SSC Launches Market Sounding Exercise For Changi Site

SSC Launches Market Sounding Exercise For Changi Site

Singapore, 27 July 2012 - The Singapore Sports Council (SSC) has rolled out a comprehensive four-month market sounding exercise to assess the level of continuing interest and ideas among potential investors for a motorsports hub or other sports and lifestyle concepts at the 41 hectare site in Changi, which was earlier slated for a Motorsports Hub development.

2. The market sounding exercise will conclude with a Request For Information (RFI) process, which is scheduled to be conducted via GeBiz (government's one-stop e-procurement portal) by the end of this year.

3. "The initial phase of the market sounding exercise is aimed at engaging more potential investors so that they can contribute their ideas and provide information meaningfully in the later stage of the exercise when the official Request For Information is launched. We hope to reach out to local and overseas investors, both within and outside the motorsports industry, who would be keen to come up with innovative ideas to put Singapore on the global sporting map, engage the larger community and add value to our economy," said Mr Lim Teck Yin, Chief Executive Officer, SSC.

4. PwC has been officially appointed by SSC to provide advisory services for the RFI and engage potential investors through various means such as one-on-one investor engagements and "Open Days" in Singapore and other major cities.

5. After the conclusion of the market sounding exercise and RFI, SSC will deliberate on the feedback gathered before deciding whether or not to proceed with a re-tender in the first quarter of next year.

6. SSC had earlier terminated the Project Delivery Agreement with SG Changi for the Changi Motorsports Hub on 7 December 2011. Both parties have also signed off on a deed of termination on various issues relating to the land on 15 May 2012, with SSC currently in possession of the site.