Executive director sees sufficient demand in the Marina Bay district
HIGH TAKE-UP : From March - June 2013, rents in Marina Bay have rised 10.9% while the vacancy fell to 3.6 %
SINGAPORE: HONGKONG Land Holdings, which owns a stake in the biggest developer of Singapore's new financial centre, will seek more commercial plots in the island- state as tenants seek to upgrade to new buildings.
Hongkong Land, part of a venture with Cheung Kong Holdings and Keppel Land, will evaluate land purchases in Singapore's prime office areas when the government puts them on sale, executive director Robert Garman said. The venture built the key development in the new business district, Marina Bay Financial Centre, for about S$4.5 billion.
Global banks such as Standard Chartered and Macquarie upgraded their Singapore offices to new locations developed by Hongkong Land and its partners, while Barclays and Nomura have relocated regional and global functions to Singapore, ranked the easiest place to do business for seven straight years by the World Bank. -- Singapore Business Times