Economy

A Landscape of Jobs And Opportunities

A dynamic, open economic landscape underpins Singapore’s transformation from a newly-independent city-state with no natural resources in the 1960s to a global city of world-class facilities and high living standards today. The rapid development of the city centre, Jurong Industrial Estate, and subsequently, across the entire country, has established a variety of office and industrial hubs in many different locations to meet a wide range of economic needs and bring jobs closer to many homes.

Key Focus - Economy

Moving forward, sufficient land will continue to be set aside for the various business sectors to expand. This approach will ensure Singapore maintains its vibrant commercial and business-friendly environment and is attractive to both residents and investors. In addition, there will be greater emphasis on decentralisation. Existing growth centres outside the city centre will continue to be strengthened. New growth areas in even more locations will also be introduced to offer businesses alternative options for space, which in turn creates more retail, entertainment, and employment opportunities closer to homes.

As part of Master Plan 2014, we have three strategies to provide a wide range of jobs and opportunities to Singaporeans:

  1. Strategy 1: Sustained Growth of The City Centre
    To maintain Singapore’s economic competitiveness, the financial district will be expanded with more office and retail space. Leading this development is the rapidly growing Marina Bay precinct, which will add prime office space to the current 6.5 million sqm within the existing Central Area.

  2. Strategy 2: More Commercial Hubs outside The City Centre
    Decentralisation will continue to provide jobs and opportunities closer to homes outside the city centre. Development of the North Coast Innovation Corridor anchored by the Woodlands Regional Centre is in progress, and new commercial hubs outside the CBD will increase the range and variety of live-work-play options for residents by providing retail choices, jobs and opportunities within easy reach. We are also planning for Singapore’s second CBD to be at the Jurong Lake District, anchored by the game-changing infrastructure projects of the High Speed Rail and the Tuas Megaport.

  3. Strategy 3: New Industrial Clusters
    Additional industrial clusters outside the city centre have been planned. Each cluster will have a different industry focus and unique identity. For example, the Seletar Aerospace Park caters specifically to the aviation and aerospace industries.