This is an auspicious day for the Securities Commission (SC). Established just three years ago, we are embarked on a project that will result in a permanent, physical landmark for the organisation.

The building that will come up will be a unique blend of Malaysian architecture with sophisticated intelligent building characteristics. It will house the SC's administrative offices, and also the Securities Industry Development Centre (SIDC), the training and development wing of the SC. The building will therefore not have a distant and forbidding ambience, but a warm and friendly one, even if not all parts of it will be open to the public.

The SIDC, however, will be very much open to the public; indeed it is intended for the public. About 400,000 sq ft of the 850,000 sq ft building will be taken up by parking for over 900 cars which far exceeds DBKL's requirement in order to cater for SIDC. Nearly half of the rest of the space is designed for the SIDC, on about three levels. We plan to have an outstanding library or Information Resource Centre, open to the public; an Information Centre, using the most-up-to-date technology; there will be a technology gallery and museum; a large cafeteria for 500 people; a surau for all.

For training purposes, there are 11 classrooms of different sizes, again utilising the most sophisticated teaching and learning aids. The conference hall, which can be segmented, is designed to seat at least 800 people, a theatrette for 100 people is being provided, while an auditorium which can seat 400 is planned for orchestral performances and opera as well. The atrium in the main lobby can also be used in the evenings for smaller performances by quartets or trios.

The SC is extremely serious about training and development in the securities industry, for which SIDC has been set up as a central vehicle for sponsoring and coordinating programmes. With the facilities that will be made available, it will become an outstanding regional centre.

Of course the staff for of the SC are not neglected. They will be able to use SIDC facilities as well. They will be well provided with comfortable office space, as well as with ample meeting rooms for them to conduct their official duties. They will also be provided with numerous sports facilities. In addition, a creche for about 80 children of SC staff will be provided.

I am in danger of waxing lyrical about the building and its various facilities. But please allow me to put in a word about its unique architectural design, a blend and balance between the modern and sophisticated on the one hand, and the quiet strength of traditional character and value on the other. Starting with the inspiration from the concept of the bumbung limas in Kedah, the architect has created a building design which we feel is singularly outstanding. There I go again! Perhaps I should direct you to the write-up in the souvenir programme, and move on to a point which I am sure many of you are thinking about: How much is it all going to cost?

The building cost is estimated at RM205 million, inclusive of "Intelligent Building System." Without the "Intelligent Building System" the cost will be RM189 million. With the "Intelligent Building System" the overall cost per sq ft will be about RM240, the cost for SC office space being RM228 per sq ft and that for SIDC facilities being RM259 per sq ft. We think the cost is reasonable against what is being provided and compared with other recent projects. We are mindful of getting value for money. However, we recognise how building cost can escalate and will keep a watchful eye on it.

Those among you who have been observing the SC's balance sheet and wondering what we are going to do with our financial resources, here's your answer. We are building a first class development and training centre along with the SC's administrative offices, symbolising the balance between development and regulation in the SC's role in the Malaysian capital market, and marking an important moment and an auspicious occasion for our three-year old organisation.

It is a doubly auspicious occasion because the person who has kindly consented to perform the ground-breaking ceremony is none other than the man who took the key step in the SC's establishment. YAB Deputy Prime Minister Dato' Sri Anwar Ibrahim, as Minister of Finance, took the necessary action in 1993 after numerous calls since 1986 from among the Association of Merchant Banks and the Federation of Public Listed Companies for the establishment of a body like the SC. We owe him a deep debt of gratitude, not just for being here this morning, but for more, for being visionary, for being supportive. Thank you, Sir.

I also wish to record my thanks to the Prime Minister YAB Dato' Seri Mahathir Mohamad, as a result of whose intervention we were able to acquire this choice 4-acre site in Bukit Kiara. We will make sure that the building that comes up and the purposes to which it is dedicated are worthy of his support.

Many thanks also to Y.Bhg Ketua Setiausaha Negara and the Jabatan Tanah Wilayah for their support, which we hope will continue throughout the life of this building project and beyond. To the Pusat Sains Negara, a big thank you for allowing us to use their parking space today, and we look forward to being good neighbours with them, not to mention the few other institutions in the vicinity. Dewan Bandaraya, the police, fire brigade and other government agencies have been a great help in the organisation of this event, and I look forward to their continued support. Special thanks to Dewan Bandaraya for their assistance in expediting our Development Order application. We hope to start construction on site by next month.

I must finally express sincere appreciation to the members of staff of the SC and all our consultants, who have worked so hard at relatively short notice to make this event a success. There is, I'm sure they all know, more to come. Finally, to you, honoured guests and all present, for taking time to be with us on this auspicious morning, a big terima kasih.