Block 71 is a prime example of the future of Singapore in this new media world. This formally abandoned building is set to become the headquarters of 80 companies based in the technology industry. Passers-by will notice the vibrant renovations that it has undergone, such as the colourful stripes painted down the walls.
The building, situated in the Ayer Rajah industrial estate, was bought by the Media Development Authority (MDA) before it was torn down by its previous owners. It is now known as the Mediapolis Phase Zero and it is estimated that the total cost of the rejuvenation of the building will total SGD 60 million or $49 million.
The finished project is set to be ideal for startup companies who are key to the technology/media industry. The low rent costs, generous facilities and free NUS schemes make it a hive of inspiration for many companies.
Today, startup companies have such severe financial difficulties that no matter what their entrepreneurial style or talent may be, they are destined to failure. Block 71 offers a solution to this problem, allowing startup companies the option to hotdesk for free for a few months. This gives them the financial boost that they need to ensure success. They currently offer around 40 NUS spaces of this variety.
Although many are unsure about the future of the building and whether it will survive or expand to the neighbouring buildings, it is certainly an inspiration and support system to all startups, small and medium enterprises.