Nov 20, 2009
SPORTS HUB
End the delay and start building
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PUSHING back the completion date of the Sports Hub repeatedly from 2010 to 2011, 2012 and now 2013 ('Sports Hub still has financing concerns', Nov 14) is disappointing.
It is unfair to the two unsuccessful bidders as the reason appears to be the Singapore Sports Hub consortium's failure to secure a bank loan to finance the project.
One main criterion in a tender is for a bidder to have firm financial muscle to complete a project.
Did the Singapore Sports Hub consortium make an unrealistic bid for the mega project, which now seems to point to a situation in which it cannot attract bank backing?
If so, the Government should step in and guarantee the loan or build the Sports Hub on its own.
A mega public project that is repeatedly delayed creates an adverse impression on foreign investors and undermines the confidence in the bidding system.
The Government can certainly afford to build the hub without having to resort to the public-private partnership formula.
If the Government can afford to spend $4.5 billion on the Jobs Credit scheme to subsidise employers' wage bills and $600 million to build the Esplanade, which attracted an audience of only 1.7 million last year, there is no reason not to spend less than $1.9 billion to construct the new Sports Hub, which will attract a larger audience and more tourists.
If the Government could afford spending $15 million to host the recent Asian Youth Games, $150 million on the Singapore F1 Grand Prix and $108 million more to host the Youth Olympic Games next year, it does not make sense to repeatedly stymie the start towards building a vital landmark like the Sports Hub.
Construction costs may rise further next year if the global economy picks up, and what then? More delays?
If it is the Government's mission to promote a sports culture, the construction of a new Sports Hub is a necessity, not a luxury.
The project was announced in 2005. How long more must Singaporeans wait for its completion?
I urge the Government to be less exacting in bean-counting the dollars and cents of the project and realise the sense in making Singaporeans justifiably happy and proud by building the hub.
Chew Chee Meng
SPORTS HUB
End the delay and start building
<!-- by line --><!-- end by line -->
<!-- end left side bar --><!-- story content : start -->
PUSHING back the completion date of the Sports Hub repeatedly from 2010 to 2011, 2012 and now 2013 ('Sports Hub still has financing concerns', Nov 14) is disappointing.
It is unfair to the two unsuccessful bidders as the reason appears to be the Singapore Sports Hub consortium's failure to secure a bank loan to finance the project.
One main criterion in a tender is for a bidder to have firm financial muscle to complete a project.
Did the Singapore Sports Hub consortium make an unrealistic bid for the mega project, which now seems to point to a situation in which it cannot attract bank backing?
If so, the Government should step in and guarantee the loan or build the Sports Hub on its own.
A mega public project that is repeatedly delayed creates an adverse impression on foreign investors and undermines the confidence in the bidding system.
The Government can certainly afford to build the hub without having to resort to the public-private partnership formula.
If the Government can afford to spend $4.5 billion on the Jobs Credit scheme to subsidise employers' wage bills and $600 million to build the Esplanade, which attracted an audience of only 1.7 million last year, there is no reason not to spend less than $1.9 billion to construct the new Sports Hub, which will attract a larger audience and more tourists.
If the Government could afford spending $15 million to host the recent Asian Youth Games, $150 million on the Singapore F1 Grand Prix and $108 million more to host the Youth Olympic Games next year, it does not make sense to repeatedly stymie the start towards building a vital landmark like the Sports Hub.
Construction costs may rise further next year if the global economy picks up, and what then? More delays?
If it is the Government's mission to promote a sports culture, the construction of a new Sports Hub is a necessity, not a luxury.
The project was announced in 2005. How long more must Singaporeans wait for its completion?
I urge the Government to be less exacting in bean-counting the dollars and cents of the project and realise the sense in making Singaporeans justifiably happy and proud by building the hub.
Chew Chee Meng
