fibre-optic cabling and the capacity for expansion to meet changing utility needs and the latest technological and infrastructural needs of business and financial institutions.

TOTALLY CONNECTED

The site is a natural extension of the existing Central Business District at Raffles Place, enabling business and financial firms at the BFC to plug into the existing network of businesses and services. It also occupies a strategic waterfront location fronting Marina Bay and the Central Open Space, which provides vantage views across the city and Marina Bay, as well as the opportunity to create a new signature landmark development on our city skyline.


The BFC site will be connected to the rail system through a comprehensive underground pedestrian network that links directly to the station concourses at Raffles Place MRT Station and the possible future Rapid Transit System (RTS) Station planned immediately adjacent to the site. It will also connect into the basement levels of the adjoining buildings, and the waterfront promenade and loop of attractions around Marina Bay. The area below the Central Open Space will be developed as an underground pedestrian mall with shops, restaurants and other interesting commercial facilities, and will be a central focal point and crossroads for pedestrians and commuters in the area. The developer will also be able to build high-level and underground connections to the waterfront promenade to give the BFC development greater waterfront presence.

FLEXIBLE DEVELOPMENT APPROACH FOR BFC SITE

Given that the BFC site is large, URA has drawn up sale terms for the site which will allow the developer to phase the development to match market demand, with lower upfront costs and risks. These include a flexible payment scheme and a longer project completion period.

With the flexible payment scheme, if the developer of the BFC site intends to build the development in phases, he only pays for the land he requires to build the first phase of development, upon the award of the tender. This first phase must comprise at least 100,000 sq m of GFA. The developer will purchase an option for the right to buy the land for subsequent phases at prices fixed by a formula. He has a choice of option periods of 6, 8 and 10 years, subject to the payment of corresponding option fees of 6%, 8% and 10% of the land price of the remaining phases.


To ensure a reasonable rate of progress, the developer is required to purchase the land to build at least 50% of the overall GFA, ie 219,000 sqm, inclusive of the GFA in the first phase, within half the option period, e.g. 5 years, if the option period is 10 years.


The option fee is not refundable if the developer does not take up subsequent phases. However, part of it, viz 3% of the land price, can be used to pay for part of the land price of later phases. This is to encourage the developer to design and complete the site as an integrated development.

Tenders will be submitted in terms of price per sqm of GFA (bid unit price). The award will be made to the tenderer who submits the highest bid unit price that is above the reserve price. The land price for the first phase will be computed based on the bid unit price. For subsequent phases, the bid unit price will be adjusted for changes in market prices to compute the land price. The adjustment to the bid unit price will be 50% of the percentage change in the average Development Charge rates for commercial land use in the core Central Business District (see Annex 3). This will provide the developer with some certainty in the price for the subsequent phases and allow the Government and the developer to share the risk of land price volatility.


The project completion period for each phase is 8 years. Hence, the overall project completion period can be as long as 18 years, if the developer chooses to purchase the site over 10 years.


If the developer opts to purchase the entire site upfront, he will be given a longer Projection Completion Period of 13 years. He will however, still be required to complete a minimum of 100,000 sqm GFA in the first phase development within 8 years of the award of the site.


Details of the option scheme for the BFC site are attached in Annex 4.


The details of the option for the BFC developer to purchase the Central Promontory site are at Annex 5.

A STRATEGIC INVESTMENT PROJECT

The BFC site is the next strategic investment project in Downtown at Marina Bay. Its attractive tender conditions will allow the developer to better meet the needs of financial institutions and global businesses and anchor these firms to invest and expand in Singapore.


“As financial institutions rationalise their activities worldwide, they look for reputable and well-regulated financial centres with developed infrastructure and skilled manpower to base their mission-critical operations. Singapore is one of these centres in Asia. With purpose-built features, the BFC is an excellent site for financial institutions to anchor, expand and grow their business in Singapore” said Mr Ng Nam Sin, Executive Director (Financial Centre Development Department), Monetary Authority of Singapore.


http://www.ura.gov.sg/pr/graphics/pr04-13a.gif
http://www.ura.gov.sg/pr/graphics/pr04-13b.gif

I just noticed that there is a mistake with the above diagram.They had named the AI Building the AIA Building!:D

whats ai?

Finally they are launching it...I suppose at least one party has indicated firm interest?

http://www.ura.gov.sg/lad/bfc/images/bfc-main1.jpg

http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-siteplan_01.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-siteplan_02.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-siteplan_03.jpg

http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-prestaddress.jpg
View from waterfront promenade

( my added info: )
• One Marina Boulevard - 30 floors, completed 2004
• One Raffles Quay - 50 (245m/804ft) and 28 (140m/450ft) floors, completion in 2006
• "Site Sold in 2002" - 70 (245m/804ft) and 61 floors, completion in 2007
• Business and Financial Centre site - Maximum building height 245m/804ft

http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-totalconnect_01.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-totalconnect_02.jpg
Totally Connected

Wow...the new downtown skyline seems spectacular and futuristic......can't wait to see it in reality.........:D

Oh my god!!! :eek:

That's some spectacular rendering! :cool:

Very impressive! The design of scrapers are very nice too :cool:

wow looks great....finally a larger project in Singapore. :)

Its going to look absolutely great!

More renderings. :D

http://www.ura.gov.sg/lad/bfc/thumbnail/images/invest-features.jpg
Attractive mix of unique buildings, complementary uses and open spaces

http://www.ura.gov.sg/lad/bfc/thumbnail/images/invest-featureinfra_01.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/invest-featureinfra_02.jpg
Seamless extension of the Central Business District

Overall day and night view with the skyline:

http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-dayskyline_01.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-dayskyline_02.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-dayskyline_03.jpg

http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-nightskyline_01.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-nightskyline_02.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-nightskyline_03.jpg

Is RTS Station is the same as MRT Station?

Or is a new train line?

OMG!!! This is incredible! I've never seen the latest renditions incorportaing the new projects! :eek:

http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-totalconnect_01.jpg
http://www.ura.gov.sg/lad/bfc/thumbnail/images/attraction-totalconnect_02.jpg

URA dangles flexible tender terms to attract bids for new downtown site

27 May 2004

http://www.channelnewsasia.com/imagegallery/store/phpHfQghP.jpg

By Frederick Lim, Channel NewsAsia

SINGAPORE : The Urban Redevelopment Authority is throwing in new and novel tender terms to lure developers into bidding for the massive Business and Financial Centre site in the new downtown area at Marina Bay.

These include a flexible payment scheme, longer completion time, and even a risk-sharing plan and they come amid weak market conditions for office property.

However it is in line with the government's push to cement Singapore's position as a global financial centre.

This new downtown at Marina Bay will be Singapore's city centre of the future.

And the site, which can take 4 million square feet of floor space, is envisioned as the "next-generation business centre" for Singapore.

The business and financial centre to be built is seen as a seamless extension of the Central Business District and vital to Singapore's competitiveness as a global financial centre.

Ng Nam Sin, Director, Financial Development, Monetary Authority of Singapore, said: "There is intensive use of IT. There is also this increasing trend of optimising and rationalising the banks' operations, so they are looking for a few key locations globally to locate their critical operations. The BFC will provide this so-called state of the art infrastructure that could cater to such a demand."

But current conditions in the office sector is weak.

To help developers, the Urban Redevelopment Authority has for the first time incorporated flexi-pay and flexi-build schemes into its tender conditions.

The successful tenderer will be allowed to build in phases, and he will only pay for land that comes with each phase together with options for subsequent phases.

Choy Chan Pong, Director, Land Administration, URA, said: "We cannot expect him to pay the whole land price upfront. Then the risk will be too high. That's why we have this risk sharing scheme where he only pays an option fee and then pay for the land whenever he needs to build it, in which case, only when he gets the demand then he will buy the land and build the development. So this will help in a long way to lower his risk."

The risk sharing also extends to adjustments in the unit bid prices for later phases.

It will be pegged to future development charges for commercial land use and the URA will bear half the amount of price rise if the market moves up.

The project completion period allowed for each phase is 8 years and the completion of the whole project can be stretched to 18 years.

The URA says already it has received a number of expressions of interest from both local and foreign parties.

The Real Estate Developers Association of Singapore hails the URA's approach as pragmatic by going out of its way to ensure financial viability of the projects through phasing out the developments.

The Association says this will help to maintain stability in the property market and avoid the hollowing out of the existing CBD.

But it cautions that any developer bidding for the project will have to take account of the size of the BFC project and the current 8 million square feet of vacant office space.

Third Marina Bay plot put on market

28 May 2004

The 3.55ha land, the largest so far, may fetch up to $1.2b, and can be paid for in phases and developed over 18 years

By Tan Hui Yee

THE largest plot of land yet at the proposed new downtown area in Marina Bay is finally on the market, after two postponements.

The 3.55ha waterfront land to be developed into a new business and financial centre is expected to fetch between $940 million and $1.2 billion, say property analysts.

To lower the risks of developing such a big plot, the Urban Redevelopment Authority is, for the first time, letting developers pay for the land in phases which they can take up to 18 years to develop.

They may be allowed to build a place of public attraction, such as a museum or art gallery, on a smaller adjoining site at the waterfront.

In putting the land up for sale yesterday, the URA said it can yield 438,000 sq m of space. More than half must be for offices.

The 99-year leasehold land is next to Raffles Place.

Its launch was delayed twice last year because of economic uncertainties.

There was also a glut of office space. According to property consultant Nicholas Mak from Chesterton International, 12.5 million sq ft of office space - or 17.8 per cent of the total in Singapore - is still vacant.

Mr Choy Chan Pong, URA's director of land administration, acknowledged that the office vacancy rate 'is still relatively high'.

However, the Government had always stressed that the Marina Bay downtown, a 372ha site to be developed into homes, offices and shops over 15 to 20 years, was a strategic development that would be one of Singapore's key competitive advantages as a financial centre. 'This is something we are planning for the future,' he said.

However, the site will not be put out for open tender. It is on a reserve list, which means the bidding will start only when a developer pledges to submit a minimum bid that meets the Government's reserve price.

The successful developer will then have to buy enough land to build at least 100,000 sq m of space within eight years.

He will also be given options of six, eight or 10 years to buy the rest to complete the development.

To create a three-dimensional skyscape, URA has ruled that half of the waterfront buildings on the site can rise up to only 150m, or about 35 storeys. The rest can go up to 245m.

The public attraction is to be sited on the Central Promontory, which covers 0.87 ha and includes another 1.1 ha of underground space. At least 15,000 sq m of that needs to be set aside for say, a science centre, planetarium or aquarium.

Analysts expect developers to team up to bid for the giant plot. Developer CapitaLand, for one, said it was open to teaming up with foreign and local partners to make a bid.

City Developments welcomed the flexible terms but added: 'We hope the Government's reserve price will not be too low as this may cause deflation and dampen office value.'

Agreeing, the Real Estate Developers' Association of Singapore said: 'A successful business and financial centre should complement the vibrancy of the existing central business district.'

Property analysts interviewed were more upbeat.

Said Chesterton's Mr Mak: 'This site is attracting interest from local developers as well as some major developers and investment funds overseas.'

Mr Donald Han, the managing director of real estate services firm Cushman & Wakefield, believes the time is opportune 'since growth in the Singapore economy is back on track'.

Some renderings just out on the official website
http://www.ura.gov.sg/lad/bfc/index.htm

http://www.skyscrapercity.com/photopost/data/500/103bf4.jpg

Central Promontory

As part of the BFC site, the adjacent Central Promontory site can be developed for a public attraction together with convention facilities and complementary uses such as retail, food & beverage and other recreational facilities right on the waterfront.

The site will be conveniently and seamlessly connected to the BFC and
nearby RTS stations via a network of underground pedestrian malls.
The Central Promontory site has a commanding location fronting onto
Marina Bay and is envisioned as an iconic signature development that will
be a destination attraction along thewaterfront.

http://www.skyscrapercity.com/photopost/data/500/103bf.jpg

Engaging the waterfront

There are also additional development opportunities to give the BFC greater connectivity and presence along the waterfront. Structures such as a sky-deck over Marina Boulevard can be introduced to connect the BFC
development to the waterfront promenade at Marina Bay.

A pavilion with restaurants and shops can also be located within the Bay to allow uses and activities to take place out over the water.

http://www.skyscrapercity.com/photopost/data/500/103bf2.jpg

http://www.skyscrapercity.com/photopost/data/500/103bf3.jpg

Winner of BFC site to be offered choice promontory plot

Adjoining land could house special attractions

28 May 2004

By KALPANA RASHIWALA


(SINGAPORE) Despite continued murmurs among landlords on the impact that the Business and Financial Centre (BFC) will have on the oversupplied office market, the long-awaited tender details for the site in Singapore's New Downtown have turned out be a lot more interesting than expected.

The successful bidder for the BFC land will also be offered a choice promontory site next door fronting Marina Bay that could house attractions from a Madam Tussaud's and planetarium to a convention centre and food outlets. Who knows? There could even be a casino.

The successful bidder of the BFC site will be offered the adjoining site - but at the same per sq metre per plot ratio price it tenders for the BFC parcel. The two sites could cost over $900 million, say analysts.

The terms for bidding released yesterday by the Urban Redevelopment Authority come two years after the government mooted the idea of selling a large site in the New Downtown to a master developer, who would have the flexibility to build to demand, somewhat like Canary Wharf in London.

The BFC aims to provide the infrastructure to encourage global financial institutions to expand their presence here. The proposed China Commercial Centre could also be located in the BFC.

The promontory site - which juts out to the sea - can take an eight to 10-storey building with a gross floor area (GFA) of 40,000 sq metres. It has to be completed together with BFC's first phase within eight years.

URA's director (land admin), Choy Chan Pong, said the two sites enhance each other's values. Those working 24/7 in the banks at BFC can patronise the food outlets at the promontory project, which in turn will boost the lifestyles of those working in the BFC.

DTZ Debenham Tie Leung executive director Ong Choon Fah said it made sense for the developer to buy the promontory site for better control of what comes up in front of BFC.

As for the BFC, its development can stretch up to 18 years. Under URA's flexible payment scheme, the BFC site - which comprises a 3.55 ha parcel and an adjoining 1.8 ha underground plot - can be paid for in phases over a maximum of 10 years, along with an upfront option fee.

Its maximum GFA will be 438,000 sq m (4.7 million sq ft), of which at least 60 per cent has to be offices. The rest can be for retail, hotel, residential and recreation/entertainment.

The BFC development will include a 1.37-hectare central open space or park. The area below it will be an underground mall linked to the Raffles Place and Marina Bay MRT stations.

Some analysts estimate the BFC site could fetch about $850 million and the promontory site, about $77 million, based on a land price of $180 psf or $1,937 psm per plot ratio. This assumes a breakeven cost of about $600 psf, for a net yield of 6 per cent that institutional investors demand in the office market, assuming an average gross rental of $4 psf a month.

While a land cost of over $900 million seems a large sum for any investor, market watchers point to at least one probable buyer - CapitaLand. The property giant has just divested over $1 billion of assets to an office real estate investment trust.

