- Joined
- Jul 24, 2008
- Messages
- 33,627
- Points
- 0
<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published July 7, 2010
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Cost of hosting YOG likely to touch $387m
Almost $260m of this will go to local companies by way of tenders, contracts
By LEE U-WEN
(SINGAPORE) The government has projected that the cost of hosting next month's inaugural Youth Olympic Games (YOG) will touch $387 million - more than three times its initial estimate of $122 million.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Priority: A dedicated YOG lane being created on Woodlands Ave 2. It will operate from Aug 5 to 26, during which motorists must give way to YOG vehicles. </TD></TR></TBODY></TABLE>That original figure - which was listed in the bid document submitted to the International Olympic Committee (IOC) back in 2007 - was an 'indicative' one, given that the scale and scope of the Games has grown significantly since then, said Niam Chiang Meng, permanent secretary at the Community Development, Youth and Sports Ministry.
Speaking during a press conference yesterday to update the media on the progress of the YOG, Mr Niam said that the $387 million budget did not include the $60 million already secured in sponsorship deals, almost 90 per cent of which is in kind. More money had to be pumped in for technology systems, upgrading of sports venues, logistics and transport, and brand-new security systems.
He added that about 70 per cent of the new budget, or $260 million, were tenders and contracts awarded to local companies such as Comfort-Delgro and CityNeon Holdings, which in turn would give a timely boost to the economy. Another $46 million worth of deals were snapped up by foreign companies with local subsidiaries.
The number of volunteers has soared to 20,000, up from just 7,000 initially. This meant setting aside additional funds to provide uniforms, meals and transport for them, among various necessities.
Admitting that the government was 'perhaps a little bit naive' in its earlier budget estimate, Mr Niam said many things were initially 'uncertain' because this was the first-ever YOG and that the Republic was organising it without precedent or template.
'We put a figure that we felt was right at that time. We had to co-construct our budget with the IOC and the international federations (for each of the 26 YOG sports),' he said. 'But being the first host city, we were always going to be the guinea pig.'
While stressing that Singapore's YOG operating expenditure was 'far less' than what Beijing, Vancouver or Melbourne spent in recent years to host the Olympics or Commonwealth Games, he added that Singapore's intent was to win the hosting rights and help showcase the country to the international community as a world-class sporting hub.
'We can't have the Summer Olympics or the World Cup here. The YOG is the biggest sporting event that we can ever host. We feel that the benefits will outweigh the costs,' said Mr Niam. The last multi-sport event that Singapore organised was the Southeast Asian Games in 1993.
According to latest numbers from the Singapore Tourism Board, some 40,000 foreigners will visit the Republic for the Aug 14-26 event and spend $57 million, 'but we feel the actual sum will be much higher than that', said Mr Niam.
The ministry also estimates that the international media value to Singapore will be worth $86 million as a result of the publicity from the over 2,000 accredited media personnel flying in to report on the YOG.
Among the many enduring legacies that Singapore hopes to leave behind will be upgraded stadiums for Singaporeans to enjoy, a Youth Olympic Park and museum, and a lasting sporting culture. The local companies involved will also get to gain good experience and exposure that will enhance their brand, both locally and overseas, said Mr Niam.
Meanwhile, Singapore is gearing up for the arrival of the Youth Olympic Flame on Aug 6 at a gala event graced by President SR Nathan at the National University of Singapore.
From there, some 2,400 torchbearers will take the flame relay-style across the country over a six-day period, with each day ending with a community celebration involving students, grassroots leaders, residents and many senior Cabinet members.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Cost of hosting YOG likely to touch $387m
Almost $260m of this will go to local companies by way of tenders, contracts
By LEE U-WEN
(SINGAPORE) The government has projected that the cost of hosting next month's inaugural Youth Olympic Games (YOG) will touch $387 million - more than three times its initial estimate of $122 million.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Priority: A dedicated YOG lane being created on Woodlands Ave 2. It will operate from Aug 5 to 26, during which motorists must give way to YOG vehicles. </TD></TR></TBODY></TABLE>That original figure - which was listed in the bid document submitted to the International Olympic Committee (IOC) back in 2007 - was an 'indicative' one, given that the scale and scope of the Games has grown significantly since then, said Niam Chiang Meng, permanent secretary at the Community Development, Youth and Sports Ministry.Speaking during a press conference yesterday to update the media on the progress of the YOG, Mr Niam said that the $387 million budget did not include the $60 million already secured in sponsorship deals, almost 90 per cent of which is in kind. More money had to be pumped in for technology systems, upgrading of sports venues, logistics and transport, and brand-new security systems.
He added that about 70 per cent of the new budget, or $260 million, were tenders and contracts awarded to local companies such as Comfort-Delgro and CityNeon Holdings, which in turn would give a timely boost to the economy. Another $46 million worth of deals were snapped up by foreign companies with local subsidiaries.
The number of volunteers has soared to 20,000, up from just 7,000 initially. This meant setting aside additional funds to provide uniforms, meals and transport for them, among various necessities.
Admitting that the government was 'perhaps a little bit naive' in its earlier budget estimate, Mr Niam said many things were initially 'uncertain' because this was the first-ever YOG and that the Republic was organising it without precedent or template.
'We put a figure that we felt was right at that time. We had to co-construct our budget with the IOC and the international federations (for each of the 26 YOG sports),' he said. 'But being the first host city, we were always going to be the guinea pig.'
While stressing that Singapore's YOG operating expenditure was 'far less' than what Beijing, Vancouver or Melbourne spent in recent years to host the Olympics or Commonwealth Games, he added that Singapore's intent was to win the hosting rights and help showcase the country to the international community as a world-class sporting hub.
'We can't have the Summer Olympics or the World Cup here. The YOG is the biggest sporting event that we can ever host. We feel that the benefits will outweigh the costs,' said Mr Niam. The last multi-sport event that Singapore organised was the Southeast Asian Games in 1993.
According to latest numbers from the Singapore Tourism Board, some 40,000 foreigners will visit the Republic for the Aug 14-26 event and spend $57 million, 'but we feel the actual sum will be much higher than that', said Mr Niam.
The ministry also estimates that the international media value to Singapore will be worth $86 million as a result of the publicity from the over 2,000 accredited media personnel flying in to report on the YOG.
Among the many enduring legacies that Singapore hopes to leave behind will be upgraded stadiums for Singaporeans to enjoy, a Youth Olympic Park and museum, and a lasting sporting culture. The local companies involved will also get to gain good experience and exposure that will enhance their brand, both locally and overseas, said Mr Niam.
Meanwhile, Singapore is gearing up for the arrival of the Youth Olympic Flame on Aug 6 at a gala event graced by President SR Nathan at the National University of Singapore.
From there, some 2,400 torchbearers will take the flame relay-style across the country over a six-day period, with each day ending with a community celebration involving students, grassroots leaders, residents and many senior Cabinet members.
</TD></TR></TBODY></TABLE>
