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Speaking to Reuters at the annual MIPIM commerce equitable in Cannes on Tuesday, Choy Chan Pong, belief of land state at the URA, said Singapore had not felt the threat of vast financial sector redundancies and its interpretation boom continued.

We have not seen any evidence of a decline in demand for employment space, and for immediately most financial institutions in Asia are even hiring," he said.

The URA said earlier this week it deliberate to double the proportions of Singapore's Marina Bay financial local to 2.82 million square metres -- or double the size of London's Canary Quay financial limited -- as international financial sector occupiers continued to seek presence in the city.

The management had allot aside 101 hectares of fresh parkland directly consequent to the Marina Bay financial community that would serve as "lungs" for the city, and which would never be sold for duty schemes, at any price. We hold had offers from many Centre Eastern developers and investors to shop for the land we retain allocated for the Marina Gardens nevertheless we testament never sell it," Choy said.

It stops Singapore from fitting a concrete jungle. It is priceless."

Average Chartered Bank and Development Bank of Singapore chalk up agreed to catch a complete 1.2 million square feet of period at the Marina Bay Financial Centre, a 438,000 square meter business and residential project lifetime developed by Keppel Land, Cheung Kong Holdings Hutchison Whampoa and Hongkong Land.

According to counsel from global belongings broker Cushman & Wakefield last month, Singapore prime occupation rents climbed 78 percent in limited currency terms in 2007 on the contrary Choy quelled fears this surge in rental costs had begun to expenditure some occupiers absent of the market, and in relation to rival markets of Tokyo and Hong Kong.

You bear to dwell upon this rental exaggeration was from a also low base," he said. Singapore is yet cheaper than Hong Kong. Tokyo is nearly full," he said. Hong Kong is the moment most expensive office bazaar in the world, remain London, with annual job rents averaging $239 per square foot. Tokyo is in third dwelling with annual office rents at $210 per square foot.

Singapore is in seventh place. Its annual work rents standard $130 per square foot. We complete not expect financial institutions will keep to choose one mart over another, so we admit no concerns approximately duration of China or Japan.

Realistically, banks appreciate they hold to be in all three cities considering we serve altered markets, and whether banks wish access to India or South East Asia, they exigency to be in Singapore," Choy said.

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