CapitaLand has said it may bid for BFC if there is real demand for new large-scale office space. It said yesterday that it is 'open to teaming up with both foreign partners and local developers to jointly bid for the site'.

'We are studying details of the tender,' it said.

Li Ka-shing's Cheung Kong group, too, has made no secret of its interest in the project. Hongkong Land may also throw its hat in.

In fact, the two are partners, along with Keppel Land, in the One Raffles Quay office development nearby.

Others who could take a shot at the BFC site might be Ng Teng Fong's Far East Organization and the Kwees' Pontiac group.

Given the size of the development, market watchers said they expect two or more parties to team up and form consortia. Partners could include institutional investors like AIG, Ergo and Prudential.

European pension and insurance funds have also been following BFC's development with keen interest.

URA's Mr Choy Chan Pong said 'there have been a number of enquiries, both local and foreign' without giving names.

Developers had mixed reactions yesterday.

On a positive note, CapitaLand highlighted that BFC's first phase will come on stream only in 2007/2008 at the earliest. And its minimum 60 per cent office component for the 100,000 sq m GFA for this phase is roughly the size of the group's Capital Tower, it said.

Rival City Developments did not rule out participating in BFC's development 'when the time is right' but its statement reflected its continued fear that BFC will cannibalise existing office buildings unless there is net new demand.

'We will have to carefully evaluate the size of the project as well as the demand for office space. We hope that other developers will do likewise as the original intention of the BFC is to provide new space for corporations who are expanding or setting up regional HQs in Singapore,' CityDev said.

'We hope that the government reserve price will not be too low as this may cause deflation and dampen office values,' it added.

The Real Estate Developers Association of Singapore said the flexible development and payment schedules will 'help maintain stability in the property market and avoid the hollowing-out of the existing CBD'.

Business Times - 28 May 2004

Phased approach will give it leeway to match demand

By KALPANA RASHIWALA

(SINGAPORE) The successful bidder for the Business and Financial Centre (BFC) site will be given up to 10 years to buy the entire site in phases and up to 18 years to finish developing the whole project, which will have 438,000 sqm (4.7 million sq ft) of gross floor area (GFA).

The idea is to give the BFC's master developer the flexibility to time land purchases and project development according to market demand.

For a start, the developer must pay for the first phase of land, enough to generate at least 100,000 sqm of GFA - or almost a quarter of the total - soon after the tender is awarded. The developer then has a choice of option periods of six, eight and 10 years to buy the rest of the BFC parcel. It must state its choice of option period within a month of tender award.

In return for the right to buy the remaining land later at a pre-determined price - the successful bid price during the tender - the developer will have to pay the state an option fee. This works out to as little as 0.5 per cent annually on a net basis for the outstanding land price for the remaining phases, in the case of a six-year option. For the eight and 10-year options, the respective fees work out to 0.625 and 0.7 per cent a year. But there's a catch to this seemingly low option fee. The developer must share with the state any upside in land value - between the time the tender is awarded and the time the developer exercises the option to buy later land phases.

Analysts say this is a real possibility since the office market is generally considered to be bottoming out.

If land values go down, however, the state will also split any potential drop in price with the developer. The average commercial development charge rates in seven locations that make up the core Central Business District - including Raffles Place, Shenton Way, Cecil Street and Marina Centre - will be used as a proxy for land values. So for the master developer, if the average DC rate in this area increases by, say, 10 per cent during the period, its land price for that particular phase will increase by 5 per cent from the original tender price.

The lower option fee for a shorter option period reflects the higher risk to the developer.

The developer must buy land to build at least 219,000 sqm - 50 per cent of BFC's maximum floor area - within half of the option period. Otherwise, the master developer loses all rights to the subsequent phases of the BFC land.

With yesterday's release of the detailed tender conditions, the BFC site, which is on the government's reserve list, becomes open for application by developers immediately. If at least one developer applies to bid for it at a minimum price acceptable to the state, the site will be released for sale through a tender in which bidding will be open to all interested parties. The bidding period will be about four months.

Bids will be expressed in terms of $ per square metre of potential gross floor area.

Copyright © 2004 Singapore Press Holdings Ltd. All rights reserved.

um excuse me but why are there boats in a reservoir

http://www.skyscrapercity.com/photopost/data/500/103bf3.jpg

Is RTS Station is the same as MRT Station?

Or is a new train line?
RTS = rapid transit system. depending on the size and system chosen, it could be MRT, LRT, monorail, etc... This 1 would most probably b integrated with CCL. so should b mid size MRT.

if its a mid sized mrt why is it called rts? wouldnt it more likely be an lrt system?

Boats in the reservior?

Perhaps it would be an enclosed recreational area?

Heir ,AI Building is short for Asia Insurance Building.:D

AIA is American International Assurance.

Boats in the reservior?

Perhaps it would be an enclosed recreational area?

email the URA?

This story was printed from TODAYonline

Singapore's Canary Wharf on the anvil
New units at CBD-extension to have larger floor space, says MAS

Weekend • June 19, 2004

SINGAPORE'S four-hectare downtown real-estate project will probably include buildings which provide larger floor space to serve the needs of banks and other financial institutions.

The Monetary Authority of Singapore (MAS) said new buildings in the Business Financial Centre, or BFC, may provide larger floor spaces which can be customised for trading or other activities, similar to offices in London's Canary Wharf. The project, an extension of the city's financial district, will provide as much as 438,000-sq-m of space.

"Banks are telling us that they need buildings that are designed more efficiently and are flexible," Mr Ng Nam Sin, Financial Centre Development Department executive director at the MAS, said in an interview.

"If the BFC can offer those features, it will be an attraction for the banks to locate more activities in Singapore," he said.

The project is part of efforts to attract foreign lenders and develop its fund management industry, which grew 35 per cent last year to $465.2 billion — from $343.8 billion in 2002.

The BFC will be located on a third parcel of land measuring 3.55 hectares to be sold by the Government, the biggest land sale in about a decade.

Cheung Kong Holdings — which is controlled by Hong Kong billionaire Li Ka-shing — and CapitaLand, South-east Asia's biggest property developer, are among the companies that have expressed interest in the development. — Bloomberg

Copyright MediaCorp Press Ltd. All rights reserved.

That article sounds optimistic that good news will happen :)

Advertisement at Shenton Way:

http://img31.photobucket.com/albums/v94/huaiwei/Duxton%20Trip/BFC.jpg

TheSail is launched!

Hope there would be news about BFC soon!

It would be great if the BFC gets launched by end of this year. Anyway the office property market is moving in the right direction especially for Grade A offices like the BFC.

Well, let's hope BFC would not be another box.

Sail would ba a great compliment for BFC! :cool:
Wonder what would come out at Promontory! :cool:

I hope 2005 brings some good news

2004 was good for the new downtown nevertheless :yes:

CapitaLand sees BFC as worthy of consideration

8 Feb 05

Group posts record profit of $313m, forms leisure, conventions unit

By KALPANA RASHIWALA

PROPERTY giant CapitaLand, which yesterday posted a tripling in full-year net profit to a record $313 million, finds the Business and Financial Centre (BFC) project attractive enough for serious consideration.

Said its president and CEO Liew Mun Leong: 'I think by this year, the project will appear to be attractive. In my opinion, by this year, 2005, somebody - whether it's others or ourselves - will trigger it.'

The release for tender of the reserve-list site, located near Marina Bay where Singapore's new CBD is coming up, has to be triggered by a developer undertaking to bid a minimum price that is acceptable to the state.

'(Office) rentals are improving. Singapore today is in about 60th position (globally) in terms of office costs. We used to be in the top 10. The forces will be such that the demand is growing. For us, if there is demand, and there's good yield, we'll seriously consider triggering it. Or if others trigger ahead of us, so be it,' said Mr Liew.

The office recovery will be aided by limited supply in the next four years, he added. The BFC project can have up to 4.7 million sq ft gross floor area, at least 60 per cent of which has to be offices. CapitaLand will be looking at the BFC project, which could be worth about $4 billion, with several consortium partners, Mr Liew added.

He also said that the group has set up an integrated leisure, entertainment (including gaming) and conventions business that will leverage on its property development, hospitality and asset management expertise.

For now, this business will concentrate on CapitaLand's recently inked MOUs with casino operators Kerzner International and MGM Mirage to submit concept proposals to the government for proposed integrated resorts at two locations in Singapore. Each project could be worth about US$1 billion.

'We'll just concentrate on these two first. And if we do it well in Singapore, then we'll do it outside,' said Mr Liew.

The integrated resort projects, along with the BFC and CapitaLand's continuing overseas expansion in markets like Australia and China, mean that there is no shortage of projects in the pipeline for the group to apply its cash hoard to, Mr Liew said, when asked what he plans to do with the group's cash holdings of $1.9 billion as at end-2004.

This will be part of the group's strategy of transfering resources from low-yield assets to ones that can generate higher returns.

To reward shareholders for the tripling in net earnings, CapitaLand will be making a total dividend payout of six cents for the year ended Dec 31, 2004, up from four cents in 2003.

CapitaLand posted a Q4 net profit of $120.7 million, against an $82.8 million net loss a year earlier.

The $313 million profit, compared with $102.6 million in 2003, was not only the highest since CapitaLand's formation in 2000 from a merger between Pidemco and DBS Land, but beat analysts' forecasts. The mean estimate of 15 analysts polled by multexNET was $264 million.

Full-year earnings before interest and tax (Ebit) came in at $901.8 million - 53.1 per cent or $312.8 million better than 2003. CapitaLand said that the improvement in earnings came from across the board in all business units and geographical regions.

The improved showing came from higher residential contributions, stronger performance from hotels and service residence operations and higher fee-based income. Also boosting the profit statement were a reversal of provisions no longer required and a lower net revaluation deficit of $41.7 million charged to the profit and loss account in 2004 compared with $161.8 million in 2003.

Overseas contributions last year accounted for 68.5 per cent of Ebit excluding provisions and writebacks - up from a 63.3 per cent share in 2003.

'In 2005, the group expects its overseas earnings to be within its medium-term target of 75 per cent of group earnings,' CapitaLand said, adding that 'overall, the group is confident that its operations will be profitable in 2005'.

Said Mr Liew: 'The group assesses its prospects in 2005 to be better as it continues to deliver on its strategy.'

The group will originate new property funds and other real estate financial products this year that would focus on key Asian markets like China, Hong Kong, Japan and Malaysia. Its fund management arm is targeting to grow assets under management from the current $6 billion to $13 billion by 2007.

Group revenue for Q4 rose 7.8 per cent to $1.2 billion while that for the full year was up 4.2 per cent at $3.8 billion.

The two catalysts - potential divestment of UOB stake and redevelopment of the Overseas Union House properties are still ongoing
The UOB stake is worth about $652m ($3.69/OUE share)
The redevelopment of OUH is likely to happen only in the medium term as the group is still evaluating plans to extract the most value from this exercise


http://baby.boom.com.hk/portfolio/research/asia_company_report.asp?symbol=OVES&country=SINGAPORE&marketCode=SG

A little old, however : dated at July 2004

http://baby.boom.com.hk/portfolio/research/asia_company_report.asp?symbol=OVES&country=SINGAPORE&marketCode=SG

A little old, however : dated at July 2004

is this pertaining to that plot at Clifford Pier?

The OUH is the building containing Neptune Theatre. I don't think Clifford pier has anything to do with it. OUH is still ugly anyway.

well I sure hope something desirable can be gained from a redevelopment there!

UOH and the round thingy beside it, with the bridge are an absolute eyesore! :puke:

well, i hope it doesn't turn out like canary wharf. overinflated boringness. cesar pelli doesn't sit well with me at all. neither do overwhelming developments that try to fit in resort/hotel/shopping/office/public space into one big pompous project. i don't like canary wharf, hate world financial centre, and i think Suntec could be better. and the large floor ratios that new businesses demand coupled with low height restrictions could result in boring squat looking buildings. like raffles quay. nah, i doubt anything significant will emerge from that site.

I wish ORQ was more creative in its design. We have enough boxes.

hehe...well..we need one huge tall glass box in the city and then hopefully no more :P

but whats distinctive about Raffles Quay is that is it angled, as if beckoning people to the new downtown, and its high atrium with the diagonal braces :cool:

A more angular behemoth with a futuristic ethos might do better. Something like those gigantic HK harbour developments.

but its just part of the wallpaper. unlike in hongkong where you can see how every new development tries to eclipse the rest. okok enough of my fascination with oriental opulence, but i think even if we could live without superlatives like hongkong, we could at least try to inject philosophy and poetry into our buildings like the way La Defense was pursued, and also the way the City is emerging in London. but again, who am i blaming? ura isn't capable of pushing the nobs on the creative aspect of urban management because who trusts an agency belonging to the infamous singaporean government to do that? its not like our ura heads hobnob with the most famous architects in the world, and illicit ravishing contributions from celebrity architects in high profile tyrsts. singaporescape doesn't inspire international architects enough to demand the best of their works. the architecture of a city pulses with the inherent nature of her urbanity, and singapore is a boring place filled with boring people!

It is mentioned in this article

19 Feb 05

Redas chief sees tough H1, better H2 for developers

THE first six months of this year may be difficult for developers, but the second half will turn for the better, according to Kwee Liong Keng, president of the Real Estate Developers' Association of Singapore (Redas).

'If I have to guess, I'd say may be (private) residential property prices will go up this year by 3 to 5 per cent. Confidence seems to be better. The outlook for the property market this year will be better than last year,' he told reporters yesterday on the sidelines of Redas' Spring Festival to celebrate Chinese New Year.

Last year, the official private home price index rose 0.9 per cent after dipping 2 per cent in 2003.

The 3-5 per cent increase in private residential property prices for 2005 which Mr Kwee is forecasting would be identical to the official growth forecast for Singapore's GDP this year, noted market watchers.

CapitaLand president & CEO Liew Mun Leong said: 'There's a window in Asia for real estate companies. Anything that is GDP-driven will be good for real estate. If Singapore's GDP continues to grow - at the official forecast rate of 3 to 5 per cent this year - then home prices will grow.'

However, some real estate industry players hold a more optimistic view. City Developments' group general manager Chia Ngiang Hong said: 'We expect home prices to increase 5 to 10 per cent, and we hope transaction volumes will also improve.'

CB Richard Ellis managing director Willy Shee predicted the same price increase assuming good economic growth.

'I expect developers to sell about 6,000-6,500 private home this year,' he added. Last year's figure was 5,785 units. 'The office market is more upbeat than it was 12 months ago,' said Mr Shee.

Market watchers expect the site for the mega Business & Financial Centre (BFC) to be released this year, upon successful application by a bidder who undertakes to bid at a minimum price which is acceptable to the state.

CapitaLand's Mr Liew said earlier this month that the project is attractive enough for serious consideration - given improving office rentals, growing demand and limited new supply in the next few years.

