Given the limited land available in Singapore is it wise to set aside some areas as nature reserves?

I recently visited Singapore and found that the topic of limited land is a growing concern in the country. The country is rightfully called 'garden city' as you see most areas are covered with trees and grass growing on well-maintained landscapes.
The country now has very limited land and the explosive growth it is experiencing in terms of new industries and infrastructure development is phenomenal.

The National Botanical garden that I visited is called 'World Heritage Site'. However, I heard there are people who believe setting aside such areas for nature reserves (wildlife, forests etc.) is not a wise idea owing to the limited land available for constructing houses and other necessary facilities.

Wanted to know what you all think about the situation.