Singapore will expand Maxwell Chambers to strengthen its position as an international dispute resolution centre, said Singapore Ministry of Law in a press statement on Thursday.
The Maxwell Chambers is the world's first integrated dispute resolution complex housing both in-class hearing facilities and top international dispute resolution institutions.
The expansion would triple Maxwell Chambers' current size by adding 120,000 square feet of floor space.
The ministry said that the plan was one of a number of Singapore's initiatives in 2017 to raise the country's position as an international dispute resolution centre to the next level.
The new building was expected to house about 50 new offices for international dispute resolution institutions, arbitration chambers, law firms and ancillary legal services, the statement added.
Senior Minister of State for Law, Indranee Rajah S.C. said, Singapore's neutral and stable legal system with high quality jurisprudence was trusted by businesses.
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"We will build on this and strengthen our eco-system of laws, lawyers, institutions and infrastructure, so that we can better serve the needs of businesses and take our international dispute resolution services to the next level," said the minister.
Singapore is today a leading centre in the world for cross-border dispute resolution, alongside London, Paris, Geneva and Hong Kong.
--IANS
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