Singapore’s commercial real estate market has been a standout amid a global downturn, with one major exception.
Just nine miles from the gleaming skyscrapers that crowd the country’s central business district (CBD) sits a 71-hectare, billion-dollar example of the city state’s push to create alternative business hubs. The Changi Business Park, dubbed the “CBD of the East”, was a big draw for tech giants, including International Business Machines Corp (IBM) and Advanced Micro Devices Inc (AMD). Global banks from JPMorgan Chase & Co to Citigroup Inc have also situated their back-end staff there.