12 Dec '11, 10am

SSC calls it quits with SG Changi for motorsports hub #Singapore

) announced on Monday it has terminated its agreement with private firm SG Changi to build the proposed Changi Motorsports Hub . SSC 's chief executive officer Lim Teck Yin told reporters at a media briefing that the SSC found it would be "difficult for the project to succeed". The consortium was awarded the tender to build the hub in March last year but faced difficulties raising the estimated $380 million needed. Construction for the hub, which was to be completed by the end of the year, was halted in January. The SSC gave the termination notice to SG Changi last Wednesday. Lim said that he will personally lead an SSC inquiry into the process of the motorsports hub project and has commenced a full post-mortem. He added that for the remainder of this year, the SSC and SG Changi will work out a mutual termination agreement, with the terms to be finalised by the end of this...

Full article: http://sg.news.yahoo.com/ssc-calls-it-quits-with-sg-chang...

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