11 Dec '11, 9pm

SG Changi axed from motorsports hub project: Sources - TODAYonline

SINGAPORE - The axe has finally fallen on SG Changi, the consortium which was contracted to build Singapore's first permanent race track. Sources have told TODAY the Singapore Sports Council (SSC) has exercised its contractual rights and terminated the agreement with SG Changi. A formal announcement is expected later today, when the SSC is also expected to provide details of a new tender exercise that will see the Changi Motorsports Hub completed by 2014. The SSC had awarded the tender to SG Changi to build the hub in March last year but the consortium struggled to raise most of the estimated S$380 million needed to complete the project. The hub had been earmarked at a 41-ha site along Aviation Park Road and was supposed to be operational by the end of this month. But construction stopped in January after SG Changi could only pay CSC Holdings half of a S$10 million sum due...

Full article: http://www.todayonline.com/Sports/EDC111212-0000032/SG-Ch...

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