CityDev's group general manager Chia Ngiang Hong agreed that BFC will benefit Singapore in the long term. 'It's just a question of timing. Office vacancy rates are still about 16 per cent. I would like the figure to fall a bit more before the BFC site is released,' said Mr Chia, who is also Redas' second vice-president.

Mr Kwee, who was re-elected Redas' president earlier this week, also disclosed that Redas will be having a dialogue soon with Ministry of Trade and Industry (MTI). 'Since the government is pro-business now, we are giving some input on what is good for business,' he elaborated.

Trade and Industry Minister Lim Hng Kiang, who was guest of honour yesterday, said: 'Redas main contact in government is the Ministry of National Development, because it looks after the real estate and construction sectors. But at the same time, Redas feels that MTI has strong links because of the various sectors... so it's important for us to keep in touch.'

Mr Lim also told reporters 'there's no truth' to speculation in some circles that there might be more than two sites for the proposed integrated resort concept, which may include a casino.

Mr Kwee, in his speech, divined what is in store for Singapore's property market against the backdrop of the Year of the Rooster. The element of fire is supposed to dominate the first half of 2005. '(This) means we are set for six months of ayam panggang or barbecue chicken, and this period may be difficult for developers,' said the Bandung-born head of the Pontiac Land Group.

As for the second half, 'the elements of gold and earth should bring greater prosperity, as both are good for the finance and property sectors. In this case, developers will benefit, and so will property owners, who can enjoy increasing values for their homes'.

'So it looks like a good year for all of us,' added Mr Kwee.

Business Times - 01 Mar 2005

S'pore launches tender for new financial centre

SINGAPORE - Singapore launched on Tuesday a tender to sell a sprawling bayfront property adjacent to the existing central business district for development into a new financial centre.

The Urban Redevelopment Authority said it opened the auction for the 3.55-ha site after receiving an initial minimum bid of $1,776 (US$1,093) per square-metre from an unidentified developer.

With the site planned to yield up to 438,000 sq-m in floor area, the bid would be worth at least $778 million.

The tender for the land, whose skyscrapers will be overlooking the Republic's Marina Bay area, will last for 16 weeks until June 21, the urban planning agency said in a statement.

Singapore aims to develop the harbour-front property into a swanky business and financial centre designed to attract multinational companies.

Sixty per cent of the floor area will house office buildings and 40 per cent will be earmarked for hotels, residential areas, entertainment and recreation.

The proposed development will also feature open spaces, courtyards and sky gardens, the statement said.

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.

URA has a more detailed news release on this.
http://www.ura.gov.sg/pr/text/pr05-08.html

I hope the successful tenderer would also purchase and develop an architecturally-pleasing attraction at the adjacent Central Promontory site.

Please, please, have something that will really define the cityscape this time.

Let it be a landmark WITHOUT HEIGHT LIMITS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The BFC MRT station is not represented by a box! Seems that the design is out. With the approval of the casino project at Marina South in 4-6weeks time, the new MRT line from Chinatown to Marina Centre will be announced soon? :D

you are saying the casino will be at Marina South?! which box are you refering to?

you are saying the casino will be at Marina South?! which box are you refering to?
Nothing said yet but to speed up development in Marina South, especially to make the MRT line feasible, they should build it there.

Future MRT stations are always represented by retangles since they are only indicative of the possible locations. However, if you take a look at annex 3, they have definitely designed the station which would mean they are almost definitely going to build it. Why spend money unnecessarily if otherwise?

Business Times - 02 Mar 2005

Leng Chan muscles in on BFC site

Sources say Guocoland application triggered tender

By KALPANA RASHIWALA

(SINGAPORE) Malaysian tycoon Quek Leng Chan hopes to zip into the frontlines of the prime Singapore office market by developing the mega Business and Financial Centre project in Singapore's New Downtown.

His Singapore-listed GuocoLand has successfully applied for the reserve-list site to be released for tender, sources told BT.

The minimum price GuocoLand has undertaken to bid for the site in its application submitted two weeks ago is a lower-than-expected $165 psf of potential gross floor area (GFA) - or an absolute amount of $777.89 million based on BFC's maximum GFA of about 4.7 million sq ft. The tender closes on June 21.

Market watchers expect all the big developers in town - including CapitaLand, the Singapore Hong Leong Group (which includes City Developments), Far East Organization, Keppel Land, Centrepoint and Pontiac Land - to join the bidding, possibly forming joint ventures with foreign property groups and funds that already have a presence in the Singapore property market.

These would include Cheung Kong Holdings and Hongkong Land and the likes of Pramerica, ING, AIG and Ergo, said Lui Seng Fatt, Jones Lang LaSalle regional director and capital markets investment head, yesterday.

At the launch of the BFC tender yesterday, National Development Minister Mah Bow Tan said that the project would be an 'iconic development' that will put the New Downtown on the map. It would also boost Singapore's attraction as a financial centre.

Most market watchers were expecting an initial minimum price closer to $200 psf per plot ratio to trigger the release of the 99-year leasehold BFC site from the government's reserve list.

However, final bidding during the actual tender is expected to drive prices up.

Analysts polled by BT predicted that the site could fetch top-end prices ranging from $200 to $250 psf ppr at the tender. This would work out to a breakeven cost of between $780 psf and $860 psf for the project - translating to a net yield of 4.8 to 5.2 per cent based on current prime Singapore office rentals.

While this is at the lower end of the 5-6 per cent yields expected by most international investors for the Singapore office market, the yield could pick up when the project is completed, given that office rents here are on the recovery path, analysts said.

The average prime office rent rose 10 per cent last year after three years of decline brought about by excess supply and weak demand due to economic slowdown.

The minimum price for the BFC site was revealed by the Urban Redevelopment Authority yesterday - but not the identity of the successful applicant.

However, sources identified the party as GuocoLand, which has begun to stir again on the Singapore property scene. In January, it outbid eight other contenders to clinch a condo site next to Buangkok MRT station offered by the state.

Last year, it sold its stake in prime London office group Benchmark Group and currently has cash of about $500 million, analysts said. Its biggest shareholder is Guoco Investment Pte Ltd, a unit of Mr Quek's Hong Kong-listed Guoco Group Ltd.

GuocoLand and the cash-flush Mr Quek have enough resources to complete the BFC project on their own, but market watchers say there will be no lack of suitors keen to partner the group if it eventually clinches the site.

The 3.55 hectare site can be developed into a maximum GFA of 438,000 square metres. The successful bidder, as master developer, will be given up to 10 years to buy the entire site in phases - under an option scheme announced earlier - and up to 18 years to finish developing the project.

The idea is to give the master developer flexibility to time land purchases and project development according to market demand. The tender conditions were 'crafted to maximise interest in the site and make sure the (project) succeeds', Mr Mah said.

'The sale of BFC is an important milestone in realising our vision for the New Downtown,' he added, pointing to recent and upcoming developments that are set to liven up Marina Bay - including The Esplanade, One Fullerton, One Raffles Quay and The Sail @ Marina Bay.

At least 60 per cent of BFC's GFA is slated for office use, while the rest can be for other uses like retail, hotel, residential, and entertainment and recreation. The BFC development will include a 1.37-hectare central open space or park.

The successful tenderer will also be offered a choice promontory site next door fronting Marina Bay, and which is earmarked for a new public attraction.

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.

This is just GREAT news! :carrot:

wow...plans for another MRT station there :eek:

what line will that be then?

Prime site for new financial centre up for tender

2 Mar 05

The Marina Bay land sale in new downtown could be the biggest in years

By Daryl Loo

PLANS to develop a massive new business and financial centre (BFC) in Marina Bay have been set in motion after a developer made an initial bid for the site.

The tender for what could be the biggest Government land sale in years was launched yesterday.

Ideas for the centre have been mooted since 2002, but the site was only put on the market last May, after economic uncertainty forced two postponements.

National Development Minister Mah Bow Tan, who announced the launch, said the Government has so far received strong interest from both local and overseas developers, calling it 'a good indication of the continuing investor confidence in Singapore'.

'The BFC will give a boost to realising our vision for Downtown at Marina Bay as a world-class business and financial hub,' he added.

The 3.55 ha site, on the waterfront next to Raffles Place, could add 438,000 sq m of space to the area, making it the second largest development released by the Government after the 490,000 sq m Suntec City.

Of the space, 60 per cent is designated for offices, while the rest can be given over to hotels, shops and entertainment outlets.

The Urban Redevelopment Authority (URA) said the site was taken off the reserve list and put up for public bidding after a developer's initial bid satisfied the minimum price.

The reserve list system was put in place in 2001. Unlike the previous system, which saw government land released for tender on pre-determined dates every year, sites are only released for tender after a developer places a bid at or above the minimum price set by the Government.

The unnamed developer has committed to bid at least $1,776 per sq m per plot ratio for the site, working out to about $780 million if the company purchases the entire site up front.

The tender closes on June 21, and the successful bidder is required to buy enough land to develop at least 100,000 sq m of space within eight years.

For the rest of the site, the URA has for the first time given developers the option to buy more land within six, eight or 10 years, then take up to 18 years to develop it. This is partly to offset the risk of buying such a big site.

The developer can also buy a smaller adjoining site at the waterfront to build a public attraction such as a museum or art gallery.

Mr Lui Seng Fatt, head of investments at property consultancy Jones Lang LaSalle, said the tender was timely, 'especially with positive outlook in the commercial property sector'.

Most analysts have predicted office rentals will grow this year, because of rising corporate demand for good quality office space.

Mr Lui expect bids to come mostly from consortiums made up of a few developers, or joint ventures between a foreign investor and a seasoned property developer like The Sail@Marina Bay condominium project, a joint venture between City Developments and United States-based AIG Global Real Estate Investment.

Property developers here were reluctant to be drawn on their possible interest in the BFC site.

A CapitaLand spokesman said the company is interested 'to participate in the business financial centre project with several partners, if there is demand and good yield'.

The spokesman for City Developments' parent company Hong Leong Group, Mr Gerry de Silva, said: 'We're still studying the project. But at this point our priority is to sell units at The Sail.'

RC, some line at Marina South?

mmm...yah I'm just guessing

if it was from Raffles Place to the BFC it would seem a little short though

CityDev expected to join GuocoLand in BFC bid

3 Mar 05

Hongkong Land considering placing a bid, says chief executive

MALAYSIAN tycoon Quek Leng Chan's GuocoLand Ltd and City Developments, run by his cousin Kwek Leng Beng, are expected to make a joint bid to develop the mega Business and Financial Centre project in Singapore's New Downtown, bankers and analysts said yesterday.

The tender for the 3.55 hectare waterfront plot - Singapore's first sale of government land for commercial use in three years - was launched on Tuesday after an initial offer of up to $778 million was put up by an unidentified developer.

A senior banking source familiar with the deal said GuocoLand was behind that offer and that the firm will team up with South-east Asia's second-largest property group, City Developments, for the bid.

'The project is too large for one company,' he said.

Mr Quek, a reclusive Malaysian billionaire, controls Singapore-listed GuocoLand.

Officials at CityDev could not be reached for comment.

The government aims to transform the reclaimed land into a towering business and financial centre partly modelled on Britain's Canary Wharf and overlooking Singapore's Marina Bay.

Mr Kwek, CityDev's executive chairman, said on Monday such a development would cost about $4 billion.

Speaking after CityDev released 2004 financial results on Monday, Mr Kwek said the company could 'participate significantly' in a consortium with a minimum investment of $500 million if it sold its Singapore office properties in a Real Estate Investment Trust (Reit).

'We may participate with some other developers, but at the moment we have no specific plans because we have so many offices here,' he said, adding that the company will decide by June whether to set up a Reit for its Singapore office properties, which are worth an estimated $1 billion.

The project, 60 per cent of which will be office space, would be the first major investment for Mr Quek, whose GuocoLand sold Hong Kong lender Dao Heng Bank to Singapore's DBS Group Holdings Ltd in 2001 for $10 billion, three times its book value.

GuocoLand officials declined to comment.

GuocoLand is especially cash rich after receiving $329 million from its April sale of 35 per cent of London developer Benchmark Group, said Kim Eng Securities analyst Lock Mun Yee. 'I guess they are looking at how they can use that cash ... Blood is thicker than water,' she said.

Before the tender closes on June 21, major developers such as CapitaLand Ltd and Keppel Land Ltd are expected to submit bids for the project, which will add at least 10 per cent to the current office supply in Singapore's central business district.

'With their strong balance-sheets and low gearing, we would not be surprised if United Overseas Land Ltd, Overseas Union Enterprise Ltd and Singapore Land Ltd participate in the bidding,' DBS Vickers Securities analyst Kok Ken Ji wrote in a note to clients on Tuesday.

Hong Kong's Cheung Kong (Holdings) Ltd and German insurer Ergo could also throw their hats in the ring, he said. Hongkong Land Ltd chief executive Nick Sallnow-Smith told Reuters yesterday that his firm was considering placing a bid. 'We will have to do a risk analysis to establish whether the risk matches the returns,' he said. - Reuters

RC, some line at Marina South?

It was in original plan for Circle Line where it will link this site to Chinatown MRT station (it already has provisions for new line to be built beneath the current Chinatown MRT station).

It will be also connected to Millenia Station, thus, it is part of Circle Line.

strange...I guess this will not be completed for a long time...more digging...

Will the Marina South MRT will be renovated?

^

I was there rather recently and I did see some renovation works going on there (actually lots of reno going on at other MRT stations). But in view of the new BFC and downtown plans, that Marina Bay MRT station really seems way out :P

Then again the proposed station will be part of a new line...

I wonder if Marina South will one day be covered by skyscrapers. And the Botanical Gardens like a mini Central Park.

Marina City Park would be our Central Park... :D

I think the whole of this area will be lovely when developed if they stick to the URA plan. Seems such a waste not to have seen more progress until now.

Anyone knows what's happening next to right of the Central Promontory? I was at Equinox earlier and saw something, construction perhaps, going on next to it.

Can you elaborate a bit please? you mean on the Sail site or what?

not the sail site. it's just next to right of the Central Promontory, i.e. not on the OMB side.

to be specific a bit, it's part of parcel B3 and parcel A7 in Annex 3B

http://www.ura.gov.sg/pr/graphics/pr05-08a3a&b.pdf

sorry. no picture. I didn't have a camera with me.

hmm..hard to say...I guess it more infrastructure works at the new downtown site...that place is digging like crazy for over a year!

It's gonna be a mixed used site with a 245m restriction?

It was in original plan for Circle Line where it will link this site to Chinatown MRT station (it already has provisions for new line to be built beneath the current Chinatown MRT station).

It will be also connected to Millenia Station, thus, it is part of Circle Line.
It was part of Marina Line and now part of ERL.

24 March 2005

Cheung Kong interested in bidding for Singapore's BFC site

SINGAPORE: Cheung Kong Holdings, Hong Kong's largest developer, is interested in bidding for the new Business and Financial Centre site in Singapore's new downtown.

Cheung Kong's executive director Justin Chiu said the Li Ka-shing flagship had been in talks with partners Hongkong Land and Keppel Land, as well as others to form a consortium to bid for the site.

