The Marina Bay City Gallery opened a couple of months ago without much fanfare, just down the promenade from the hypetacular Marina Bay Sands casino. The gallery’s centrepiece is a gigantic model of the current – and proposed – development of the Marina Bay precinct over the next ten to twenty years.
This is an overhead view of the “downtown” part of the model. On the left, in dark gray plastic, is the current CBD; on the right, in translucent white plastic, is the proposed expansions to the CBD.
To my eye, it looks as if they’re planning to at least double – maybe triple – the amount of commercial real estate in downtown Singapore.
Singapore’s only just recovering from a massive oversupply of commercial real estate – downtown office space rental rates collapsed by nearly 60% between 2007 and 2009 (although they seem to have bounced in the last twelve months). And if they double or triple the amount of available floorspace… who’s going to take it all?