Strong demand for new office buildings: DPM Tharman

Deputy Prime Minister Tharman Shanmugaratnam has described demand for new and upcoming office buildings as ‘robust.’

Mr Tharman, who is also Finance Minister, said this is indicative of the vibrancy of Singapore’s financial sector.

He said: “The market will go through cycles but we’ll make sure that we have enough supply coming onto the market to meet long term demand without being able to predict what happens every two or three years. That is an important feature in public policy in Singapore, to ensure that global firms can stay competitive in Singapore, in every aspect of cost, including rental costs.

Mr Tharman was speaking at the opening ceremony of the Ocean Financial Centre, one of the largest office developments in Raffles Place.

More than 80 per cent of the building is occupied, including long-term tenants such as BNP Paribas and DMG & Partners.

Mr Tharman said prime office rentals remain highly competitive as Singapore caters to the needs of global financial institutions.

Source : Channel NewsAsia – 31 Aug 2011

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