Earlier this month, the Singapore government launched the BFC tender after Guocoland made an initial bid of $778 million sing dollars for the site.

Cheung Kong said that offer is low.

The tender closes on June 21 and major Singapore developers such as CapitaLand Ltd. and Keppel Land are expected to submit bids.

Mr Chiu said that the site had also attracted interest from other international investors.

Meanwhile, Mr Chiu also said that Cheung Kong was not interested in participating in the proposed integrated resort project in Singapore. - CNA

Copyright © 2005 MCN International Pte Ltd

Cheung Kong sets out hopes for BFC

25 Mar 05



CHEUNG Kong Holdings' executive director, Justin Chiu, is enamoured of Singapore's Business and Financial Centre (BFC), which is situated at Marina Bay.


'I really like that piece of land. I think the BFC will be very sexy, like Manhattan. If you look at the planning, I think it's very well designed,' he said.

Mr Chiu reiterated Cheung Kong's interest in bidding for the BFC. But the developer will not go it alone, as the project is 'huge', Mr Chiu told the media. 'We're talking about 4.5 to 5 million square feet, development over 15 years. By then I would have retired,' Mr Chiu said.

Revealing that Cheung Kong is in talks with its consortium partners for One Raffles Quay - Hong Kong Land and Keppel Land - Mr Chiu said they had not yet committed to putting in a bid.

Other developers have approached Cheung Kong to team up, Mr Chiu said, but it would prefer to work with its established partners.

Malaysian tycoon Quek Leng Chan's Guocoland triggered off the bid for the 8.77 acre site on the waterfront when he put in a bid of $165 per square foot last month. The centre will be Singapore's new downtown, with about 60 per cent slated for office use.

He was asked if Cheung Kong was interested in the integrated resort, which could possibly have Singapore's first casino. To that, Mr Chiu replied adamantly: 'Definitely not, the chairman's (Li Ka-shing) instruction, no gambling!'

"Li Ka Shing - No Gambling!" nasty! when seen in retrospect to Singapore Inc's previously adamant attitude towards all that is hyper bourgeosie and decadent. HK Corp is flipping the coin on us this time round. Aren't we all just hankering for extravagance at the end of the day? Which is my insistence that the purity of NDT cannot be marred by the supercilious associations of a Singapore Inc. casino. Sentosa isn't that much an issue for me.

Ka Shing sounds like the sound made by the cash register.... :lol: :jk:

only the most powerful man in hongkong. i think. one who raises skyscrapers at will at least. singapore could SO do with a man like him. only, of course, no one of his calibre would be persuaded to live in singapore.

Oh, yes......
Maybe he could buy a penthouse on Sail? :D


CDL is the Sg equivalent of LKS? :D

Business Times - 11 Jun 2005

PROPERTY
Lippo declares bid for new financial district in S'pore

Sun Hung Kai, CapitaLand deny talk that they are jointly bidding

INDONESIAN Investment group Lippo Ltd and a private firm linked to top Hong Kong developer Sun Hung Kai Properties are among the probable bidders for Singapore's new financial district.

The tender for the 3.55-hectare waterfront site - about 6 1/2 times the size of a football field - closes on June 21 and six groups are expected to submit bids for the land, which is valued at $778 million.

http://business-times.asia1.com.sg/mnt/media/image/launched/2005-06-11/lippo050611.jpg

An unlisted company controlled by the Kwok family, which heads Sun Hung Kai Properties, is in a joint bid with South-east Asia's largest developer, CapitaLand Ltd, industry sources said. Both companies denied involvement.

Sun Hung Kai Properties said that it had 'no plan to invest in Singapore at the moment' while a CapitaLand spokesman said that it was 'not in partnership with Sun Hung Kai'.

'I'm surprised they are still denying this at this stage,' said one industry source.

Hong Kong-listed Lippo, controlled by Indonesia's Riady family, said that it was leading a consortium to bid in Singapore's first government land sale for commercial use in three years.

'We are putting together a consortium, which we will lead,' said a Lippo spokesman.

Adjacent to one of Singapore's planned casino resorts, the development will yield a total gross floor area of 438,000 square metres, adding at least 10 per cent to the current office supply in the central business district.

The reclaimed land, which has a 99-year lease, will also contain residential apartments and shops.

Hong Kong's Cheung Kong (Holdings) Ltd, controlled by Asia's richest man, Li Ka-shing, has said that it would work on a bid with Hongkong Land and Keppel Land.

City Developments and office landlord Singapore Land are said to be weighing bids as well.

CityDev is reported to have been in talks to sell $500 million in assets to a listed property trust controlled by Mr Li to raise money to back its bid.

The tender was triggered in March by Guocoland Ltd which offered an initial bid of $1,776 per square metre - lower than many analysts had expected.

The site was on a government reserve list, created in 2001, which replaced regularly scheduled land sales. The government assigns secret minimum bid prices for plots on the list. When a bid level is breached, an auction is triggered.

Winners of the bid will have a 'pretty tight grip on the prime office space market in the next 5-6 years' as no other major office development is in sight, said Moray Armstrong of property consultancy CB Richard Ellis.

The tender is not expected to revitalise Singapore's property market, which is recovering tepidly.

'Given the risks of a mega-site like this, I do not expect the bids to be excessively high,' said Yu Lai Boon, managing director of Jones Lang LaSalle Singapore. Singapore office rents have climbed 11 per cent since October 2003 while those in rival financial centre Hong Kong have more than doubled in the same period, he said.

Though office vacancy rates fell one percentage point in the first three months this year from the previous quarter, Singapore is fighting to retain multinational firms from being lured to cheaper regional business centres.

'Unlike Hong Kong, Singapore doesn't have proximity to China as leverage,' said Ong Wah Foon, head of research at property consultant DTZ Debenham Tie Leung.

The last government land sale in the same area went to CityDev in 2002 for $1.07 billion, 38 per cent more than the initial bid. - Reuters

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.

hmmm... let's see who wins this site after the tender closes.

yes coming soon..this will be the next major development..cant wait! :happy:

14 June 2005

Tender period for Singapore's new financial district extended
By Jeana Wong, Channel NewsAsia

SINGAPORE : The Singapore government has extended the tender period for developers who want to be involved in the Business and Financial Centre.

The deadline is now July 7, instead of June 20.

The extension came after the government announced that the MRT will be extended to the Marina Bayfront area, covering the new financial district and integrated resort.

Potential bidders for the BFC will now have to factor in new specifications.

Analysts say the S$1.4 billion MRT extension should boost interest in the new downtown site.

Bidders for the Business and Financial Centre are back to the drawing boards, reworking their plans now that the BFC will be served by the MRT.

The successful bidder will have to link the BFC site to the subway station via an air-conditioned underground pedestrian walkway.

It also has to provide retail space near the subway stations.

The construction will have to be timed such that its completion coincides with the expected completion of the MRT extension line and the station.

Analysts say the planned rail network will boost the attractiveness of the financial centre site.

For a start, it will help the new downtown to achieve a critical mass.

And more importantly, they say, a firmed-up timeline will help developers move forward.

Said Donald Han, managing director at Cushman & Wakefield, “You can basically speed up your entire project completion. Hence you can ascertain a higher revenue coming from both your retail, from your office. It makes the site more attractive right now so I guess they'll have to incorporate into their formula as to what kind of premium they want to actually pay for it.”

Analysts also say that whoever wins the BFC tender will be able to control Singapore's office space supply after the project is completed.

This is because demand now outstrips supply by almost three times.

Analysts did not say how much the BFC will fetch now.

But according to a previous estimate, the site could fetch as much as S$1.3 billion, or S$3,000 per square metre. _ CNA /ct

Copyright © 2005 MCN International Pte Ltd

LTA should have informed URA earlier that they are announcing the plans today...

Good that URA is extending the deadline. We hope to see more interesting bids in this project. :)

28 June 2005

Cheung Kong, HK Land, Keppel Land likely to bid for BFC
By Michael Lim, Channel NewsAsia

SINGAPORE : A consortium which includes Cheung Kong Holdings looks set to bid for the new Business Financial Centre project.

The Li Ka-shing flagship is seeking to expand in Singapore.

Apart from the new Downtown, Cheung Kong also plans to boost the portfolio of its property trusts here.

Speaking at the sidelines of an industry forum Tuesday, Cheung Kong's Executive Director Justin Chiu says the company is keen to submit a bid for the new Business Financial Centre with partners Hong Kong Land and Keppel Land.

But he says their tender will be cautious as there are concerns over the supply of office land into the market.

"It's likely that we will put in a bid but we are cautious about the future supply. Because in the tender document there is no assurance that there won't be new land supply in the area or in the office market. If you are talking about the BFC, it's an 8 to 12 years development period. And if there is supply of land from other sources or from other government auctions or tenders, it will post some pressure on the developer or on the winning bidder. So we tend to be more cautious on our bidding price," said Justin Chiu, Cheung Kong Holdings' Executive Director.

When contacted by Channel NewsAsia, Keppel Corp confirmed that its unit Keppel Land is in discussion with two partners for the BFC project.

The tender for the 3.55-hectare site will close on July 7, 2005.

Several groups are expected to submit bids for the land which is valued at S$778 million.

Besides the BFC project, Cheung Kong is also keen to expand assets of its Suntec REIT by up to 50% this year.

Said Chiu: "It is always my intention to expand the Suntec REIT. Because in REIT operation, you need to expand its size. Initial IPO size is only good enough for day to day management, to cover your management cost. But if you want to make some profit out of it, you need to expand the assets."

Cheung Kong also owns Fortune REIT which is in talks to buy more Hong Kong shopping malls.

REITs may be growing in popularity but the company does not have any plans to list its properties in China into a REIT just yet.- CNA /ls

Copyright © 2005 MCN International Pte Ltd

^

Thats the same consortium that is developing 1 Raffles Quay, hope if they do win the bid theyll come up with something different.

And proposed renderings?

^

its too early for that at the moment I think.

No government succour for worried BFC bidders

30 Jun 05

Fears centre on potential land sales that would compete with project



By KALPANA RASHIWALA


THE government will assess nearer the end of the year whether there is a need to release new office sites in the Downtown Core area, which includes the existing and new central business districts, after 2005.


'This would be based on demand and supply projections for office space in the Downtown Core area,' the Urban Redevelopment Authority told BT in response to concerns raised by potential bidders for the mega Business & Financial Centre (BFC) site.

On Tuesday, Justin Chiu, executive director of Hong Kong tycoon Li Ka-shing's Cheung Kong Holdings, said that one of the group's partners in a consortium that plans to bid for next week's tender for the BFC site is worried that the government could release more office supply in future in the New Downtown.

'Very likely, we'll put in a bid, but we'll be cautious on the bidding price, because of the future supply of land,' said Mr Chiu.

The BFC site can generate 4.7 million sq ft gross floor area of mostly offices.

In December 2003, when the government said it would make available the BFC site through the reserve list in the first-half 2004 Government Land Sales programme, it had undertaken not to release any other office sites through the programme in the area in 2004 and 2005.

With the moratorium expiring in six months, market watchers are wondering if there will be an extension. 'There's a real fear among industry players that the authorities could sell an office site near BFC in a few years if office rents start to spike,' said Colliers International managing director Dennis Yeo. 'The government's agenda has always been to keep the cost of doing business here low for fear that businesses may move out of Singapore. However, the reality is that many Asian cities now have higher office rentals than Singapore and yet they're thriving as there's plenty of business to be done there in the first place.'

Average prime office rents on the island have risen by about 18 per cent since bottoming out nearly 18 months ago. Analysts generally expect rents in choice locations to continue recovering due to limited new supply in the next five years as well as improving demand.

Said Jones Lang LaSalle Singapore managing director Yu Lai Boon: 'Supposing the government decides that office rentals are going up too fast in the meantime and that they should release another office site, say, next year or in 2007 while the BFC is being developed, it wouldn't serve much of a purpose as a project on such a site is likely to be completed around the same time as the first phase of BFC, at the earliest. That will set the stage for a supply glut, and I don't think the authorities will risk the success of BFC, which is a strategic project for Singapore.'

In any case, if Prime Grade A office rents threaten to run away, there's enough supply of Grade B offices on the island to check that, Dr Yu added.

As at end-March, there were 10.5 million sq ft of vacant offices islandwide - 44 per cent of this in the Downtown Core area, according to government data.

04 July 2005

Developers to spend $18m to link BFC with downtown MRT extension
By Jeana Wong, Channel NewsAsia

SINGAPORE : The downtown MRT extension is expected to add some $18 million to developers' cost of building the Business and Financial Centre, according to estimates by analysts.

The additional funds will go towards building a tunnel to link their developments with the MRT station, as well as new retail space.

Developers are now busy putting the final touches to their tender, which will close on July 7.

The Business and Financial Centre at Marina is a hot topic among developers lately as the tender is due to close this week.

The $1.5 billion project - with a new Downtown MRT Extension to boot - is generating huge interest among developers and market watchers.

Mr Alvin Teo, Director of Client Solutions at Cushman & Wakefield, said: "To have a train station there, it basically increases the vibrancy of the location.

"So it will affect the attractiveness of the location, as well as the many corporations or many retailers who have planned to have physical presence in this new downtown location."

To give developers' time to factor in the new train station into their plans, the government has extended its tender period for the BFC by two weeks to July 7.

For the construction industry, the potential to get $18 million in projects is no doubt a boost to the ailing sector.

The money will construct a tunnel linking the BFC with the neighbouring MRT station and will also include new retail space.

While the amount is small compared with the cost of the entire BFC project, it is expected to create challenges for contractors.

Mr Simon Lee, Executive Director of The Singapore Contractors Association, said: "It is complex. The reason being is that when you start construction work, you are talking about heavy construction traffic, you are talking about cranes, you are talking about earthwork."

So planning will be key.

Still, one uncertainty appears to be removed.

The government is aiming for the Downtown Extension to be operational by 2012 - which analysts say is a realistic timeframe for developer to implement their plans. - CNA/de

Copyright © 2005 MCN International Pte Ltd

:eek:
So expensive???!!!!

whats so expensive?

It makes sense that the land value will increase with the inclusion of the new downtown extension. And it makes the place even more vibrant and attractive. It would be expected that the rent leasing for the retail shop will increase. As you can see that the area around BFC, nearby IR, Esplanade, Singapore River, and nearby Clarke Quay planned entertainment centre could potentially contribute to the greater vibrancy and elan around the Singapore River area.

:runaway:

The construction going on there is frenetic..so much digging at the moment..I guess they are preparing the common services tunnel ready for the actual thing.

BFC bids may top $300 psf ppr

6 Jul 05

Sino Land, IOI, Wing Tai seen as potential bidders



By KALPANA RASHIWALA

(SINGAPORE) Interest in the mega Business and Financial Centre (BFC) site being offered for sale through a tender that closes tomorrow, seems to be hotting up, with market talk that bids may top $300 per square foot of potential gross floor area.

http://business-times.asia1.com.sg/mnt/media/image/launched/2005-07-06/krbfc6-221248.jpg

This would be almost double the $165 psf per plot ratio (psf ppr) minimum acceptable price for the site, and also the highest price at which the government has tendered out land in Singapore's New Downtown, coming up in the Marina Bay area, since it began selling it about four years ago.

