Sports Hub Going To Kaput Liao

[sgnewsalte]

All these expensive projects are going up in smoke. First IR problem, now Sports Hub. No wonder old man is so quiet nowadays.


http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_333757.html

Sports Hub hits snag <!--10 min-->
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</td></tr> <tr></tr> <tr> <td class="padlrt8 georgia11 darkgrey bold" colspan="2">By Kor Kian Beng </td></tr><tr><td><!-- show image if available -->
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The Government has stepped in and is in 'active discussion' with the consortium to address the issue and also on how to get Singapore's biggest sports project moving. -- PHOTO: SINGAPORE SPORTS HUB CONSORTIUM
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THE Singapore Sports Hub Consortium (SSHC) is facing difficulty in securing funds to start the Kallang Sports Hub due to the credit crunch.
The project has already faced several delays.

The Government has stepped in and is in 'active discussion' with the consortium to address the issue and also on how to get Singapore's biggest sports project moving, said Mrs Yu-Foo Yee Shoon, Minister of State for Ministry of Community Development, Youth and Sports (MCYS), in Parliament on Tuesday.

She said: 'Given the current conditions in the financial markets, the consortium has found it difficult to raise the necessary amount of funds to start the project. The Government is in active discussion with the consortium to address this and options on how to move the project forward.'

Mrs Yu-Foo said the Government will make an announcement on 'how we intend to proceed with the project' after details have been firmed up.
She was responding to questions from Madam Ho Geok Choo (MP for West Coast GRC) on whether the Government will prevent further delays in the sports hub project and also make credit more readily available to the consortium.

The SSHC, led by construction firm Dragages Singapore and include companies like World Sport Group and DP Architects, won the bid for the project in January last year, defeating two other groups.

The hub was estimated to cost the Government $1.87 billion over 25 years. The bill included $1.2 billion for construction costs, with maintenance and operating expenditure making up the remainder.

Located on a 35ha site, the hub will feature a new 55,000-seater complete with retractable roof, on the site occupied by the National Stadium, and also include a 6,000-capacity indoor Aquatic Centre and a 3,000-capacity multi-purpose indoor arena.

A final contract to be signed between the Government - represented by the Singapore Sports Council - and the consortium last March was delayed, believed to be due to funding and contractual issues.

In Parliament on Tuesday, Mrs Yu-Foo explained that the Sports Hub is a public-private partnership (PPP) project, which means that the consortium would provide the necessary funds to build the infrastructure and carry out the programming.

The Government would, in turn, pay the consortium for the labour costs and for operating the facilities over a 25-year period, she added.

Madam Ho asked if there is a final deadline beyond which the project cannot be postponed, given its strategic aim to 'broaden future growth and employment opportunities for Singaporeans'.

She also asked if the MCYS could provide an analysis of the potential lost revenue from deferred or lost sporting events due to the delay.

Dr Vivian Balakrishnan, Minister for MCYS, said his ministry would not be able to disclose these details as negotiations are ongoing.

Said Dr Balakrishnan: 'I do not want to make any public announcements on deadlines or analysis of losses because that would compromise our negotiating position.'

 

[commoner]

saying we are having a clutch mentality....

CCB don't know how to budget, burst the budget and NOW SAYS "The Government would, in turn, pay the consortium for the labour costs and for operating the facilities over a 25-year period, she added.

Talented CB MP

 

[Airlib]

No wonder the National Stadium is still around to host soccer games.....
The forever last match @ National Stadium....

 

[congo9]

Just don understand why gov is insisting on opening more and more HUB ? SPORT HUB ? IR HUB ? Prostitute HUB ........

BTW , our Geylang , has been pointed out as UNIQUELY SINGAPORE
Our Orchard tower , has been labelled by ANG MO as "4 Storey of Whore" , isnt it UNIQUE?

We strive to be HUB here and HUB THERE ........

 

[The_Latest_H]

No wonder the National Stadium is still around to host soccer games.....
The forever last match @ National Stadium....

Its been the last game forever- since 2007. It makes one wonder when they started to run out of money...

 

[Lestat]

And the govt still proudly says that they have given out enough construction jobs to help fight recession. :oIo:

WTF are they doing? Sitting in the high arm chair drawing their million dollar salary???

