Singapore is regarded as a leading financial center and a prime location for business with a rich and varied geography that provides different opportunities for enterprises across various districts. Selecting the proper placement for the establishment of your office is a crucial factor that may influence your business activities, employees, and revenues. This neighborhood guide briefly looks into some of the top business districts and locations to explore when searching for an office in Singapore.
Central Business District
The Central Business District (CBD) is the commercial hub of Singapore and is filled with high rise buildings including business towers, banks, hotels, and restaurants within which are noted places of interest. Public transportation systems such as subway, roads and connections with other parts of the island are some of the major structures. The rental costs are high in the area, however, location and additional services and visibility make it favorable for large companies, banks and co-working offices. International firms and start-ups, especially those in the finance, technology and media industries tend to prefer the prestige element and good connectivity of the CBD.
Key neighborhoods: Raffles Place, Marina Bay, Tanjong Pagar, City Hall
One-North
Also famous as Singapore’s science and Information Technology district, one-north is a 200 hectare large business park, meaning the nation’s largest business park and a dynamic development that seeks to draw out innovation and talent embedded in its high-tech structures and conditions. The business park accommodates innovation centres, incubator spaces, biomedical science fraternity together with the big organizations and other new startup companies in areas of ICT, media, and engineering. Having clean environment with greenery, supportive facilities such as retails, F&B outlets and cycling tracks for employees’ wellbeing make one-north convenient for employers seeking to acquire talented IT and creative workforce. Small offices and laboratories are also relatively inexpensive for new businesses.
Key neighborhoods: There are a few that are worth mentioning: Buona Vista, Biopolis, Fusionopolis, Mediaopolis.
Orchard Road
Orchard Road, a prestigious shopping and entertainment centre, has a central position in Singapore with good accessibility and a vibrant multi cultural atmosphere attracting both tourist and residents. As rents are quite on the higher side, the area targets the consumer service brands like the retail outlets, restaurants, banks and co-working spaces for branding and visibility owing to the hitherto high traffic. Here, the malls also provide office spaces for rental so that the companies can benefit from captive shopper traffic.
Novena
Over the last decade, Novena has evolved from a predominantly residential area with some office buildings to become a key health and medical related commercial and business district and node centred around the Novena MRT station. As some medical institutions such as Tan Tock Seng Hospital is located within this vicinity with other complementary uses such as offices, malls, hotels and entertainment/F&B, this is a strategic location for industries such as Pharmaceuticals, Healthcare and Wellness brands. Another factor that makes the area attractive for leasing is good accessibility in combination with affordable office rental prices, which also explains technology companies and startups’ interest in co-working spaces and business parks located here.
Paya Lebar
Paya Lebar has been recognized as an aviation and aerospace center with industrial estates and business parks to accommodate key logistics and technology players. Situated in the proximity of the airport it provides low rents in industrial areas as well as commercial or mixed-use buildings ideal for supply chain, e-commerce and transportation companies. Since huge investments are planned for making Paya Lebar a more attractive commercial and residential area, the situation for companies will only improve in the years to come.
Changi Business Park
Located near the Singapore Expo Center for conventions, business buildings, hotels, and selling, eating, and drinking establishments, Changi Business Park was specifically designed for MICE – or Meetings, Incentives, Conventions, and Exhibitions. This choice is preferred because of easy access to venues, purpose built facilities, and convenience for large scale exhibitions, conferences, and trade shows coupled with well-connectedness to Changi Airport. The industries such as hospitality, event management and trade fairs find it convenient to have an office in this area because those are the industries that would benefit from the close knit proximity to one another. The rental rates are also flexible with some of the packages being offerable for short term rental.
These neighborhoods are representative of some of Singapore ’s main industries making them ideal places for companies within these industries to locate as well as for the creation of new opportunities and collaborations to flourish. Factor in your target consumers, the specific market that you want to operate in, your monetary allocation and future expansion plans, as well as the accessibility to choose the site that will provide the best environment to actualize your dream.