Based on a land price of $300 psf ppr, the break-even cost for offices could be about $900 psf, say sources familiar with costing of projects in the location. That could generate a yield of 6 per cent if prime average office rents rise to $6 psf a month in about five years - when BFC's first phase may be completed - from current monthly rents of about $4.70 psf, market watchers say.

Assuming the project has a residential component, its break-even cost could be about $750 psf, which could still yield a decent profit based on the $960 psf average selling price achieved for the nearby The Sail @ Marina Bay condo.

'And there will be ready exit options for the BFC developer,' said a property consultant. 'It can sell the offices to the growing number of real estate investment trusts here that are hungry for acquisitions. The apartments should be able to find buyers going by the strong demand for city living as shown in The Sail.'

The BFC was released for tender in March after a successful application, reportedly by Malaysian tycoon Quek Leng Chan's GuocoLand. The group has undertaken to bid at least $165 psf ppr for the site, which can generate a maximum gross floor area of about 4.7 million sq ft, of which at least 60 per cent must be offices.

Rival property groups CapitaLand, City Developments, and the consortium that is developing One Raffles Quay near the proposed BFC are all expected to bid for the 99-year leasehold site. Indonesian tycoon James Riady's Lippo Group has also shown its hand. And the latest is that Hong Kong's Sino Land, the sister company of Singapore property giant Far East Organization, may also bid.

A Reuters report yesterday, citing industry sources, said Malaysia's IOI Corp and Wing Tai Holdings are among the likely bidders.

Two sites sold previously in the New Downtown through tenders conducted by the Urban Redevelopment Authority fetched $227 psf per plot ratio for a site sold in May 2002 to City Developments and AIG, which are developing The Sail on the plot, and $290 psf ppr in March 2001 for the site being developed into the One Raffles Quay office development by a consortium comprising Hongkong Land, Keppel Land and Cheung Kong Holdings.

There was also another land sale in the area by the government, although this involved a direct award - not a tender - of a site to the Singapore Labour Foundation for about $270 psf ppr. SLF has since developed this site into the One Marina Boulevard office tower.

The strong interest in the BFC site is in stark contrast to the reception that developers and property consultants gave the BFC project when the government first mooted the idea several years ago, as the market reeled from an office glut. The office oversupply has since abated, as seen by a 17 per cent gain in prime CBD rents since the market bottomed out some 15 months ago.

Analysts also credit the improvement in sentiment towards the BFC to the government's confirmation in April that there will be a nearby integrated resort including a casino in the New Downtown, as well as strong demand for The Sail condo in the area.

There has also been a surge in investor confidence, especially among overseas investors, who say the Singapore property market has lagged the rises in property values and rents in other Asian cities over the past 18 months.

'The timing for BFC is right and sentiment is improving, together with the flexibility of a phased payment structure for the land and staggered development time-frame,' said a property consultant.

Agreeing, a developer told BT: 'You literally have the government on your side with an option to pay up for the entire site in six, eight or 10 years. There's no other project like this in town.'

the bfc sounds like its going to be a pretty glorious place

My guess for the winner of this BFC site:

Citydev + Hong Leong @ S$1 billion.

06 July 2005

Analysts expect up to 8 bids for BFC site when tender closes
By Derek Cher, Channel NewsAsia

SINGAPORE : The tender for the new Business and Financial Centre (BFC) will be closed on Thursday.

And interest from developers appears to be hotting up.

Analysts expect the site to receive some 5 to 8 bids - most of which will be offered by consortiums of developers.

The BFC was released for tender in March after GuocoLand promised to make a minimum bid for the site.

When the idea of the BFC was first mooted several years ago, developers were worried that this would lead to a glut in office space and hollowing out of the existing downtown.

But these fears have since vaporised - thanks to a pick-up in office rental and the go-ahead for an integrated resort at Marina Bayfront.

Now, it seems many developers are keen on bidding for the site.

Property analysts expect the BFC will receive up to 8 bids when tender closes on Thursday.

Analysts say it is very likely that we are going to see consortiums of developers rather than a single developer bidding for the project.

That is because the BFC is a very large project and developers may feel more comfortable teaming up with each other to develop the different components of the project.

Foreign developers - especially those from Hong Kong - are expected to participate actively in this project.

And analysts say they could put in aggressive bids of close to $300 per square foot per plot ratio - almost doubling the minimum acceptable price for the site.

Nicholas Mak, Director, Knight Frank, said, "If the developer is truly worried that there's going to be an office glut, then maybe they should close their positions. Another strategy is to put in a cautious bid and if they win it, then they will have to develop it, but at least they are in control of the project rather than having a competitor controlling it and possibly drawing tenants from their properties in about three to four years time."

At least 60 percent of the BFC site must be set aside for office use.

Analysts expect the remaining land will be used to build residential apartments - due to the growing popularity of downtown living.

Another possibility is the development of serviced apartments, which will be in demand when the integrated resort is built. - CNA/ms

Copyright © 2005 MCN International Pte Ltd

http://sg.yimg.com/i/sg/providers/reuters.gif

July 7 2005
Cheung Kong group behind top bid for Singapore site

SINGAPORE, July 7 (Reuters) - A consortium consisting of Hong Kong's Cheung Kong (Holdings) Ltd. , Hongkong Land and Keppel Land Ltd. has put in the top bid worth S$1.8 billion ($1.06 billion) for Singapore's new waterfront financial district.

A Keppel Land spokeswoman confirmed that the trio submitted the top bid of S$4,101 per square metre under the company names Bayfront Development Pte. Ltd., Choicewide Group Ltd. and Sageland Pte. Ltd.

Sitting adjacent to one of Singapore's two planned casino resorts, the 3.55-hectare (8.9 acre) site, will add about 11 percent to the current office supply in Singapore's central business district.

($1=1.696 Singapore Dollar)

Copyright © 2005Reuters Limited. All rights reserved.

7 July 2005
9 bids received for BFC site when tender closes

The tender for the Business and Financial Centre site at Marina Bay which closed today, attracted aggressive bids from local and foreign developers.

The government said the bids range from 198 to 381 dollars per square foot.

At 381 dollars, the bid works out to a total of 1.8 billion dollars for the 3.55 hectare site, way about analysts expectations.

That bid was submitted by Keppel, with Cheung Kong and Hong Kong Land.

The lowest bid was submitted by Far East Organisation.

Altogether, 9 bids were received.

Other bidders include Capitaland and City Developments.

City Development also said it submittted a joint bid with another party.

The tender is the largest sale of downtown land in a decade in Singapore.

"Given the tight supply in the office space market, particularly the prime Grade A office space market, we think that there is scope for growth. There is only 2.3 million square feet of new office construction coming from now till 2008. When the first phase of the BFC is ready, sometime in 2009. We believe there will be considerable pent-up demand for Grade A office space."

The participation of so many players in the tender also reflected a consensus that current capital values are well-supported by growth in demand and a recovering rental market.

The highest bid was put in by the consortium comprising Keppel Land, Cheung Kong and Hong Kong Land.

The lowest bid was submitted by Far East Organisation at 198 dollars per square foot.

Altogether, the government said nine bids were received.

Copyright © 2005 MediaCorp Radio Internet Development Unit

BFC tender draws bullish top bid

8 Jul 05

(SINGAPORE) In a major vote of confidence for Singapore, a consortium comprising Hongkong Land, Keppel Land and Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa yesterday entered a much higher-than-expected top bid of $381 psf of potential gross floor area for the mega Business & Financial Centre (BFC) site.

http://business-times.asia1.com.sg/mnt/media/image/launched/2005-07-08/080705_krbfc8_pg1.gif

This works out to an absolute sum of almost $1.8 billion for the 3.55-hectare site and is more than double the minimum acceptable price set by the state for the site, which can generate about 4.7 million sq ft gross floor area (GFA) of mostly office space in Singapore's New Downtown coming up around Marina Bay.

The tender by the Urban Redevelopment Authority drew nine bids in total representing interests from Hong Kong, Indonesia and Singapore. Bidders included Indonesian tycoon James Riady's Lippo Group, Malaysian tycoon Quek Leng Chan's Singapore unit GuocoLand and Malaysia's IOI Group, as well as Singapore's City Developments, CapitaLand, Far East Organisation - and even a surprise bid by mid-size developer Ho Bee.

News of the high top bid should boost sentiment, and property counters with substantial exposure to the prime office sector - such as CapitaLand, City Developments, Singapore Land and Keppel Land - should benefit from a revaluation of the prime office market.

Said Knight Frank managing director Tan Tiong Cheng: 'There's no doubt that the future of the CBD is at Marina Bay. But with BFC now having a higher breakeven office rental due to a much higher bid than envisaged, the question is: Has the government's objective been met?

'The whole idea of BFC is to attract more financial players to Singapore by providing the appropriate office space at a competitive price.'

Based on the top bid, he estimates a breakeven cost of at least $1,000 psf for BFC's office component, and going by current office rentals, the yield works out to about 4.5 per cent. Clearly, BFC's top bidder is looking beyond the current market.

'Sentiment in the Singapore office market has improved over the past 12 months and we expect it to continue to do so for the next five to 10 years,' said Hongkong Land's head of commercial property, South Asia, Robert Garman. 'I believe (our bid) price is fair given the site's prominence. It's arguably one of the best sites in Singapore. Given the experience of all three consortium partners, the cost of the project can be adequately managed.'

'A number of financial institutions, international and local, have contacted us with a view to upgrading their premises to the future BFC,' he added.

Asked if the strong top bid could prompt URA to release more office sites in the location, Mr Garman said: 'The URA is clearly supportive of BFC's success and will therefore manage the future Downtown supply accordingly.'

The BFC project will be phased over 18 years. Besides offices, it will include an underground mall and can also have apartments and a hotel.

BFC's top-bidding consortium members Hongkong Land, KepLand and Cheung Kong are also the joint developers of the nearby One Raffles Quay office project, which they bagged in a 2001 tender for $290 psf per plot ratio (psf ppr).

The top bid for BFC was about 8 per cent above the second-highest offer of $352 psf ppr, cast by a Wing Tai-led consortium. In third position was Lippo group, at $351 psf ppr.

CapitaLand led a consortium that included the Kwok family which controls Hong Kong's Sun Hung Kai group, Hotel Properties and the Salim Group's Singapore-based unit KMP.

City Developments and AIG, which are developing The Sail @ Marina Bay condo, teamed up with a bid of $325 psf ppr. News of the strong top BFC bid yesterday has led them to accelerate their launch plans for the second tower of The Sail condo 'and at much higher prices than the $960 psf average that we achieved for the first tower', a CityDev spokesman said yesterday. The duo bagged The Sail plot in 2002 for $227 psf ppr.

Knight Frank's Mr Tan estimates BFC's residential component of BFC will breakeven at $800-850 psf.

08 July 2005

Rising rent and demand for office space may boost profitability of BFC project
By Michael Lim, Channel NewsAsia

Rising office and commercial rents could help turn the new Business and Financial Centre project into a very profitable one despite the potentially high development costs.

This is according to analysts just one day after the consortium comprising Cheung Kong, Keppel Land and Hong Kong Land submitted the top bid for the BFC site.

It is about a week before the URA announces the winning tender for the BFC but already, the consortium of Keppel Land, Hong Kong Land and Cheung Kong is seen as the winner.

The attention is now shifting to whether the partners can make a profit from the project.

Consultants are forecasting development costs of between S$900 and S$1,000 per square foot.

Dennis Yeo, MD, Colliers International, said: "On that basis with the market going a little upwards and even taking a conservative stance I would think the return on that would come in at around 7.5 percent. Which is actually a very decent yield compare to the existing yield for the office market."

Meantime office rents are forecast to increase in the coming years due to a shortage of Grade A space.

And because the consortium also owns the One Raffles Quay project, it will have control of all new top grade office space in the new downtown area.

Michael Ng, MD, Savills, said: "We are all expecting rents to move up. With this project coming on stream possibly in 2010 on to maybe 2015, we are looking at less than one million sq feet a year so I think it's a very strong market for office space."

Donald Han, MD, Cushman and Wakefield, said: "I think if you look into over the next 3 years itself we can safely say that office rents is going to bend towards the landlord advantage itself. Rents have already risen by about 15 percent over the last 12 months itself. And it is expected to grow on a per annum basis 8 to 10 percent from here over the next 3 years."

Analysts also suggest that the consortium will be able to gain some edge over their competitors because it would be able to offer deals to tenants not just in Singapore but also in Hong Kong.

Mr Han said: "I think one competitive advantage that will come out from it is that now they can look into their tenant mixed and offer one lease to offer an economies of scale, to be able to attract tenants to emigrate into their respective building in both cities itself. Hence I think it opens up a wider spectrum of corporate tenants who are keen to look into leases in Singapore and Hong Kong."

Property consultants are expecting Keppel Land's current CBD tenants to move over to the BFC when it is completed.

This will then pave the way for Keppel to redevelop or refurbish its older buildings in the city centre. - CNA /ch

Copyright © 2005 MCN International Pte Ltd

I wonder if such a high bid would be beneficial to the competitiveness of office costs here...

Plus the construction cost, this project can easily come up to S$3b or more, but they should be able to gain back easily with residential project sales, future office and shopping mall rental and an REIT.

This consortium is fast becoming the KING of new downtown and they will decide and drive up the office rental cost of this area which I think in long term will affect not only the competitiveness of office cost here but also Singapore as well.

and Singapore is competing with HK as a business and financial hub..I wonder if there are long term motives involved...hmm...could it be linked to PSA taking a stake in HK ports?

More to do with control of new Downtown, reasons being:

1. GLC company (Keppel Land) is in the consortium

2. Senior Li is only one of them, may only have 1/3 share.

3. To protect his investment in 1 Raffles Quay

4. He has shift his attention to new downtown by quietly scale down his investment in Suntec REIT. He now own less than 5% share and is considered as minority shareholder

The $1.8b should be a done deal with his good working relationship with the government here & the involvement of Keppel Land.

" A New "downtown" king is in the maKING"

well at least to be positive, this is a step forward to making the new downtown progress a step further, I just hope this particular project will be successful and benefit us of course, since so much excitement was placed on it.

In 2007 or so there'll be crazy construction there.....
Casino, Sail, BFC, CST..... :runaway:

well at least to be positive, this is a step forward to making the new downtown progress a step further, I just hope this particular project will be successful and benefit us of course, since so much excitement was placed on it.


