With the launch of phase one, costing about S$2 billion (US$1.26 billion), Singaporeans can now take a glimpse at how one of the nation's biggest commercial projects will look.

And it now has an official name: the Marina Bay Financial Centre (MBFC).

By 2010, it will help double the level of premium office space here, as part of the drive to keep Singapore at the cutting edge as a financial centre.

Home-owners also have the chance to be a part of it. Highly-coveted waterfront apartments will be built, in a move likely to add fuel to the already red-hot luxury market.

Of course, not far away, one of the integrated resorts is being built, too.

Phase one of MBFC comprises two office towers and one residential tower - accounting for 56per cent of the total 438,000sqm gross floor area.

Yesterday, at an event to launch the new name, Minister for National Development Mah Bow Tan said the project was a strategic step to ensure that Singapore remains a major player in the global banking and financial arena.

The idea for the project was motivated by a need to stave off regional competition. But the journey has been far from smooth.

The release of the site for sale -- it was originally slated for the first half of 2003 -- was delayed twice amid developers' fears that the huge site would cannibalise demand for space in the Central Business District.

The property market was just starting to recover back in May 2004, when the Government decided to release the site, said Mr Mah.

"It was a calculated risk, but one which was backed by our confidence that Singapore would recover strongly and so too the property market."

A consortium comprising Cheung Kong (Holdings), Hongkong Land and Keppel Land eventually won the tender for the 99-year leasehold site in July last year.

Now, the property market here is on an upswing, with stellar growth in the premium office sector, defying earlier fears.