 

[Hope]

All these expensive projects are going up in smoke. First IR problem, now Sports Hub. No wonder old man is so quiet nowadays.


http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_333757.html

Sports Hub hits snag <!--10 min-->
<table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr></tr> <tr></tr><tr><td><!-- headline one : start -->
</td></tr> <tr></tr> <tr> <td class="padlrt8 georgia11 darkgrey bold" colspan="2">By Kor Kian Beng </td></tr><tr><td><!-- show image if available -->
</td></tr> <tr valign="bottom"> <td width="330">

</td> <td width="10">

</td> <td valign="bottom">

The Government has stepped in and is in 'active discussion' with the consortium to address the issue and also on how to get Singapore's biggest sports project moving. -- PHOTO: SINGAPORE SPORTS HUB CONSORTIUM
</td></tr> <tr> <td>

View more photos

</td></tr></tbody></table>
<!-- START OF : div id="storytext"-->
THE Singapore Sports Hub Consortium (SSHC) is facing difficulty in securing funds to start the Kallang Sports Hub due to the credit crunch.
The project has already faced several delays.

The Government has stepped in and is in 'active discussion' with the consortium to address the issue and also on how to get Singapore's biggest sports project moving, said Mrs Yu-Foo Yee Shoon, Minister of State for Ministry of Community Development, Youth and Sports (MCYS), in Parliament on Tuesday.

She said: 'Given the current conditions in the financial markets, the consortium has found it difficult to raise the necessary amount of funds to start the project. The Government is in active discussion with the consortium to address this and options on how to move the project forward.'

Mrs Yu-Foo said the Government will make an announcement on 'how we intend to proceed with the project' after details have been firmed up.
She was responding to questions from Madam Ho Geok Choo (MP for West Coast GRC) on whether the Government will prevent further delays in the sports hub project and also make credit more readily available to the consortium.

The SSHC, led by construction firm Dragages Singapore and include companies like World Sport Group and DP Architects, won the bid for the project in January last year, defeating two other groups.

The hub was estimated to cost the Government $1.87 billion over 25 years. The bill included $1.2 billion for construction costs, with maintenance and operating expenditure making up the remainder.

Located on a 35ha site, the hub will feature a new 55,000-seater complete with retractable roof, on the site occupied by the National Stadium, and also include a 6,000-capacity indoor Aquatic Centre and a 3,000-capacity multi-purpose indoor arena.

A final contract to be signed between the Government - represented by the Singapore Sports Council - and the consortium last March was delayed, believed to be due to funding and contractual issues.

In Parliament on Tuesday, Mrs Yu-Foo explained that the Sports Hub is a public-private partnership (PPP) project, which means that the consortium would provide the necessary funds to build the infrastructure and carry out the programming.

The Government would, in turn, pay the consortium for the labour costs and for operating the facilities over a 25-year period, she added.

Madam Ho asked if there is a final deadline beyond which the project cannot be postponed, given its strategic aim to 'broaden future growth and employment opportunities for Singaporeans'.

She also asked if the MCYS could provide an analysis of the potential lost revenue from deferred or lost sporting events due to the delay.

Dr Vivian Balakrishnan, Minister for MCYS, said his ministry would not be able to disclose these details as negotiations are ongoing.

Said Dr Balakrishnan: 'I do not want to make any public announcements on deadlines or analysis of losses because that would compromise our negotiating position.'

Fuck,now more than 12 month,fr good time to bad time,still no one has any interest to finance.


This type of fucking project,where got hope,I wonder which flyers so stupid to sign this fucking contract.Is it Vivien,then he goes!

Singapore project delayed

The completion of a S$1.2 billion (US$808 million) sports venue by late 2011 is likely to be delayed by a year because of the global financial crisis, the Sunday Times said yesterday. A worldwide rise in the cost of building materials has also affected plans to finish the waterfront project on time, the newspaper said. “We’d be lying if we said we were not affected by the financial crisis,” a person involved with the project was quoted as saying by the newspaper. A consortium led by a subsidiary of France’s Bouygues Construction won the tender in January to build the complex.

 

[DerekLeung]

You did not getting your advertisement funding from banks and companies!

We will ask you back as responsible citizens, where on earth did you got your money from ?

 

[zuoom]

so, when the YOG starts... where would be the main stadium to hold it???

at the sports school??

 

[Hope]

so, when the YOG starts... where would be the main stadium to hold it???

at the sports school??

AIYAH,

Madam Ho has to put up S$1.2 billion for this lah,in addition to S$5 bi for Sands IR,looks like she so clever,spent so much time talk and sign contracts,in the end,all pay by our money!

 

[Hope]

AIYAH,

Madam Ho has to put up S$1.2 billion for this lah,in addition to S$5 bi for Sands IR,looks like she so clever,spent so much time talk and sign contracts,in the end,all pay by our money!