Is Amazing!! We turned an empty sea into Goldmine in 40 years. This area was only part of the sea but is now fast becoming a S$10b GOLDMINE/Jackpot (US$2 billion casino + S$1.8b BFC + Sail at Marina + 1 Raffles Quay) for us.

yah..the casino project I think is a big big trigger...and I hope it yields dividends! Thats what the press keeps saying and it better be! :happy:

I'm just happy the skyline is growing ^^

New city rising from the sea!!!! :D

http://www.ura.gov.sg/skyline/skyline05/skyline05-01/images/p2_13.jpg

The BFC is a large development. With a total GFA of 438,000 sqm, the site is about three times the size of the usual commercial GLS sites. This was intended to meet market demand for large and flexible building floor plates. In addition, the large site allows the developer to master plan the development and customise and build it in phases in tandem with market demand.

To mitigate the development risks in such a large project, URA introduced an options scheme that allows the developer to purchase and develop the land in phases. So if the developer chooses to build the development in phases, he pays only for the land that he needs to build the first phase (which must be at least 100,000 sqm GFA) upon award of the tender and buys an option for the right to buy the remaining land for subsequent phases at prices fixed by a formula. He has a choice of option periods of 6, 8 or 10 years, with corresponding option fees of 6%, 8% or 10% of the land price of the remaining phases.

At a project completion period of eight years for each phase, the overall project completion period can be as long as 18 years. If the developer opts to buy the entire site upfront, he will enjoy a longer projection completion period of 13 years.


It will not be all business and no play at the future BFC. With the site’s large area and “White” zoning, the master developer will have lots of room to plan for an optimum mix of uses to achieve an attractive, well-integrated development. After setting aside the required 60% of GFA for office use to ensure a critical mass to meet modern business needs, he can use the remaining 40% of the GFA for other commercial uses and complementary purposes such as hotel, residential, entertainment and recreation to create a total live-work-play environment.

Office workers and residents in the area can also look forward to resting and relaxing in a new civic space roughly the size of Istana Park within the BFC site. Named Central Open Space, it will no doubt become a focal point for the area, especially with plans to turn the area beneath it into an underground pedestrian mall with shops, restaurants and other interesting commercial facilities.

The location of the BFC right next to the existing Central Business District at Raffles Place means that firms in the BFC will be able to plug into the existing network of businesses and services. Its prime waterfront spot will also provide a commanding view of the city and Marina Bay.

Furthermore, the BFC site will boast of seamless connectivity to the rail system through a comprehensive underground pedestrian network that links directly to the station concourses at Raffles Place MRT station and the possible future station planned next to the site. it will also be linked to the basement levels of adjoining buildings, the waterfront promenade and loop of attractions around the Bay.

The BFC site presents a unique, golden opportunity for developers, investors and businesses to share in Singapore’s future that is built on excellence. Interested bidders have 16 weeks to bid for the BFC site. The tender will close on 21 June 2005.

I believe that the central promonitory is meant for an unique place for the tourists/singaporeans to have a splendid night view of the singapore skyline..just like in HK's Walk of Fames?

I wonder how the central promonitory structure will be like? Like Lourve museum? or Eiffel tower look-alike?

:runaway:



http://www.ura.gov.sg/skyline/skyline05/skyline05-01/images/p2_13.jpg

Heard that the URA stipulated the central promontary will be no higher than 50m.

If the Guggenhiem couldn't be at the casino, i want it to be here!!!!

good idea !!! but not sure whether this space will be able to accomodate guggenhiem musem??
:runaway:

If the Guggenhiem couldn't be at the casino, i want it to be here!!!!

i guess it could.. a small one perhaps.

14 July 2005

BFC site tender awarded to consortium for S$1.8b

SINGAPORE : The URA has awarded the tender for the Business and Financial Centre, or BFC, site to the consortium comprising Cheung Kong, Hong Kong Land and Keppel Land.

The group had put up the highest tender for the site - at S$4,101 per square metre.

That works out to a total of S$1.8 billion for the 3.5 hectare site.

At least 60 percent of the maximum permissible gross floor area of 438,000 square metres has to be set aside for office use.

The remainder may be used for complementary uses such as hotel, residential, recreation or entertainment.

When completed, the project is expected to increase the supply of grade A offices in Singapore by 11 percent. - CNA/de

Copyright © 2005 MCN International Pte Ltd

14 July 2005

BFC site tender awarded to consortium for S$1.8b

SINGAPORE : The URA has awarded the tender for the Business and Financial Centre, or BFC, site to the consortium comprising Cheung Kong, Hong Kong Land and Keppel Land.

The group had put up the highest tender for the site - at S$4,101 per square metre.

That works out to a total of S$1.8 billion for the 3.5 hectare site.

At least 60 percent of the maximum permissible gross floor area of 438,000 square metres has to be set aside for office use.

The remainder may be used for complementary uses such as hotel, residential, recreation or entertainment.

When completed, the project is expected to increase the supply of grade A offices in Singapore by 11 percent. - CNA/de

Copyright © 2005 MCN International Pte Ltd

Money talk and never too much...

Next thing: Hope that they can come up with new iconic building (twin towers & etc) that whole nation will be proud of.......

URA awards tender for BFC site

15 Jul 05


THE Urban Redevelopment Authority (URA) has awarded the parcel for the Business & Financial Centre (BFC) site in the Marina Bay area to the consortium of Hongkong Land, Keppel Land and Li Ka-shing's Cheung Kong/Hutchison Whampoa.


'We'll have our inaugural meeting shortly to discuss our plans,' Robert Garman, Hongkong Land's head of commercial property, South Asia, told BT yesterday.

The consortium - principally the same partners who are developing the nearby One Raffles Quay office project - was the top bidder for the BFC site when its tender closed on Thursday, July 7. The winning bid of $381 per square foot of potential gross floor area (GFA) works out to about $1.8 billion, based on the 4.7 million sq ft maximum GFA.

The winner of the BFC site has to inform the URA of a few important decisions within 28 days of the award. These include the submission of a master plan for the project, including the type and mix of uses, land parcellation and how it intends to phase the project, which can be completed in stages up to 18 years.

The consortium also has to say whether it is signing an option under a flexible payment scheme to take six, eight or 10 years to pay for the site. BFC's developer gets first right to purchase the next-door Central Promontory site, earmarked for a public attraction, at the same unit land price as the BFC parcel itself. That works out to about $164 million, based on a maximum GFA of 430,556 sq ft. The winning bidder has to indicate its intention to buy this site within the 28 days by paying a 1.5 per cent option fee.

Some of the BFC bidders had indicated previously they were not keen on the Central Promontory site as it may be pricey for what could turn out to be a 'public service project' given the sort of attractions - such as a museum - that the URA has previously suggested for the choice site fronting Marina Bay.

'For us, it will be a commercially driven decision, and we'll review our decision within the wider context of what we're planning to do with the main BFC site,' Mr Garman said. At least 60 per cent of BFC's 4.7 million sq ft GFA must be offices. The rest can be for residential, retail, hotel or recreational uses. BFC's developer is expected to watch the outcome of the upcoming launch of the second tower at The Sail @ Marina Bay condo next to the BFC site before deciding if it should include apartments within the BFC development.

Mr Garman said: 'The mix of uses for the balance of the site will be largely determined by market conditions. The consortium is unable to comment specifically on the total development costs as there are many variables. However, we will make reference to our experience at One Raffles Quay.'

Property consultants earlier estimated a break-even cost of at least $1,000 psf for BFC's office component. Mr Garman said: 'The consortium partners collectively have over 200 years of development experience in Asia and coupled with the financial strength of the respective partners, we're confident that costs can be adequately managed.'

would they publish the proposed/approved master plan? Sounds interesting.

I'm sure they will...and I cant wait to see the design. Although it may be bland like Raffles Quay (same developer).

Think it will have hotels/apartments

More fund management companies? To manage money of rich casino customers. :)

KepLand: BFC project will have apartments

28 Jul 05

By KALPANA RASHIWALA

THE Business & Financial Centre (BFC) project will probably have a residential component and the apartments are likely to be launched for sale in about a year.

This was revealed by Kevin Wong, managing director of Keppel Land, which has a one-third share in the consortium that earlier this month was awarded the BFC site.

Mr Wong also said that KepLand is working to launch an office real estate investment trust (Reit) 'as soon as possible'. The market has been waiting for the group to launch its Reit for the past few years. Things may look more promising this time, with the recent pick-up in prime office rentals and occupancy rates, say analysts.

'We are in the process of appointing an investment banker' for the proposed Reit, Mr Wong told reporters after the group's Q2 results briefing. He said the group had an attributable share of about $1.5 billion worth of office property in Singapore. Mr Wong declined to give details, like naming the likely candidates in the group's office portfolio which might make their way into a Reit.

For the second quarter ended June 30, group net profit rose just under one per cent to $30.8 million. First-half net earnings were up 11.8 per cent to $67 million. Earnings from overseas rose to 70 per cent of the group's Q2 attributable profit, from a 47 per cent share in the same period last year, due mostly to the group's China projects.

Likewise, H1 overseas earnings rose to 57 per cent of attributable group profit from 47 per cent in H1 last year. 'This has exceeded the group's expectation of growing overseas earnings to 50 per cent of total earnings by end-2005,' KepLand said in its result statement.

When asked if the group would sell some of its offices to an existing Reit instead of setting up its own office Reit, Mr Wong said the group will consider this option if 'somebody offers us a price we cannot refuse'. 'Our aim is to divest low-yielding properties and reinvest in development opportunities,' he added.

KepLand also gave an update of its fund management operations under Asia No 1 Property Fund and Alpha Core Plus Real Estate Fund.

Total assets under management will be about US$1 billion when the two funds are fully invested in about two years' time at most, said Mr Wong.

The group's office buildings include Prudential Tower, Ocean Towers, Ocean Building, Keppel Towers, GE Tower and Bugis Junction Tower.

Mr Wong also didn't rule out the possibility that One Raffles Quay, as well as the office component of BFC could one day be 'Reited' after the projects are completed and are income-generating, as an exit strategy for the projects' developers.

KepLand has a one-third stake in One Raffles Quay, which will be completed next year and is near the proposed BFC.

KepLand also said the upcoming integrated resort on Sentosa has boosted interest in the group's Caribbean at Keppel Bay condo, which sold more than 120 units in the first half.

The group has decided to set aside 168 apartments for corporate leasing.

KepLand is expected to release in the second half of this year its Park Infinia condo in the Newton area and another project along Devonshire Road.

Second-quarter pre-tax profit rose 6.9 per cent to $38.5 million due largely to more contributions from the group's trading projects in China, namely 8 Park Avenue, The Seasons and The Waterfront.

This was partly offset by lower contributions from One Park Avenue, which is fully sold and nearly completed, as well as projects completed last year like The Edgewater, Butterworth 8 and Amaranda Gardens.

Lower profit from associated companies as well as higher finance costs and taxation ate into the bottomline, resulting in a mere 0.9 per cent increase in Q2 net profit.

Group turnover for Q2 fell 16.7 per cent to $144.1 million, due to the completion of several projects in Singapore last year as well as lower revenue recognition from One Park Avenue in Shanghai.

However, this was partly offset by new revenue streams from projects like The Callista in Singapore, and 8 Park Avenue, The Seasons and The Waterfront in China.

KepLand noted that although the Singapore office market has shown signs of continued improvement, rental income from the group's office buildings was still lower than that for Q2 last year due to a lag effect.

PM unveils plans for BFC at Marina Bay

22 Aug 05

Three world-class gardens included in plan for new downtown

By ARTHUR SIM
AND DANIEL BUENAS

AS PART of Singapore's continuing effort to remake itself as a vibrant global city, the country will have three new world-class gardens at Marina Bay that will form a green mantle enveloping the new developments there.

Speaking at the National Day Rally last night, Prime Minister Lee Hsien Loong painted a picture of how the 're-made' Singapore will one day look, with upgraded HDB estates, a rejuvenated Orchard Road and old civic district, and a sparkling new Downtown at Marina Bay.

All this, he said, won't just attract tourists - it will create an outstanding living environment for Singaporeans.

Mr Lee said that to create such a city, Singapore should not compete to put up the tallest building or biggest mall. It should instead capitalise on its strengths, such as a multi-cultural heritage, clean and safe environment, and cosmopolitan society.

'The centrepiece of our redevelopment of the city area is Marina Bay,' he said. 'We are going to build a new downtown on the new areas, link it up with the old city and extend the city seamlessly into the new downtown. '

The newest addition to this future roadmap are three new gardens at Marina Bay, each with a distinctive design and character.

Together, the gardens will form a public waterfront loop that will be interwoven with urban developments that will offer a diverse range of recreational and entertainment activities.

'We'll join them up, link them up with bridges, walkways, promenades so you can walk, you can jog, you can even run a marathon around the bay, and I think that will give us a setting to bring many activities in,' Mr Lee said.

To expedite the creation of the parks, it is believed the government agency NParks will soon hold an international competition and invite leading architects and landscape architects to design the gardens to create a unique experience for Singapore residents.

The Gardens at Marina South, which will be about 50 hectares, will supersede earlier plans for a second Botanic Gardens.

The gardens at Marina East - about 30 ha - could have facilities that will complement activities like boating and other water sports.

Mr Lee revealed for the first time preliminary concept drawings of the future business and financial centre (BFC) by renowned international architectural firm Kohn Penderson Fox Associates (KPF).

The firm is also the master planner for the development.

The BFC development is a crucial link that will connect the existing CBD with Marina Bay.

This will be achieved by an elaborate underground link that includes an MRT station as well as above-ground links that are expected to extend the activities at Boat Quay.

'This BFC is going to provide us with first-class infrastructure, is going to bring in more financial activities and is going to be a major landmark on the bayfront,' Mr Lee said.

Also revealed was an artist's impression of what the proposed integrated resort could look like and how it could shape the new downtown and 'roundout' the Bayfront area.

'Putting all these together, we will make our city really special,' he said.

'We're embarking on the journey now. It would take many years to complete, but in five to 10 years' time, you can see it taking shape, and the Bayfront will be the signature image of Singapore.'

Somehow I dun quite like the gardens idea...

but after all, Singapore is a GARDEN CITY!!!

wow..that is good to have 3 gardens to spruce up the image of garden city. There is something to make singapore even more unique in this sense and in fact, singapore has its unique advantage over the other cities by having prime waterfront real estate right in the heart of city with careful planning...

:runaway:

Not many cities have CBD, with lush tropical gardens and waterfront all in one location..and seamlessly connected and pedestrian-friendly. This should really enhance the garden city image.

but anyway, this helps differentiate us from cities that believe the only way forward to a great downtown is a building frenzy (much as I like skyscrapers).

Looks like the 2nd botanical gardens got a 'branded' name LOL

The Gardens at Marina South, which will be about 50 hectares, will supersede earlier plans for a second Botanic Gardens.

i like the gardens, but i feel the new 'signature skyline' wont really be as impressive as they make it to be. i was quite underwhelmed by the 'fireworks over our 2015 skyline' clip. the buildings that make up the skyline had better be fantastical.

i'm a frequent visitor to HK, and everytime i come back to singapore from HK i find singaporean buildings too short and devoid of character. Even in Kowloon and New Territories, the older and more run down buildings are taller and have more character than a lot of Singaporean buildings.

