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SG Marina Bay a great push for finance industry

Property Here - Thursday, May 16, 2013

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By Romesh Navaratnarajah:

Singapore’s financial sector needs to attract more high-quality investments to help create more jobs. 

Speaking at the opening of Marina Bay Financial Centre (MBFC) yesterday, Prime Minister Lee Hsien Loong revealed the need to build a local pool of leaders and specialists in finance – an effort which is being facilitated by the Monetary Authority of Singapore (MAS) in partnership with banks and other financial institutions.

PM Lee added that the launch of MBFC is proof that the government is serious about pushing the country’s finance sector to a higher level.

Years back, it saw the great potential of Marina Bay as a business and financial district, so a large parcel of reclaimed land was set aside for such uses.

“It was a bold move at the time,” Mr Lee admitted, but the efforts paid off. MBFC's Towers 1 and 2 are now fully leased while Tower 3 is close to 90 percent occupied.

Reflecting this good performance, the finance industry is also doing well, accounting for over 12 percent of the economy. Mr Lee noted that this figure will grow further by three percent this year. 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email