Singapore, the emerging market role model
An article in November/December's Cityscape magazine, a bi-monthly about real estate in emerging markets, has identified Singapore as a role model for emerging markets. From a construction perspective, it tells an interesting story.
Singapore's plan for land use and transportation kicked off in the early '70s and is updated every ten years. Originally, its 'ring concept plan' saw the development of a ring of small towns around the central water area. Expressways were designed to link the towns across the island and the International Airport and the Mass Rapid Transit system were built.
The next 15 years concentrated on the Central Area, resulting in 155 projects turning former neglected and squatter areas into a modern, financial hub. An urban design plan began to transform the skyline. At the same time, Singapore selectively held onto its past, with historic districts such as its Chinatown, Little India and Singapore River given conservation status.
The next stage of development aims to cope with a population of 5.5 million. There is huge demand for residential and business space, with foreign investors committing $1.6bn towards office developments. One project we're working on, the Marina Bay Sands Integrated Resort, which has a casino, two theatres, convention facility and a 50-storey hotel tower, typifies Singapore's planned approach. With similar developments in the pipeline, Singapore shows no signs of slowing down - a positive sign for other emerging markets.
Labels: Global trends, Project profiles
