Developing the Business and Financial District in Marina Bay

Abstract

From a tract of largely empty reclaimed land, Singapore’s Marina Bay has been transformed into the new business and financial district for prosperous city-state. Adjacent to the existing Central Business District (CBD), the 360-hectare Marina Bay area was designed to extend the CBD and support Singapore’s growth as a global business and financial hub. Marina Bay stands out as an instructive example of long term urban planning – spanning four decades – and public-private collaborations in anticipation of the growth of the downtown. How did the transformation of Marina Bay come about, and what were the challenges encountered in its development? This case study discusses the impetus, policy approaches, and implementation mechanisms that went into the development of Marina Bay. In particular, the case study focuses on the 85-ha area in Marina Bay designated as the new business and financial district. The case study also examines the participation of the private sector, as well as explores how Marina Bay has affected the existing CBD and its wider implications for Singapore’s development.