Singapore terminates concession contract for USD1.4 billion Sport Hub PPP
Sport Singapore (SportSG) has initiated the termination of the Sports Hub Public-Private Partnership (PPP) project agreement and will take over the ownership and management of the Singapore Sports Hub. It has reached a mutual agreement with SportsHub Pte Ltd (SHPL) over the termination and will officially take over the Sports Hub on December 09, 2022.
The terms of the project agreement give SportSG the right to conclude the partnership and take ownership of the Sports Hub. There is no penalty for the termination. Upon termination, SportSG will pay SHPL a sum assessed in accordance with the Project Agreement that is substantially comprising:
- The amount of the outstanding loan that was taken for the construction works;
- A fair open market value of the Sports Hub.
The cost of terminating the PPP arrangement and taking over the operations of the Sports Hub is estimated to be comparable to the cost of continuing with the PPP arrangement until 2035.
Country news
-
-
April 04, 2022
USD526 million Civil contract awarded for underground transit railway line PPP Project in Singapore
The Land Transport Authority (LTA), Singapore has awarded Penta Ocean Construction Co., Ltd. the civil contract for Bright Hill interchange station and tunnels under Cross Island Line Phase 1 (CRL1).
Read more -
September 06, 2018
Governments of Malaysia and Singapore sign agreement to defer US$10 billion high speed rail PPP
The governments of Malaysia and Singapore have confirmed in a joint statement that construction of the Kuala Lumpur-Singapore High Speed Rail (HSR) project is suspended for a period up to 31 May 2020.
Read more -
April 04, 2018
MIRA announces close of Macquarie Asia Infrastructure Fund 2
Macquarie Infrastructure and Real Assets (MIRA), a division of Macquarie Group, has announced the close of its second Asian regional infrastructure fund at its hard cap of $US3.3 billion in investor commitments.
Read more -
January 24, 2018
Malaysia and Singapore agree to second cross-border rail PPP
The Transport Ministers of Singapore and Malaysia have signed a bilateral agreement to develop a cross-border urban rail link between Singapore and Johor Bahru, Malaysia. The project will be developed in a similar manner to the US$9.6 billion Kuala Lumpur-Singapore high speed rail project, for which the governments launched a tender in December.
Read more -
January 04, 2018
Chinese consortium to bid for Kuala Lumpur-Singapore HSR PPP
It has been announced that a consortium led by China Railway Corp will bid for the Kuala Lumpur-Singapore high-speed rail project. The consortium is comprised of eight companies, including CRRC, China Railway Construction Corporation, China Communications Construction, China Railway Signal and Communication and Export-Import Bank of China.
Read more
