With the successful launch of their Annexe Studio in late 2016, the Esplanade will be looking to expand once again in the coming years - this time on a much grander scale.

The iconic performance art hub recently unveiled plans to build a brand new waterfront theatre, costing an estimated S$30 million.

Although backed by the Ministry of Culture, Community and Youth (MCCY), which will be contributing S$10 million to launch the project, the Esplanade will have to raise the remaining $S20 million themselves via various fundraising activities.

Set to be completed in 2021, construction on the new building will look to begin sometime in 2019. The 3,000 sq m will house a 550-seat flexible theatre alongside an outdoor plaza, and will be integrated the aforementioned Annexe area.

In a statement given to Channel News Asia, MCCY Minister Grace Fu explains that "This new waterfront theatre will meet the needs of our theatre companies and community arts groups that often require a smaller venue to showcase their works.”

Indeed, the new space will directly address Singapore's lack of mid-sized venues, offering an attractive option to local performance arts and music group who seek to go beyond small black box showcases, but cannot afford expensive large-scale venues.

“How much work can we bring to a 2,000-seat theatre? And how many local companies are interested to do work on that scale? For the artistic community, this is a space that will give them opportunities to hone their craft," elaborates Esplanade chief executive officer Benson Puah.

The new waterfront theater aims to be a bastion for diverse art forms, ranging from traditional arts, to collaborations between regional artists, to productions for students and children.

To help get this mammoth project off the ground, the Esplanade will be announcing it's new slate of fundraising initiatives in conjunction with it's 15th anniversary this October.