Mac on shortlist for Singapore sports complex (The Australian)
Florence Chong (April 05, 2007)

A MACQUARIE Bank-led consortium is one of three finalists in Singapore's first significant public-private partnership (PPP) project.
The consortium, Singapore Gold, made a $S650 million ($531 million) bid to build the Sports Hub complex on 35 hectares of reclaimed land at Marina Bay, where the $US3.6 billion ($4.43 billion) Marina Bay Sands integrated resort is being built.

Macquarie is the bid leader and financial adviser. If the consortium clinches the contract, the bank will be the debt and equity arranger.
Its partners include Shimizu Corporation, a large Japanese contractor, HOK Sports & Venues Event and Singapore infrastructure and building development consultant CPG Corporation. HOK Sports, currently working on the design for the London Olympic Stadium and architect for the Sydney Olympics Stadium, will be the project's stadium/sport architect and master planner.

The Singapore Gold Consortium is competing against two groups - one led by Austrian contractor Alpine Mayredder Bau and the other headed by the Hong Kong-based Dragages, part of the French Bouygues Group.

Singapore's Ministry of Community Development, Youth and Sports has said the successful consortium will be announced by the middle of 2007.
The sports hub, expected to begin operations in the middle of 2011, will have three stadiums, including an aquatic centre, and will be capable of hosting large international games such as SEA (South-East Asian) Games, Commonwealth Games and Asian Games.

The winning consortium will also assume management and operation of the existing Singapore indoor stadium.

The contract will provide for profit-sharing between the government and the consortium, which will have a concession to run the facilities for around 25 years.

Graham Brooke, KPMG's project finance partner in Sydney, said Macquarie was also in another consortium that had expressed interest in a PPP contract to provide student accommodation for the National University of Singapore.

Mr Brooke, who has been involved with PPPs for 16 years, said that Singapore planned to use PPPs to provide up to $S1.3 billion worth of capital investment over the next three to five years.

KMPG, which last week published a study on the PPP trends in Asia Pacific, said Singapore's Institute of Technical Education (ITE) had adopted PPPs as a vehicle for the development of two new colleges.
"Singapore and China are countries leading the shift to PPP projects in Asia, and this will generate new opportunities for Australian companies," Mr Brooke said.

He singled out construction and services companies as the most likely to pursue contracts as these PPP projects come on-stream in coming years.
He said firms such as Babcock and Brown and Macquarie Bank had established a presence in the Singapore market to pave the way for further deals around the region.

 

[Hope]

Mac on shortlist for Singapore sports complex (The Australian)
Florence Chong (April 05, 2007)

A MACQUARIE Bank-led consortium is one of three finalists in Singapore's first significant public-private partnership (PPP) project.
The consortium, Singapore Gold, made a $S650 million ($531 million) bid to build the Sports Hub complex on 35 hectares of reclaimed land at Marina Bay, where the $US3.6 billion ($4.43 billion) Marina Bay Sands integrated resort is being built.

Macquarie is the bid leader and financial adviser. If the consortium clinches the contract, the bank will be the debt and equity arranger.
Its partners include Shimizu Corporation, a large Japanese contractor, HOK Sports & Venues Event and Singapore infrastructure and building development consultant CPG Corporation. HOK Sports, currently working on the design for the London Olympic Stadium and architect for the Sydney Olympics Stadium, will be the project's stadium/sport architect and master planner.

The Singapore Gold Consortium is competing against two groups - one led by Austrian contractor Alpine Mayredder Bau and the other headed by the Hong Kong-based Dragages, part of the French Bouygues Group.

Singapore's Ministry of Community Development, Youth and Sports has said the successful consortium will be announced by the middle of 2007.
The sports hub, expected to begin operations in the middle of 2011, will have three stadiums, including an aquatic centre, and will be capable of hosting large international games such as SEA (South-East Asian) Games, Commonwealth Games and Asian Games.

The winning consortium will also assume management and operation of the existing Singapore indoor stadium.

The contract will provide for profit-sharing between the government and the consortium, which will have a concession to run the facilities for around 25 years.

Graham Brooke, KPMG's project finance partner in Sydney, said Macquarie was also in another consortium that had expressed interest in a PPP contract to provide student accommodation for the National University of Singapore.

Mr Brooke, who has been involved with PPPs for 16 years, said that Singapore planned to use PPPs to provide up to $S1.3 billion worth of capital investment over the next three to five years.

KMPG, which last week published a study on the PPP trends in Asia Pacific, said Singapore's Institute of Technical Education (ITE) had adopted PPPs as a vehicle for the development of two new colleges.
"Singapore and China are countries leading the shift to PPP projects in Asia, and this will generate new opportunities for Australian companies," Mr Brooke said.

He singled out construction and services companies as the most likely to pursue contracts as these PPP projects come on-stream in coming years.
He said firms such as Babcock and Brown and Macquarie Bank had established a presence in the Singapore market to pave the way for further deals around the region.

