It was a decision that overturned the government's longstanding resistance against setting up a casino in Singapore. The proposal to build not one but two of them as part of the integrated resorts garnered its share of praise and criticism.

Currently, five bidders are vying for the Marina Bay project. Having casinos in Singapore, according to some, is a gamble while others think it is a safe bet to sharpen Singapore's appeal and boost tourism.

After extensive consultations, the government decided to build two integrated resorts with casinos by 2010.

The go-ahead attracted wide interest from top gaming companies who were prepared to wager billions for the projects at Sentosa and Marina Bay.

The land cost for Marina Bay was fixed at S$1.2 billion.

Sean Monaghan, Vice President, Equity Research, Merrill Lynch Singapore, said, "The Singapore government has gone around the world, talked to the best countries around the world that have done similar processes; it's not often that processes like this gets done in the casino industry. They've taken the best pieces, out of Australia, North America and elsewhere and then (had) a look at the needs of Singapore, modified them and came out with something that from our point of view is very impressive."

A two-step bidding process requires bidders to submit first a concept, then the final proposal.

The proposal for the Marina Bay site is due in about three months while the Request for Proposals for the Sentosa project is expected in the first quarter of 2006.

Furthermore, the Casino Control Bill which regulates the gaming industry and sets out social safeguards, will be discussed in Parliament in the coming months.

The iconic "Singapore flyer" - costing S$240 million - also spearheaded the initiative to rebrand Marina Bay.

Industry players say they are already seeing spin-offs from the integrated resorts even before they open.

For one, properties around the development are enjoying healthy take ups.

Chris Koh, Director, Dennis Wee Properties, said, "It was a good year, because in the previous year sentiments were very weak. It took (the) announcement of the (integrated resort), changes in the financing policy...to attract foreign investors to actually prop the market up...We saw more volume in transactions, we are also optimistic that towards this last quarter, you will see a surge in numbers."

Among the policy changes that benefited homebuyers is a raise in the housing loan limit to 90 percent and the reduction in cash downpayment to 5 percent.

Looking ahead, market watchers have projected a 5 percent increase in sales next year with prices creeping between 1 to 2 percent every quarter