{"id":122455,"date":"2021-10-08T06:23:19","date_gmt":"2021-10-07T23:23:19","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/reinventing-singapores-financial-district-for-post-pandemic-world\/"},"modified":"2021-10-08T15:08:05","modified_gmt":"2021-10-08T08:08:05","slug":"reinventing-singapores-financial-district-for-post-pandemic-world","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/reinventing-singapores-financial-district-for-post-pandemic-world\/","title":{"rendered":"Reinventing Singapore\u2019s financial district for post-pandemic world"},"content":{"rendered":"


\nTo attract more residents and businesses to the CBD, plans for\u00a0increasing amenities\u00a0such as grocery stores, coffee shops and encouraging a more exciting dining and bar scene have been implemented.
\nThe COVID-19 pandemic has accelerated the growth of the hybrid-working model, posing a threat to Singapore\u2019s financial district, which is underpinned by an office-based employment model.
\nThe stakes are high for the city-state since its economic success depends on retaining its appeal to top foreign companies within its Central Business District (CBD) \u2013 which are currently worth more than US$50 billion (S$67.9 billion), according to a Bloomberg analysis of top-flight offices in developers\u2019 financial reports.
\nAs of the last week of September, workplace activity in the CBD was down by 25% compared to pre-pandemic levels, showed Google mobility data. This comes as the city-state takes a cautious approach in reopening even as it has one of the highest vaccination rates in the world, reported Bloomberg.
\n\u201cPast definitions of a successful business and financial district are no longer relevant,\u201d said a spokesperson from the Urban Redevelopment Authority (URA) as quoted by Bloomberg.
\n\u201cThe portrait of a successful CBD today is strikingly different from the mono-use office districts of yesteryear.\u201d
\nNonetheless, plans to transform the CBD into a more attractive place to live and work has been on the agenda of Singapore\u2019s city planners.
\nPlans to attract businesses and residents to the area include injecting more amenities like coffee shops and supermarkets, as well as encouraging a more vibrant restaurant and bar scene.
\nAnd while the city-state is playing catch-up with its global peers when it comes to after-hours attractions, progress is already being made.
\nIn 2019, the Singapore government rolled out a scheme encouraging property owners to convert older office buildings into mixed-use developments such as residences, hotels and lifestyle amenities.
\nAuthorities also required developers to incorporate privately-owned public spaces within the compounds of their office buildings.
\nPlans to revitalise the city include featuring more cycle paths and pedestrianised zones to make it easier for residents to explore the area on foot.
\nThe Government\u2019s rejuvenation efforts have lured tech giants, with TikTok owner ByteDance opening a new office within the city centre, while Alibaba Group Holdings is building a new office on Shenton Way, an older portion of the business district that is in much need of rejuvenation.
\n\u201cFailure to reinvigorate the older sections of the financial district would very soon make them irrelevant and unattractive to companies dealing with the new economy and digital finance,\u201d said Savills Singapore\u2019s Executive Director of Research Alan Cheong as quoted by Bloomberg.
\nThe Government also eyes to bring public housing, the affordable apartments which house over 80% of Singapore\u2019s population, to the financial district.\u00a0
\nIn an article published in The Straits Times in June, Second Minister for National Development Indranee Rajah said housing in prime locations should not be restricted \u201conly to the rich and affluent\u201d.
\nHowever, there are dilemmas like ensuring homes in such an expensive area remain affordable and that owners are not only buying to cash them out later. With this, authorities are looking into the plans while consulting the public.
\nChristine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, said city-centre homes might particularly appeal to younger Singaporeans, adding that outdoor playgrounds as well as cheaper eateries will be needed to cater to such demographic.
\n\u201cIf you want people to come back to offices, it\u2019s no longer purely just for work. You need retail, food, living, fun,\u201d said Ada Choi, Head of Occupier Research, Data Intelligence and Management for Asia-Pacific at CBRE.
\n\u201cThe biggest, biggest challenge is that you are not only designing the physical aspect \u2014 you have to think about the experience that you are going to have within that area.\u201d
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Reinventing Singapore\u2019s financial district for post-pandemic world<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

To attract more residents and businesses to the CBD, plans for\u00a0increasing amenities\u00a0such as grocery stores,...<\/p>\n","protected":false},"author":1,"featured_media":122456,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-122455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/Singapore-CBD-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vR5","jetpack-related-posts":[{"id":105883,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-wants-to-liven-up-cbd-with-more-hotels-and-residential-property-according-to-urban-plan\/","url_meta":{"origin":122455,"position":0},"title":"Singapore wants to liven up CBD with more hotels and residential property, according to urban plan","date":"April 8, 2019","format":false,"excerpt":"\r Living where you work and play may not seem like the ideal balance in terms of escaping the grind, but it is a key plank of Singapore\u2019s vision for its central business district.Like many cities\u2019 financial centres, Singapore\u2019s is bustling by day and close to deserted on a weekend.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98637,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/small-condos-in-singapore-cbd-are-2nd-most-expensive-globally\/","url_meta":{"origin":122455,"position":1},"title":"Small condos in Singapore CBD are 2nd most expensive globally","date":"September 27, 2018","format":false,"excerpt":"\r Two-bedders in Singapore\u2019s CBD cost about S$1.4 million on average. 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As part\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111590,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/office-tenants-in-singapores-central-business-district-push-back-on-landlords-attempt-to-raise-rental-charges\/","url_meta":{"origin":122455,"position":4},"title":"Office tenants in Singapore\u2019s central business district push back on landlords\u2019 attempt to raise rental charges","date":"October 15, 2019","format":false,"excerpt":"\r Some office tenants in Singapore\u2019s central business district (CBD) are resisting further increases in rents, following nine consecutive quarters of increase in grade A office rents in the business area, according to a market report by Colliers International. Cumulatively, grade A office rents in the CBD have risen by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21687,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-and-hong-kong-are-the-new-safe-havens-of-apac-says-knight-frank\/","url_meta":{"origin":122455,"position":5},"title":"Singapore and Hong Kong are the new safe havens of APAC, says Knight Frank","date":"August 2, 2016","format":false,"excerpt":"\r APAC investors are turning to Singapore and Hong Kong in 2016, according to a new report from Knight Frank Sydney\u2019s CBD. 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