The Singapore government unveiled Tuesday night its latest multibillion-dollar plan to turn this city-state into a global science hub and save its economy. The One-North Science Hub is a 15 billion Singapore dollar (US$1=S$1.8353) development over 200 hectares of land, some of which is home to a prison and historical pre-World War II houses. The four phases of development will be completed over the next 15-20 years and will allocate areas for life sciences and biomedical research and development, media and information technology, and finance and business, said Lim Neo Chian, the chairman of government-linked JTC Corporation, which is behind the master plan.
It will also develop a high-rise apartment and a green belt through the center of the zone, he said.
Plans of the area show modern development through and around the historical homes. Some will be torn down, Lim said. JTC will build the key infrastructure, but the government wants private enterprise to develop the hub by building research centers, housing for 130,000 people, shops and restaurants.
Deputy Prime Minister Tony Tan said the hub was part of the government`s bigger plan to broaden Singapore`s economic base "to capture opportunities in new high growth areas" which will "improve our resilience."
Singapore is in recession. Its economy depends on exports, but the slump in demand for its major export, electronics, has sent the economy spiraling downward.
The government expects the economic outlook to remain gloomy for more than three years. "The science hub is part of the government`s effort to transport Singapore`s economy firmly into the knowledge age," said Tan. Tan said private investors will develop 80% of the hub within a flexible plan.
Bureau Report