Over the next few years, a new skyline will be emerging on the site designated for the new Business and Financial Centre (BFC). This exciting new development is viewed as Singapore’s version of Canary Wharf in London, although it will be conceptually more like Roppongi Hills in Tokyo.
The BFC sits on a gateway site adjacent to One Raffles Quay (ORQ) with a land parcel expected to yield between 2.5-3 million sqft of office space. In addition to office space, there are plans for residential blocks and ancillary retail.
Cheung Kong, Hongkong Land and Keppel Land, the consortium developing the BFC, have every reason to have confidence in this new project. Their current joint development sitting on the fringe of the BFC, One Raffles Quay, has already proven to be very successful in attracting some of the most prestigious office tenants.
The BFC will be the primary focus of prime office development in the centre of the city for the next 5 to 8 years, and upon completion, will comprise the largest concentration of Grade A office stock in Singapore. The sheer scale of the BFC is likely to result in a gravitational shift of prime CBD office space from its present location to south of Raffles Place.
Source: CBRE ‘Real Estate Today’, Nov 2005