MBFC Marks Completion of office Component With Topping Out of Tower 3

28 Sep, 2011

MBFC now has the largest prime Grade A office space in Singapore
  
28 September 2011, SINGAPORE – Marina Bay Financial Centre (MBFC) today celebrated the topping out of its third and final office tower in a ceremony officiated by Guest of Honour Mr Teo Chee Hean, Deputy Prime Minister (DPM), Coordinating Minister for National Security and Minister for Home Affairs. 

The completion of Tower 3 marks an important milestone in the MBFC development, making it the largest provider of prime Grade A office space – nearly three million square feet – in Singapore. With the New Downtown at Marina Bay expected to double the existing Grade A office space at Raffles Place, this will support Singapore’s growth as the financial centre in the years ahead.

In a symbolic ceremony held at MBFC’s Ground Plaza, the DPM and senior representatives from the development’s joint venture consortium of Cheung Kong (Holdings), Hongkong Land and Keppel Land, Tower 3 anchor tenant DBS Bank and project contractor Kajima Corporation embedded commemorative coins (symbolising wealth and prosperity in Asian culture) onto a metal beam. The beam was then hoisted to the roof top of Tower 3 and set in place to form part of the office building.

The joint venture consortium also presented the DPM with a specially commissioned commemorative coin, bearing an etching of MBFC’s signature crystalline office and residential towers.

Wilson Kwong, CEO of Raffles Quay Asset Management (RQAM) said, “Today’s ceremony is especially significant as we celebrate not just the topping out of Tower 3, but also the completion of all three prime Grade A office towers within MBFC. With its strategic location at the Marina Bay area, seamless connectivity to major transport nodes and stellar list of local and multinational tenants, MBFC plays a vital role in advancing Singapore’s growth as a global business and financial hub.”

“It is also significant that this milestone coincides with RQAM’s 10th anniversary, underscoring the achievements and progress our joint venture partners have made in Singapore – a market they are strongly committed to,” he added.

Tower 3 of MBFC stands at 46 storeys high and features approximately 1.3 million square feet of prime Grade A office space, anchored by lead tenant DBS Bank.

DBS Chairman Peter Seah said, “With our Development Bank of Singapore lineage, DBS has, over the years, played a key role in shaping and financing the development of Singapore. In 1974, when DBS built our present 50-storey headquarters at Shenton Way, it was Singapore’s tallest and broke the glass ceiling for the construction of office blocks. Today marks yet another historic moment for DBS. As the largest bank in Singapore and a leading bank in Asia, DBS has been synonymous with the region’s growth. Our new headquarters and flagship branch at MBFC Tower 3 will further cement the Marina Bay area as Singapore’s new financial centre.”

MBFC Tower 3 is also the business address of Ashurst LLP, Clifford Chance, McGraw-Hill and WongPartnership.

The entire MBFC development comprises three office towers offering three million square feet of prime Grade A office space, two residential towers with 649 luxurious apartments and penthouses – Marina Bay Suites and the fully sold Marina Bay Residences – as well as Marina Bay Link Mall (MBLM).

When Tower 3 is completed, it will add another 82,500 square feet of retail space spread over three levels, bringing total retail space at MBLM to about 176,000 square feet. Lease pre-commitments for Phase 2 of MBLM in Tower 3 stand at about 90%. It will house F&B operators new to Singapore, such as South Beauty from China, popular cuisines like Bibigo from Korea, Osvaldo from Italy, Veganburg, as well as DBS’ flagship retail bank and an auditorium. An eagerly anticipated dining destination will be the ‘Food Loft’ by NTUC Foodfare Co-operative Limited, which will add to the range of dining options for the MBFC office community.

Phase 2 of the MBFC development comprises Tower 3 and Marina Bay Suites, which are slated for completion in 2012 and 2013 respectively. Phase 1, which comprises Towers 1 and 2, Marina Bay Residences and Phase 1 of MBLM, was completed in 2010.

Note to Editor: 

 The Guest of Honour, Mr Teo Chee Hean, Deputy Prime Minister, Coordinating Minister for National Security and Minister for Home Affairs, was joined at the Topping Out ceremony by senior management representatives from:

 Joint Venture Consortium 

  • Mr Justin Chiu, Executive Director, Cheung Kong (Holdings) Limited
  • Mr Y K Pang, Chief Executive, Hongkong Land and
  • Mr Kevin Wong, Group Chief Executive Officer, Keppel Land Limited

 Anchor Tenant at MBFC Tower 3

  • Mr Peter Seah, Chairman, DBS Group Holdings

Project Main Contractor

  • Mr Teruaki Yamaguchi, Senior Executive Officer, Kajima Corporation

For more information, please contact:  

Chan Kwai Seng                                           Lester Lim

Fleishman Hillard                                         Raffles Quay Asset Management

DID: +65 6424 6383                                      DID: +65 6654 1376

Email: kwaiseng.chan@fleishman.com   Email: lester.lim@rqam.com.sg

About Marina Bay Financial Centre

Marina Bay Financial Centre (MBFC) is being developed by a joint venture comprising three of Asia’s most experienced and trusted property developers – Cheung Kong (Holdings) Ltd/Hutchison Whampoa, Hongkong Land and Keppel Land, and managed by Raffles Quay Asset Management (RQAM).

