Singapore Soars

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The government for years has been trying to liven up the place. In 2002 nightclubs were allowed for the first time to remain open around the clock, an attempt to inject some oxygen into the tourist trade and nightlife (lawmakers also repealed a law barring dancing on tabletops). Two years ago, city officials stopped tinkering and got serious: over considerable public objection, gambling was legalized. The government subsequently struck deals with major gaming companies to build two casino/resort developments, each costing about $4 billion. When completed, they will be the twin suns around which a solar system of new developments and diversions are expected to revolve.

One casino is located on a 24-hectare strip of land on the southern shore of Marina Bay, not far from the city's growing financial district at the mouth of the Singapore River. In February American casino operator Las Vegas Sands broke ground there on what will be the city's first integrated resort, scheduled to be completed in 2009. Beyond gambling, the Marina Bay Sands—composed of three nearly identical 50-story towers—will offer 2,500 hotel rooms, 93,000 sq m of convention space, two theaters, an ice-skating rink, shops and restaurants. A revitalized waterfront will sport the world's tallest Ferris wheel, miles of walkways and a 100-hectare botanical garden. To help bring in tourists, Singapore recently announced it had cut a deal to become a stop on the Formula One Grand Prix circuit starting in 2008; the city will host the annual event on downtown streets and may hold Formula One's first night race. For those with more genteel interests, a world-class art-and-science museum is being built near the Marina Bay Sands. Designed by renowned Israeli architect Moshe Safdie, the facility looks on paper to be as distinctive a landmark as the Sydney Opera House—its dramatic roofline resembles flower petals or an upturned palm. "We call it the Hand of Singapore," says George Tanasijevich, general manager of Singapore development for Las Vegas Sands.

The other casino, to be developed by Malaysia's Genting International, will stand on Sentosa Island, which is connected by bridge, light rail and cable car to the main island. Using land it had been reclaiming since the 1970s, the government several years ago began auctioning Sentosa plots to the private sector, but only to be developed under its careful guidance and marketing. Beaches that ringed the island were spruced up, and two golf courses modernized. Thirteen hotels containing about 3,500 rooms are planned, providing lodging for tourists drawn to the beaches, the casino and a Universal Studios theme park, which is also being built by Genting International and is slated to open in 2010.

Then there's what is arguably the capstone of the Sentosa initiative: Sentosa Cove, Singapore's first waterfront property development and also its first gated community. Each of its approximately 600-sq-m lots will soon sport luxury homes costing up to $20 million, each with infinity pools and private boat berths. Mixed in with the single-family homes will be four condominium complexes, a five-star hotel and a megayacht marina.

The government hopes the high-end properties will be purchased by wealthy locals as well as expat residents and overseas investors. To bring in the latter, a new property law was passed last year making Sentosa Cove the first land in Singapore that could be owned by foreign individuals (through 99-year leases) without special government clearance. Previously, foreigners could not easily secure land rights; those wishing to invest were obliged to purchase condominiums.