Singapore has already established itself as a major player in the global community as far as startups are concerned, rivaling the ancestral home of startup businesses in the United States (Silicon Valley) – and growing more and more startups, entrepreneurs, and investors each and every single day.
This kind of startup culture has been building throughout Singapore, but there wasn’t a dedicated community the same way that they are is in Silicon Valley and the surrounding area – at least not yet. That is the biggest advantage that California has enjoyed over other startup cultures popping up around the world, but Singapore has an answer prepared – it has to do with the new overwhelming development happening in the Punggol region.
A fair share of people in Singapore have been very, very surprised at the news that the Punggol region is going to be the site of the new Singapore Silicon Valley – and it’s caused real estate values to skyrocket almost overnight.
The Deputy Prime Minister of Singapore announced a new development plan for more than 50 hectares of development to happen through the Punggol district, giving the development the name The Punggol Digital District.
Representing a major new initiative and collaboration between the Urban Redevelopment Authority of Singapore, the JT C, the Singapore Institute of Technology, and the Infocomm Media Development Authority, millions and millions of dollars are being poured into this district – and development is happening faster than anyone could have expected or anticipated.
Not only are investments being made in communications and internet infrastructure, designed to support startup businesses that depend so much on the global reach of the internet and the borderless modern economy, but developments are also popping up left and right as far as housing, education, and business facilities are concerned.
The Singapore government reports that the very first buildings of this new digital district will be ready for occupation five years time, and that the first slate of these new communities are going to be the test bed for new features, new upgrades, and new development practices that will help to influence the development of the rest of the Punggol community as time goes on.
More than 28,000 new jobs are going to be created through this new development, and that’s not counting the new jobs that are going to be established by the startups that begin to call the Punggol district they are home in just a few short years.
Things are really heating up in Singapore, and the major investments being made by the Singapore Institute of Technology show that the nation is serious about turning this into a multipurpose district – combining education, business, and housing into a cohesive community that will form the backbone of the startups that are built and grown in Singapore.
The future of Singapore may not have ever looked quite as bright as it does today. Already described by many in the global business community as the Silicon Valley of Southeast Asia, it appears that Singapore isn’t happy playing second fiddle to anyone – and are looking to corner the entire startup community just as soon as they are able to.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore tops global ranking for startup talent, overtaking Silicon Valley, FinTech Startups in Singapore and and all topics related to Singapore Business and Tech, and if you need Singapore Company Registration Services visit our website.
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