MBFC sits on a prime 3.55 hectare waterfront site at the heart of Singapore’s new downtown.  The tenant-centric design of this purpose-built financial centre combines the best in form and function, making it a key draw for businesses and befitting Singapore’s position as a global financial hub.

MBFC offers a breathtaking blend of three distinguished office towers with nearly 3 million sq ft of Grade A office space, two residential towers comprising 649 luxury apartments and penthouses as well as approximately 176,000 sq ft of retail space to meet the daily convenience of our business community and residents.

MBFC achieved the Green Mark Gold for its office towers 1 & 2, Marina Bay Residences and Marina Bay Suites and the Green Mark Gold Plus for its office tower 3 conferred by the Building and Construction Authority of Singapore. This award recognises the efforts made by the developers to encourage sustainable design practices, and makes MBFC one of the few developments to win more than one BCA Green Mark award.

For more information about MBFC – Asia’s Best Business Address, please visit the MBFC website @ http://www.mbfc.com.sg

Raffles Quay Asset Management

Raffles Quay Asset Management (RQAM) was established in 2001 to manage and market projects jointly developed by Cheung Kong (Holdings) Limited/Hutchison Whampoa, Hongkong Land and Keppel Land Limited – three of Asia’s most experienced property developers.

RQAM manages One Raffles Quay and Marina Bay Financial Centre (MBFC), two premium developments in Singapore’s new downtown at Marina Bay that account for a combined 4.5 million square feet of prime Grade A office space in the Central Business District of Singapore. This forms the single largest prime Grade A office space in Singapore.

As the asset manager, RQAM ensures the world-class facilities at these two developments are maintained to the highest standards, befitting the ‘Asia’s Best Business Address’ positioning for MBFC, the single largest integrated mixed use development in Singapore’s new downtown.

In addition, RQAM oversees the ongoing development of the MBFC project, which includes MBFC Tower 3 and luxury condominium Marina Bay Suites, scheduled for completion in 2013, managing the contractor and consultants to ensure the safety, quality and timeliness of construction. RQAM also manages the retail leasing and mall management of Marina Bay Link Mall (MBLM), the retail component of MBFC.

About Cheung Kong (Holdings) Limited/ Hutchison Whampoa

Cheung Kong (Holdings) Limited is a property development and strategic investment company based in Hong Kong.  It is one of the largest property developers in Hong Kong, having developed about one in seven private residences in the territory.  The company also owns a large portfolio of commercial, residential and industrial premises in Hong Kong, and is a major developer of the Central District.

In Singapore, Cheung Kong’s residential property portfolio includes The Vision, on West Coast Crescent, Cairnhill Crest, an oasis of tranquillity ensconced in prime district 9, and Costa del Sol, a prestigious east coast marine-themed development.

In terms of commercial property, the Company developed One Raffles Quay in its first joint venture with Keppel Land and Hongkong Land in Singapore.

Cheung Kong is a substantial unit holder in Fortune REIT – which holds 14 shopping malls and properties in Hong Kong and was listed on The Singapore Exchange Securities Trading Limited in August 2003;thereafter a dual primary listing on the Stock Exchange of Hong Kong Limited took place in April 2010.

About Hongkong Land

Hongkong Land is one of Asia’s leading property investment, management and development groups.  Founded in Hong Kong in 1889, Hongkong Land’s business is built on partnership, integrity and excellence.

In Hong Kong, the Group owns and manages some 450,000 sq. m. (five million sq. ft) of prime commercial space that defines the heart of the Central Business District.  In Singapore, it is helping to create the city-state’s new Central Business District with the expansion of its joint venture portfolio of new developments.  Hongkong Land’s properties in these and other Asian centres are recognised as market leaders and house the world’s foremost financial, business and luxury retail names.

Hongkong Land also develops premium residential properties in a number of cities in the region, principally in China and Singapore where its subsidiary, MCL Land, is a significant developer.

Hongkong Land Holdings Limited is incorporated in Bermuda.  It has a premium listing on the London Stock Exchange, and secondary listings in Bermuda and Singapore.  The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited.  Hongkong Land is a member of the Jardine Matheson Group.

About Keppel Land Limited

Keppel Land Limited is the property arm of the Keppel Group, one of Singapore’s multi-national groups.  The Company is one of the largest property companies by total assets on the Singapore Exchange.

One of Asia’s premier property companies, Keppel Land is recognised for its sterling portfolio of quality award-winning residential developments and investment-grade commercial properties, and high standards of corporate governance and transparency.

Keppel Land is geographically diversified in Asia and has a strategic focus on two core businesses of property development and property fund management.

It is the leading prime office developer in Singapore, with landmark developments such as Ocean Financial Centre and Marina Bay Financial Centre in the Central Business District.

Keppel Land is also Asia’s premier home developer with world-class iconic waterfront residences at Keppel Bay and Marina Bay.

Moving into the future, Keppel Land remains focused on continuing to be the developer of choice in Singapore and the region as well as delivering sustainable earnings to shareholders.

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