The Central Business District – Singapore’s New Downtown
More and more of Singapore’s middle and upper middle classes are starting to find homes in the Central Business District (CBD)—where the core financial and commercial districts of the nation lie. This is due to the rapid developments in work spaces, amenities and entertainment places in the region.
In the past, the central district of Singapore mainly contained office spaces. People poured in to it during weekday mornings to work and left it empty in the evenings, turning it into a ghost town. With the development of iconic landmarks—such as the Marina Bay Sands, the Esplanade and an ever-increasing variety of shopping districts—in and around the area, the CBD is slowly transforming into a wonderful place where work and play come together. People no longer pour out of the district in the evenings, instead creating a joyous buzz at various entertainment outlets as the sun sets to mark the end of a hard day’s work.
Perhaps that is why more and more people are finding homes in and around the CBD. With ever-increasing development in Singapore, more and more offices (and jobs) are being created in the CBD with every passing day. Office spaces have jumped 38% in the CBD in the past 5 years. Another 1.425 million square feet of office spaces are projected to be completed in 2015, bringing thousands more professionals in to work in the CBD.
This trend of building more and more office spaces is sure to bring housing demands as the Government pushes on to create a space where its citizens can work, live and play. In fact, ever since the iconic Sail @ Marina Bay was built, new housing developments have sprung up in and around the area to meet the demands. Condominium developments such as Thomson 3 and Alex Residences—which lie very near the CBD— are very sought after due to the convenience they provide to professionals working there.
People say that change is an inevitable constant of life. The Central Business District may eventually become a less popular place as it is not the only region in Singapore undergoing development. However, with its new iconic landmarks and a growing bubble of commericial and residential developments, it might be a long time before the region falls out of favour with Singaporeans.