Sustaining Singapore’s Growth

Mr Peter Rigby, Chairman, Informa PLC

Your Excellencies

Distinguished guests

Ladies and gentlemen

Introduction

1. A very good morning to you. To all the foreign delegates, a very warm welcome to Singapore

The Asian Growth Story

2. It is widely believed that Asia will be the centre for growth in the 21st century. The dynamism and the huge potential for growth of Asian economies have made Asia more attractive amidst the turmoil in the financial markets in the US and Europe. Cityscape Asia exhibition and conference, held in the heart of Asia – Singapore, offers an excellent opportunity for major real estate players, investors, developers, professionals and government agencies to network, to understand the region and to share the latest information on the industry.

3. Asia’s attraction to the world is more than economics, as best reflected in the Zeitgeist Cities Ranking by Hub Culture, an American-based online community-and-travel guide. In the ranking, Hub Culture went beyond economic factors to include factors like ‘innovation, change and vibe’. Seven out of the top twenty cities in the Jan 2008 Zeitgeist rankings were from Asia. Each of the top twenty cities in the Zeitgeist rankings has its own unique appeal and charm. Asian cities are being recognised as important trend-setters and their creative energies are shaping the world of culture and aesthetics.

4. In the case of Singapore, I believe what distinguishes us from many other cities is the unique combination of being a vibrant global city with abundant economic opportunities and yet a great place to live in.

Singapore : City of Economic Opportunities

5. Singapore has been among the fastest growing economies over the past 20 years. The Singapore economy performed well last year, with a strong 7.7 percent growth. The outlook is promising with the economy projected to grow by between 4 percent and 6 percent in the medium term.

6. We expect our city to be even more vibrant in the future, as we continue to plan for new areas of development to maintain our growth momentum. One thriving sector that is fueling our growth is the financial services industry which accounted for more than 12% of Singapore’s GDP in 2007. As at end 2007, the total assets of financial institutions based in Singapore amounted to S$1.9 trillion (US$1.4 trillion). As a thriving international financial centre serving not just the region but also global clients, Singapore’s financial sector grew by a phenomenal 16.9% in 2007. The growth potential has definitely caught the eyes of international financial institutions and the real estate players.

Marina Bay

7. Marina Bay, our most extensive developmental area in the CBD, has attracted major international investors and developers and tenants. Private investment in the Marina Bay has reached some S$16.5 billion (US$12 billion).

8. There is more potential for growth. We have plans to double the size of our existing financial district. The extended financial district at Marina Bay will be more than twice the size of London’s Canary Wharf, providing office space equivalent to Hong Kong’s main business district Central. This financial district is expected to take 15 years or more to realise, depending on market demand.

Ophir-Rochor corridor and the Jurong Lake District

9. At the same time, we have also identified new growth areas that will complement Marina Bay and which will contribute to a more diverse cityscape in Singapore.

10. In the fringe of the city centre, there will be the Ophir-Rochor corridor, a new growth area that extends naturally from the commercial hub at Marina Centre / Suntec City area, where we are now. The Ophir-Rochor area will be a vibrant office cluster for business and financial institutions.

11. Beyond the city centre, we have just announced the blueprint for the Jurong Lake District, which will be transformed into a unique lakeside destination for business and leisure in the next 10 to 15 years, and will be the biggest commercial hub outside the city centre.

12. The Urban Redevelopment Authority, Singapore’s land use planning authority, will be sharing more of these plans with you during the conference.

13. In addition to the hard cityscape, we are not forgetting the programming for the city. This year, in September, we will host the first ever Formula 1 night race. Two years later, in 2010, we will host the inaugural Summer Youth Olympic games. This is the first time that the Olympic flame will be seen in Southeast Asia and is expected to bring some 3,000 athletes to our shores.

Sustainable Growth

14. As we roll out all these exciting development plans, we are very conscious that our city must continue to be a great place to live, both for Singaporeans as well as foreigners working here.

15. Over the past 40 years, we have shown the world that it is possible to achieve both economic growth and a high quality living standard in a small city-state like Singapore. This is based on a foundation of good governance, pragmatic environmentalism and achieving a balance between development and environmental protection.

16. Going forward, we have greater ambitions for our city. We hope that our cityscape in the future will also be an epitome of sustainable living. These considerations have been factored into our development plans for the future. One good example is the fact that we have set aside 100 hectares of prime land at Marina Bay for three world-class gardens. The development plans for the Jurong Lake District also demonstrate our conscious efforts to balance the development of the commercial centre and at the same time to inject greater greenery and leisure options for people around the Jurong Lake.

17. Beyond urban land-use plans, we hope to work in partnership with the construction industry towards environmentally sustainable development. Hence, for the very first time, we will be presenting the “Singapore: Building Green” Pavilion at Cityscape Asia 2008.

18. The pavilion demonstrates the strong partnership between the government and the industry towards the green building movement. Various private sector companies that are proactive in the green building movement, are participating in the Pavilion to showcase their green projects and services. We hope to raise environmental awareness among players in the local industry, and at the same time, allow international participants of Cityscape Asia to understand Singapore’s initiatives in building green.

Conclusion

19. I am confident that Cityscape Asia will give you an excellent insight into the array of opportunities available in Singapore and across the region. I wish all our delegates and visitors a fruitful and wonderful time here in Singapore, and at Cityscape Asia 2008.

20. Thank you.

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