There isn't, at the moment, a single building in singapore that could define our skyline and make it unmistakably Singaporean. There isn't even an area or a cluster of buildings that could be taken to represent "Singapore" and the Singaporean flavour. Look at Orchard, Newton, Shenton Way, Tanjong Pagar, etc.. those offices and condos can be ANYWHERE in the world! We have no character...

Maybe The Sail@Marina could be our first iconic building. And yet, it is still reminiscent of that Dubai hotel with the sail, with which I'm sure comparisons WILL be made. Are we done with copying others yet? When can we come up with something of our own?

ps:- the only buildings we have that MAY BE quintessentially Singaporean are the HDB flats in the HDB estates. Clusters of clean, modern, HDB flats - now, that's something not many other countries have.... still, I have seen the "suburban new town high-rise residential" concept in existence in China, Korea and Japan so maybe HDB estates aren't that unique after all.

Thats true, HK just feels more vertical...right from the moment you get out of the airport all the way in, you are greeted by tall public flats..I think on average they are at least 10-15 floors higher than ours.

Then they have a mountainous backdrop & the Bank of China Building, plus lots of lighting at night, definitely leaves a strong impression.

One building that is very Singaporean to me would be the Marriot Hotel, and also the Esplanade theatres. I'm also beginning to like the flat cardboard look of Moulmein Rise/Lincoln Modern/Newton Gems...they seem to characterise Newton Rd and its environs. That said, its only recently that there has been an awakening to the importance of design, and 'iconic' structures.

Make Marina more exciting?
At Marina East, build the F1 Track instead of the stupid golf course.....

i think you need like two or three buildings that really rise head and shoulders above the rest, and that would be quite sufficient for a true signature skyline.

Yah I want to see dramatic variations in the skyline.

The BFC will be VERY prominent, hope they come up with something that can rise to the challenge. From the article, KPF is doing it...

Put the site behind Linear Park on reserve for a supertall!!! :cool::banana:

Singapore BFC Group To Develop Larger-Than-Expected Space
.

SINGAPORE (Dow Jones)--The consortium that won the right to develop Singapore's Business and Financial Centre site will develop a larger-than-expected 244,000 square meters of space in the first phase, indicating strong confidence in the city-state's property market,

Keppel Land Ltd. (K17.SG), Cheung Kong (Holdings) Ltd. (0001.HK), and Hongkong Land Holdings Ltd. (H78.SG) will develop approximately 180,000 square meters of office space, 55,000 square meters of residential space and 9,000 square meters of retail space, the Urban Redevelopment Authority said in a statement Tuesday.

Under the terms of the BFC development, the winning consortium only needed to develop100,000 square meters in the initial phase.

In July, the consortium won the tender for the BFC site with a bid of S$4,101 (US$2,426) per square meter of built-up space, valuing the 3.55 hectare site at S$1.8 billion.

The winning group can, however, opt to develop the site in phases over a period of up to 18 years. Payment for the 99-year leasehold land need only be made at the start of each stage, easing pressure on cash-flow.

Hongkong Land, Cheung Kong and Keppel Land have equal shares in the consortium.

When completed, the BFC will have a total gross floor area of 438,000 square meters, equivalent to about 20% of available office space in Singapore's central business district. The successful bidder may, however, use up to 40% of the available space for hotels, malls and residential developments.

^^

wow I expect something quite big for the first phase then!

Exciting!!! :D

urrgh...I am anxious for more news to come out for it....should be anytime now...1 Raf Quay seems to be filling up already...plus with the success of the Sail....I'm sure theyre confident about the BFC...and it has a planned completion date of about 2010 for phase I

:banana:

OMG that's HUGE !!!!
The whole of One Raffles Quay (2 towers) is totally about 120,000 sqm !!! This is DOUBLE the size of ORQ... We can expect something big I think ! The office space only is 50% more than ORQ.

As for the residential part, the Sail is about 1M sq ft in total saleable area, including the two towers, which means approximately 92,000 sqm. We are getting 55,000 sqm of residential space in the BFC, which could mean one huge tower (possibly bigger than the tallest Sail tower) or two smaller towers :-)

Here we are with some number crunching ^ ^

Another figure:
the quantity of office space provided is slightly less than 2 International Finance Center, but slightly more than Central Plaza (both in Hong Kong). Both building are more than 300m tall ;-)

If the whole development was in one tower, it would be more GFA than the Empire State Building but a bit less than Chicago John Hancock tower !

damn the height limit!

its going to be big and wide! :lol:

First phase of Marina Bay's business site to occupy 224,000 sqm

25 Oct 05

http://www.channelnewsasia.com/imagegallery/store/phppKq6nz.jpg

SINGAPORE : The first phase of the Business and Financial Centre, or BFC, will have a gross floor area of 244,000 square metres, more than double the area stipulated in the tender conditions.

This was announced on Tuesday at the signing of the building agreement.

The BFC will be developed by a consortium comprising Keppel Land, Cheung Kong and Hong Kong Land.

About three quarters of the development under phase one will be dedicated to office use.

The remaining is earmarked mainly for residential development.

The consortium comprising Keppel Land, Cheung Kong and Hong Kong Land has big plans for the new Business and Financial Centre.

It is earmarking 244,000 square metres of space for the first phase, more than double the minimum requirement of 100,000 square metres.

About three quarters will be dedicated to office use.

Keppel Land says it reflects their bullish outlook of the office sector.

Said Kevin Wong, managing director of Keppel Land, "We look at the market and we assess the demand and we feel with the amount of offices we intend to build, it would put us in a very good position to satisfy the anticipated demand for, especially, the offices. And of course we will be doing some residential also."

The remaining space under phase one will be developed for residential use, with a small area set aside for retail.

About a quarter of the first phase, or 55,000 square metres, will be set aside for residential development.

Analysts say the success of the The Sail @ Marina project will likely have a spillover effect on this upcoming development, expected for launch in the middle of next year.

Some commercial space will be ready around the time of the expected completion of the integrated resort at Marina Bay.

Said Mr Wong, "We should be starting construction sometime next year. If your next question is when it will be completed, we should be able to complete the first building by 2009 or 2010."

The consortium has taken up an eight-year option to purchase and develop the remaining 194,000 square metres of space in the BFC. - CNA /ct

Another figure:
the quantity of office space provided is slightly less than 2 International Finance Center, but slightly more than Central Plaza (both in Hong Kong). Both building are more than 300m tall ;-)

If the whole development was in one tower, it would be more GFA than the Empire State Building but a bit less than Chicago John Hancock tower !

Sound like something big scale in the making......:cool:

Oct 26, 2005
Size of new Marina Bay business complex to be increased
Developers' decision reflects upbeat outlook on prime office space

By Fiona Chan

SINGAPORE'S new Business and Financial Centre (BFC) at Marina Bay got a major vote of confidence yesterday when the developing consortium announced that its $1 billion centrepiece office and residential complex would be much bigger than expected.

Reflecting an upbeat outlook for the high-end office market, the consortium will construct a 244,000 sq m complex for phase one - about 2.5 times the minimum development size of 100,000 sq m required by the Urban Redevelopment Authority (URA).

Hongkong Land, one of the consortium's three developers, had previously said the first phase of development on the 99-year leasehold plot would cover about 158,000 sq m, 50 per cent more than the URA's minimum requirement.

But the consortium, which also includes Keppel Land and Cheung Kong Holdings, is now confident Singapore's property market, especially the office sector, will welcome a bigger development.

It said yesterday that about 180,000 sq m of the Marina Bay development will be devoted to offices in a bid to take advantage of rising demand for top-end commercial space.

This is more than 70 per cent of the development's total gross floor area (GFA), higher than the minimum 60 per cent office space guideline laid down by the URA.

Although the entire BFC site is slightly smaller than the 490,000 sq m Suntec City, the new development will offer more office space. Suntec City currently has about 113,850 sq m of offices and 77,631 sq m of retail space.

About 22 per cent of the BFC complex, or 55,000 sq m, will be taken up by residential units, with the remaining 9,000 sq m going to retail use.

'We looked at the market and assessed the demand and we feel that the amount of offices we intend to build would put us in a very good position to satisfy the anticipated demand, especially for offices,' Keppel Land's managing director, Mr Kevin Wong, said yesterday.

He said construction of the project would begin next year along with the launch of the first residential units, while the first buildings would be completed in 2009 or 2010.

He was speaking to reporters after signing the building agreement with URA to purchase the first phase of the BFC, which makes up more than half the total GFA of the 438,000 sq m BFC site.

The first phase of 244,000 sq m will cost the consortium - which is also developing the neighbouring One Raffles Quay - slightly more than $1 billion, based on the winning bid of $4,101 per sq m.

'We're very pleased with the performance of One Raffles Quay and that's partly why we've expanded phase one of the BFC,' said Mr Ian Hawksworth, executive director of Hongkong Land.

'The office market is particularly strong at the moment and the average rentals are continuing upwards.'

One Raffles Quay, which will offer about 122,000 sq m of prime office space upon completion next year, has already leased out more than half its floor space.

Market-watchers told The Straits Times yesterday that they were 'unsurprised' by the consortium's decision to enlarge the development.

'We're inclined to think there will be considerable pent-up demand for quality office space such as will be brought on line at the BFC,' said Mr Moray Armstrong, executive director of property consultancy CB Richard Ellis.

'There's quite a shortfall of new office construction over the four-year horizon, and this market will require the volume of space the consortium has committed to bring on.'

The larger development also indicates the consortium's confidence in the up-and-coming Marina Bay area and is 'a vote of confidence for Singapore', said Minister for National Development Mah Bow Tan, who was guest of honour at the signing ceremony.

fiochan@sph.com.sg

Creating a buzz

Keppel Land, Hongkong Land and Cheung Kong Holdings each hold an equal stake in the consortium that won the tender for the Business and Financial Centre (BFC) site on July 14.

The BFC consortium is required only to develop 100,000 sq m of the project by 2013, but it can take up to 18 years to complete the rest of the development.

The consortium also purchased the option to buy and develop the remaining 194,000 sq m of the BFC site within the next eight years.

Other developments taking shape in the new Marina Bayfront area include One Raffles Quay and The Sail @ Marina Bay condominium, which are expected to be completed by next year and 2009 respectively.

Copyright © 2005 Singapore Press Holdings. All rights reserved.

Any mention when construction will start? :banana:

2008-2009 would be a landmark year for Singapore, with IR, Sail, Flyer, Promenade and bridge along the Bay, F1 Speedboat facility, floating NDP platform.... :eek::cool::D

Any mention when construction will start? :banana:

2008-2009 would be a landmark year for Singapore, with IR, Sail, Flyer, Promenade and bridge along the Bay, F1 Speedboat facility, floating NDP platform.... :eek::cool::D

According to Lianhe Zaobao, contruction starts next year....:yes:

http://www.zaobao.com/images/smzaobao.jpg
2005-10-26

财团信心满满　　滨海湾商业城　　发展规模远超规定

● 吴汉钧

　　滨海湾商业城(Business and Financial Centre, BFC)第一阶段发展计划将建造24万4000平方公尺的建筑面积,比政府规定的至少10万平方公尺多出一倍半左右,显示发展商对滨海湾新市区深具信心。

　　昨天,发展商业城的财团与政府签定第一阶段发展计划协议,国家发展部长马宝山见证了协议的签署。

　　这个财团由长江实业/和记黄埔、香港置地和吉宝置业组成。财团在今年7月成功标得商业城的3.55公顷地段和1.8公顷地下空间。

　　第一阶段发展计划涵盖了2.05公顷地段和1.78公顷地下空间,建筑面积24万4000平方公尺,占总建筑面积43万8000平方公尺的56%。

　　18万平方公尺的建筑面积将兴建办公室,5万5000平方公尺用作住宅,剩余的9000平方公尺发展为零售空间。不过,商业城设计尚未出炉。

　　马宝山形容第一阶段的发展规模“不仅是财团对滨海湾地区有信心的强烈信号,也是对新加坡投下信任票”。

　　吉宝置业董事经理黄景祥受访时说,财团评估了市场需求后认为,以财团打算建造的办公室数量来说,第一阶段发展计划应该可以很好地满足市场对一级办公室的需求,而且财团也打算建造住宅单位。

　　香港置地执行董事(商用物业 )何善伟说,莱佛士码头1号(One Raffles Quay)的表现是促使财团决定扩大商业城第一阶段发展计划的部分原因。

　　他受访时连用两个“相当好”来形容莱佛士码头1号至今已敲定的租用率。莱佛士码头1号也是由香港置地、吉宝置业和长江实业联合发展。

　　即将在明年下半年完工的莱佛士码头1号已取得超过50%的租用率,主要租户包括荷兰银行(ABN Amro)、德意志银行(Deutsche Bank)及瑞士银行(UBS)。

　　第一太平戴维斯研究部主管朱允行说,规模经济效益是其中一个好处,因为大规模发展一个地段可节省许多成本。另一个原因是目前的办公室、住宅和零售需求都非常好。

　　以住宅需求来说,滨海舫(The Sail@Marina Bay)的第二座公寓大楼预售,在短短一个周末内卖出超过九成单位。至于零售需求,新市区目前没有任何购物中心。

建筑工程明年展开

　　黄景祥说,第一阶段发展计划的建筑工程预计在明年展开,第一栋大厦可在2009年或2010年完工,剩余的大厦会在之后一两年内竣工。

　　至于剩余的44%或19万4000平方公尺建筑面积,财团可以在未来8年内逐步发展。剩余的建筑面积主要用来发展高级住宅、辅助性零售和休闲设施。

　　黄景祥说,财团计划在明年中展开第二阶段的发展计划,“如果市场需求允许,我们希望可以一次过发展剩余的面积。但这不是一个小规模计划,所以可能会分成多个阶段进行。”

没买下中央岬地段

　　不过,财团决定不要一并选购商业城北面的中央岬(Central Promontory)地段。这个地段必须发展成吸引公众造访的景点,例如艺术廊、博物馆、科学馆、剧场、天文馆或水族馆。

　　财团发言人受询时说:“我们现在的重点是商业城第一阶段发展计划。我们有兴趣与市区重建局合作,把中央岬地段与商业城结合。”

　　这意味着财团可能在未来市建局推出中央岬地段时,把它买下来发展;或者同未来中央岬地段的发展商合作,把中央岬地段与商业城结合起来。

　　朱允行认为,中央岬地段必须发展成博物馆等公众景点,可能不是财团的强项,所以没有一并买下来发展。

　　市建局在文告中说,由于财团没有选购这个地段,政府因此将考虑其他发展计划,并尽快实施,以配合滨海湾沿岸的整体发展。

So exciting!

