Construction has started on an $8 billion “ultra luxurious” integrated resort in Singapore that will expand the city-state’s Marina Bay Sands integrated resort and Las Vegas Sands’ presence in Asia.

Singapore’s Prime Minister Lawrence Wong and Las Vegas Sands co-founder Miriam Adelson attended a ground-breaking ceremony Tuesday, where it was revealed that the development will include a 55-story all-suite resort, luxury retail shops, gaming facilities and 200,000 square feet of meeting space.

The project, which has been called Marina Bay Sand’s “fourth tower,” is not an extension of Marina Bay Sands, Robert Goldstein, CEO of Las Vegas Sands, said at the ceremony.

“If you came expecting to hear about an extension of MBS, you’ve come to the wrong party,” he said. “This is a brand-new building with a brand-new identity.”

The new resort will include 570 suites and a 76,000 square-foot rooftop space called the Skyloop that will have an observation deck, restaurants and gardens that are open to the public.

The rooftop area will also have multiple infinity-edge pools, as well as private cabanas, for hotel guests.

A 15,000-seat arena designed by Populous, the design team behind the Sphere in Las Vegas, is set to open at the base of the resort.

The new development was designed by Safdie Architects, the architecture firm behind Marina Bay Sands and Jewel Changi Airport.

Company founder Moshe Safdie was also present at the ground-breaking ceremony, alongside Singapore’s Minister for Sustainability and the Environment Grace Fu and Las Vegas Sands’ President and Chief Operating Officer Patrick Dumont.

The new development aligns with Singapore’s “Tourism 2040” strategy, released in April, which aims to triple tourism revenue from so-called “Mice” travelers, or those who attend meetings, incentives, conferences and exhibitions.

Singapore’s long-term tourism goals also rely heavily on attracting leisure travelers with world-class attractions and live music and sports entertainment.

Several high-profile launches since the start of the year have boosted the island’s tourism industry, including its first all-villa resort Raffles Sentosa Singapore and a zoological park called Rainforest Wild Asia. An upgraded aquarium attraction called Oceanarium, is set to open next week.