Oct 12, 2008
Sports Hub completion date: 2012
Venue's completion date pushed back further due to financial crisis and rising building costs
By Leonard Lim

The deepening financial crisis and rising building costs have combined to deal Singapore's biggest sports project a double whammy.
The result? Further delays for the 35ha Kallang Sports Hub, to be built on the site of the current National Stadium.

It is understood that the earliest completion date for the public-private partnership (PPP) project is now 2012, about two years later than originally planned.

This comes on top of a catalogue of delays that has already surrounded the project.

It means that Singaporeans will have to wait longer for events like Twenty20 cricket matches and an Asean Football League tournament, two major events promised by winning bidder Singapore Sports Hub Consortium (SSHC) as part of the Sports Hub's vibrant calendar.

These events will complement dining and shopping outlets planned for the venue.

Queries to the SSHC were directed to the Singapore Sports Council (SSC). An SSC spokesman said on Friday that there were no updates for now.

But an insider involved in the project told The Sunday Times: 'We'd be lying if we said we were not affected by the financial crisis.'

When announced in January, the project was estimated to cost the Government $1.87billion over 25 years.

In January, the SSHC - led by construction firm Dragages Singapore and including companies like World Sport Group and DP Architects - trumped bids from two other groups.

A final contract was expected to be signed by March.

This was delayed, and sources said one of the final obstacles before the contract could be inked between the SSC and SSHC was securing and finalising loans from financial institutions.

According to a PPP document on the Ministry of Finance website, such loans make up the majority - sometimes around 80per cent - of total funding for construction costs.

But the current financial climate has led to banks tightening credit and imposing stricter restrictions on lending.

The volatile financial situation is believed to be adding uncertainty within the SSHC, forcing the pushing back of the final contract's inking.

Also contributing to the delay is a worldwide increase in the cost of construction materials, which some market experts say has risen by up to 35per cent in the last year.

It is almost certain to translate into a surge in the $1.2billion construction cost of the project.

Maintenance costs and operating expenditure over the PPP project's 25-year lifeline make up the remainder of the $1.87billion tab to the Government.

But because of its PPP nature, earlier reports said the Government would not be liable for any rise in capital expenditure.

Yet the spiralling construction costs are understood to have set alarm bells ringing within the SSHC, and the sports council has been roped in to help find a solution.

A source said: 'There are now two options. One is to stick with the original plan and build the hub in its entirety, but incur additional cost.

'The other is to work within the budget already set, and see what facilities could be cut out.'

The hub's centrepiece is a 55,000-seat stadium with a retractable dome-shaped roof.

According to SSC's tender specifications, there must also be a 6,000-capacity indoor aquatic centre, a 3,000-capacity multi-purpose arena, a water sports centre, and 41,000sq m of leisure, shopping and dining facilities.

The SSHC's proposal includes a whitewater rafting facility, an indoor karting arena, and a water leisure park with flumes and slides.

These are believed to be being considered for removal if the original cost is to be adhered to.

Said a senior Singapore sports official who declined to be named: 'The Sports Hub should still be ready in time to host the 2013 South-east Asia Games.

'But these unforeseen circumstances have dealt a blow to our hopes of drawing top sporting events as soon as possible to establish ourselves further as a hosting venue.'

[email protected]

 

[DerekLeung]

If you even penalise participants on their private life .

Yet your athelets cannot outperform atheletes from high schools .

Is it a stupid Chinese syndrome ?

 

[besotted]

sports hub is white elephant project

singapore should concentarte on economy, sports all these waste time

 

[ahleebabasingaporethief]

sports hub is white elephant project

singapore should concentarte on economy, sports all these waste time

Sports Hub is a "feel good" project much like our FT table tennis team.

Dont forget 66.6% gets their kicks from the PAPies.

Now we are seeing the same 66.6% going after the Papies. Haha

Our Garment have no sense of PRIORITIES.

As evident by their performance in ParLeement against WP's Low, they are sub-standard pushed to "super" standards by our 154th proganda machine.

 

[Maverick01]

sports hub was never in the plan for YOG in the first place....its previous scheduled completion was 2010 anyway...the main stadium would be one of the current stadiums we have.....

so, when the YOG starts... where would be the main stadium to hold it???

at the sports school??

 

[The_Latest_H]

I will bet that even by the time I return by 2012, I'm pretty sure the "Sports Hub" will not be completely finished. Some will be finished for sure, but not all.

And whether all will used for their purposes or not is still a million dollar question. I'm afraid some of these stuff in the Sports Hub are basically built for political pork, and not for sports usage.