According to this article, we can expect 2 office towers, and at least 500 apartment units....:happy:


Consortium ramps up scale of BFC project

First phase will see staggering 2.6m sq ft of gross floor area, over two times the required minimum

26 Oct 05

(SINGAPORE) In a massive vote of confidence for Singapore's future as Asia's financial services hub, the consortium that clinched the Business and Financial Centre site earlier this year has decided to build about 2.6 million sq ft of gross floor area in the first phase - almost two-and-a-half times the minimum required amount of 1.08 million sq ft.

http://business-times.asia1.com.sg/mnt/media/image/launched/2005-10-26/krbfc26-214436.jpg

'This is not only a strong signal of the consortium's confidence in the Marina Bay area, but is also a vote of confidence for Singapore,' said National Development Minister Mah Bow Tan at a signing ceremony yesterday between the Singapore government and the consortium.

And reflecting the consortium's confidence in the island's prime office market, offices will make up the bulk, or 74 per cent, of gross floor area in the first phase of the development. There will also be some apartments - possibly 500 to 700 - and retail space under this phase. The apartments could be launched around the middle of next year.

The 2.6 million sq ft of GFA will comprise about 1.9 million sq ft of offices in two towers, 592,000 sq ft of residential space and 96,875 sq ft of underground and surface retail space.

The BFC consortium is paying the Singapore government just over $1 billion in land cost to develop the GFA under the first phase, based on its top bid of $381 psf per plot ratio during the July tender for the site.

Market watchers reckon construction, professional fees and interest costs for the first phase could add up to another $1 billion, resulting in a total investment of close to $2 billion.

'It will be a substantial investment in the city,' said Ian Hawksworth, executive director of Hongkong Land, which has a one-third share in the consortium. The other two partners are Keppel Land and a unit of Hong Kong tycoon Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa.

Work will begin next year, with the first building slated for completion by 2009 or 2010. It may take another one to two years to finish the rest of the first phase, Keppel Land managing director Kevin Wong told reporters yesterday.

The consortium has taken an eight-year option within which it may exercise its right to buy land to build the remaining 2.1 million sq ft of GFA on the rest of the BFC site.

The Urban Redevelopment Authority revealed yesterday that the consortium has decided not to take up an additional option to buy the Central Promontory Site next door, directly fronting Marina Bay.

Market watchers are not surprised, given that this site was offered to the consortium at the same unit land price it bid for the BFC plot. This is deemed expensive, given the substantial 'public service' component of the project in the form of 37.5 per cent or 161,500 sq ft of total GFA set aside for a public attraction such as a museum.

'The government is reviewing alternative plans for the site with the aim of implementing it as soon as possible to complete the entire loop of exciting uses that are coming up along Marina Bay,' URA said.

The BFC consortium members are principally the same as those developing the nearby One Raffles Quay (ORQ) project, slated for completion in two phases next year. Lettings and rentals have been 'pretty good' at ORQ, said Mr Hawksworth. 'We are very pleased with the performance of ORQ, and that's partly why we've expanded phase 1 of BFC - because we think the market's there.'

In his speech, Mr Mah said BFC is a 'strategic step in Singapore's efforts to become a global business and financial hub'. 'The project allows for a master developer to customise office space and complementary facilities to meet the specific needs of financial institutions and global businesses.'

Wow...can't wait to see the real plan....:yes:

Would Central Promontory be developed by them too?

Would Central Promontory be developed by them too?

Nope.....they opt not to....:yes:

Wednesday October 26, 5:03 PM
INTERVIEW: Bahrain-based GFH Eyeing Singapore's BFC Proj
(MORE TO FOLLOW) Dow Jones Newswires

October 26, 2005 04:43 ET

INTERVIEW: Bahrain-based GFH Eyeing Singapore's BFC Proj

By Saeed Azhar

Of DOW JONES NEWSWIRES

SINGAPORE (Dow Jones)--Bahrain-based Gulf Finance House B.S.C. has begun talks to join the consortium developing Singapore's S$1.8 billion Marina bay business and financial center, a company executive said Wednesday.

The BFC, slated for completion in around 18 years, will have a total gross floor area of 438,000 square meters, equivalent to about 20% of available office space in Singapore's central business district. The first set of buildings is due for completion around 2009/2010.

The consortium may use up to 40% of the available space for hotels, malls and residential developments.

Peter Panayiotou, chief operating officer at the Middle Eastern investment bank, told Dow Jones Newswires in an interview the group is keen to invest in the project.

"In Singapore, we are very interested in Marina Bay and the plans to develop a financial center in Marina Bay. We are making inquiries with the BFC consortium and we hope something productive will come from it," he said.

Panayiotou said his company has held initial talks with Keppel Land (K17.SG), a member of the consortium that also includes Cheung Kong (Holdings) Ltd. (0001.HK) and Hongkong Land Holdings Ltd. (H78.SG).

"We would be interested in...joining that consortium with a view to buying the whole development later on. At this stage we are conducting negotiations," he said.

Members of the consortium were not immediately available for comment on GFH's plans.

Gulf Finance House - which manages US$3 billion in assets - in 2002 launched the Bahrain Financial Harbour, a US$1.3 billion project which is part of a three-way battle for financial services supremacy in the oil-rich Persian Gulf.

Bahrain faces fresh competition from Dubai, where the Dubai International Financial Centre has already attracted some big names in international finance and recently launched a regional stock exchange fully open to foreign investment.

Ambitious Qatar also hopes to bring the same players to its financial center to take advantage of the government's significant infrastructure lending requirements.

The investment bank is also an adviser for the Qatar Energy City - a multibillion dollar hub for the energy industry - fundraising for which will start this year, with work to start next year.

Gulf Finance's interest in Singapore's BFC also underscores how Middle Eastern investors, boosted by windfall petrodollars from higher oil prices, are increasingly eyeing Southeast Asian infrastructure projects.

In its latest annual report, the Bahrain investment bank notes a trend among Arab investors to diversify from U.S. assets.

"The reality today is the Middle East is very liquid - the level of liquidity will surprise many," said Panayiotou.

However there is a limit to how much investment the region's economies can absorb, therefore interest has grown in other markets.

"There's great appetite to find alternate channels of investment. The Arabs are traditionally interested in hard assets like infrastructure - that is something that they like, they understand and want to invest in," he said.

Panayiotou said Gulf Finance may apply for an Islamic banking license in Singapore and has discussed the possibility with the Monetary Authority of Singapore.

Singapore is attractive in Southeast Asia because of its more developed financial markets, he said.

"We will be looking for activities that align with our activities - (such as) infrastructure projects which are of national significance," he added.




--------------------------------------------------------------------------------

Copyright © 2005Dow Jones & Company Inc. All rights reserved.

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Nope.....they opt not to....:yes:

Then what would happen to Promontory? :?

Then what would happen to Promontory? :?

Waiting for other investor to invest loh.....:yes:

This story was printed from TODAYonline

Singapore's BFC project attracts Arab money

Thursday • October 27, 2005

ONE day after the consortium that won the bid for the Business and Financial Centre (BFC) increased the size of its development for the first phase of the project, an Arab investment bank has come knocking.

Bahrain-based Gulf Finance House has begun talks to join the consortium developing the $1.8 billion Marina Bay BFC, said its chief operating officer Peter Panayiotou yesterday.

Mr Panayiotou told Dow Jones Newswires that the group was keen to invest in the project.

In addition, the investment bank may apply for an Islamic banking licence in Singapore and it has discussed this possibility with the Monetary Authority of Singapore, he said.

"We would be interested in joining that consortium with a view to buying the whole development later on. At this stage, we are conducting negotiations," he said.

Mr Panayiotou said his company had held initial talks with Keppel Land, a member of the consortium that also includes Cheung Kong Holdings and Hongkong Land Holdings.

On Tuesday, the consortium said it would develop a larger-than-expected 244,000 square metres of space in Phase One of the BFC project, a move that signalled growing confidence in Singapore's property market.

The BFC, slated for completion in around 18 years, will have a total gross floor area of 438,000 square metres, equivalent to about 20 per cent of the available office space in Singapore's central business district.

The first commercial buildings is due for completion around 2009 or 2010. The consortium may use up to 40 per cent of the available space for hotels, malls and residential developments.

Gulf Finance House — which manages US$3 billion ($5.1 billion) in assets — launched the Bahrain Financial Harbour in 2002, a US$1.3 billion project to lure financial services institutions away from Dubai and Qatar.

Gulf Finance's interest in Singapore also underscores how Middle Eastern investors, boosted by windfall petrodollars from higher oil prices, are eyeing South-east Asian infrastructure projects.

In its latest annual report, the Bahrain investment bank noted a trend among Arab investors to diversify away from United States assets.

"The reality today is the Middle East is very liquid — the level of liquidity will surprise many," said Mr Panayiotou.

However, there is a limit to how much investment the region's economies can absorb, therefore interest has grown in other markets.

"There is great appetite to find alternative channels of investment. The Arabs are traditionally interested in hard assets like infrastructure. That is something that they like, they understand and want to invest in," Mr Panayiotou said. — Agencies

Copyright MediaCorp Press Ltd. All rights reserved.

wah...getting ambitious... :eek:

What will the promotory be used for and when will it be completed? :)

some public 'artsy' thingy I guess...something that hopefully has a nice design.

It can be no taller than 50m though, and it will front the park.

I got this rendering from the URA website.

Wonder if it will be the actual design.

http://www.marina-bay.sg/images/map/financial.jpg

^ Doesn't seem very tall.....:yes:

More blue glass!!! :bash:

This phase one they talk about, is that the actual set of buildings we can see? and the other phases the ones that are in 'shadow'?

Interesting... but boring.

we already have OMB, ORQ, The Sail and now there is another look-alike glass building...

As long as it isnt green glass, that might be a relief!

The only other information about the height of the project I could find was from Meinhardt's website:

http://www.meinhardtgroup.com/Common/NewsItemDisplay.asp?NewsID=171



8 Dec 2005

Meinhardt have been engaged to provide Civil, Structural, Mechanical and Electrical Engineering for development of the BFC site.

Located at the waterfront in Marina Bay, the proposed epicentre of Singapore’s financial and banking activity for the 21st century will comprise 3 highrise office towers up to 245m in height and 2 residential towers up to 70-storey in height with associated retail and extensive underground parking. The total GFA will be approximately 6 million sqft excluding parking.

It doesnt say what Phase I would comprise of though.

Stupid height limit again... sigh...

More blue glass!!! :bash:

This phase one they talk about, is that the actual set of buildings we can see? and the other phases the ones that are in 'shadow'?


They have limited choice:

Green Glass = ORQ, Sail@MarinaBay, NTUC centre
Blue Glass = Harbourfront 1 &2, Keppel Bay Tower
Purple Glass = John Hancock Tower
Black Glass= Robinson Tower

Blue Glass is still a better choice.

yeah but still ... maybe funky silver lines? perhaps stone? a bit like that big tower in Jurong east ... anything a bit more interesting?

I like the look of this building(s) and I like the idea of the BFC, but this, plus ORQ, NTUC, Sail etc, and we'll have a mix of buildings in the cbd as it stands and then *BANG* a whole load of glass that looks just a tad too similar.

at night this will be all ok though ... we win ... we lose ...

At the moment there isnt any dominating blue glass tower fronting the skyline...so that should be ok...but the sudden proliferation of glassy buildings in the new downtown will surely set them apart from older members of the skyline.

btw this development also includes subterranean spaces beneath the Central Park.

I would love blue glass. But i feel something metallic and soaring is better for BFC...

metallic....might be nice....but no thanks....dont want another Suntec City...and the present skyline is metallic/silverish/greyish enough.

what about white. Canary Wharf Canada Tower in London is white. white glass might just be the colour to offset the blues and greens and concretes of the existing skyline clusters. anyway its a pity they didn't adopt Toyo Ito's competition design for NTUC bldg, that one was a nice white building with a round disc on top that would glow and change colour at night.

anyway its a pity they didn't adopt Toyo Ito's competition design for NTUC bldg, that one was a nice white building with a round disc on top that would glow and change colour at night.


yup saw the rendering for that building....as first sight i thought ''Why didnt they choose that ?!!?!'' but given a further thought i think if really built it will look too much like ORQ with a disc on top :D:D:D

and yup i agree white glass might just help to offset a little :) or how about a All black building that will become a eye-sore :D

Canary Wharf style would be good here ...

London has a lot of futuristic buildings coming out, that whilst good, maybe for London are a bit too modern ... but for singapore, would look nice.

How cool to have something like the Bishopsgate tower or even London Bridge Tower in Singapore.

Anyway, we can dream :)

But this is going to be quite a good development and it does look like it's going to be another Suntec setup.

13 April 2006

hoarding can now be seen on the site

http://img157.imageshack.us/img157/5672/bfc13041wz.jpg

Renderings at the URA exhibition

http://img.photobucket.com/albums/v133/RafflesCity/bfc.jpg

http://img80.imageshack.us/img80/1637/bfc27ve.jpg

What could be built on the central promontory?? :?

so far no news is out on the site....but I hope it can be something nice

what is the first phase? just one of the three towers in that picture or the whole thing is considered "phase one"?

I think it is all three buildings...

We will be seeing some massive development over the Marina Bay quite soon. BFC, Sail and the IR.

ok, if that is phase one (the three towers as pictured), what are the remaining phases?

There is a tower/building behind 'the sail' which was sold as the BFC and that is not indicated in this picture. So is that phase two?

I doubt it will be the "three buildings" those are just massing models imo.:)

the buildings look like kpf buildings

The BFC is designed by KPF I believe.

Phase 1 would be the largest Phase, and I believe that parcel behind the Sail would be the remaining land to be included at a later stage.

In my earlier pic, soil-testing equipment can be seen and thats where I believe Phase 1 will be.

30/04/06

BFC site, perimeter fence up but not much can be seen yet.

http://img133.imageshack.us/img133/4140/img02067ey.th.jpg (http://img133.imageshack.us/my.php?image=img02067ey.jpg)

looking at the alignment of those 3 'blocks' in the rendering and observing the boundary of the perimeter fence make me suspect that Phase I will indeed consist of 3 blocks

yes it was the fence that made me think that there will be three buildings for phase one. the fenced up area is an "L" shape, something like the land the three buildings take up in the rendering.

yup KPF is architect for BFC

Here is a pic of the site taken about 2 weeks back all fenced up (so far no visible site work has started yet as of today):

http://img.photobucket.com/albums/v427/rotpics03/bfcsite.jpg

another look:

http://img240.imageshack.us/img240/6224/ndt19058vf.jpg

and URA had recently added the massing-model to its gallery:

http://img.photobucket.com/albums/v133/RafflesCity/irmodel6.jpg

the 3rd picture of the massing model, the two skyscapers along the axis of central linear park; they seem much taller then the other skyscrapers, maybe the skyscraper in front it 280m and the one at the back Singapores' first 300m? :D:D:D :) can only hope.....

Still no renders?

Do you think we will ever have a 300+m tall skyscraper???

Do you think we will ever have a 300+m tall skyscraper???

What for ? 300m is outdated by nowadays standards ^ ^

Still no renders?

the only renders I've seen were from URA's gallery and website. The latest models were carved similar to the renderings..maybe they ARE the design?

anyway in terms of massing I think theyre not too bad on the skyline

will there be residential buildings in the bfc?

I've read there there will be dwelling units in the development.