12 Dec '11, 11am

Singapore's Changi Motorsports Hub project has been cancelled

SINGAPORE- The Singapore Sports Council (SSC) confirmed on Monday they have terminated the contract with SG Changi to build and operate the Changi Motorsports Hub after serving notice on Dec 7 to end their project delivery agreement. SSC chief executive officer Lim Teck Yin said they have met the Japanese-led consortium and that both parties "are now discussing and working towards a mutual termination arrangement" by the end of this month. SG Changi was awarded to build the hub in March last year but struggled to raise most of the estimated S$380 million needed to complete the project. Work ground to a halt in January after SG Changi could only pay CSC Holdings half of a S$10 million sum due in advance payment for piling work. The consortium were unable to raise the funds to restart work and after they were issued with a show-cause notice by the SSC in late August, submitt...

Full article: http://www.todayonline.com/Sports/EDC111212-0000117/SSC-t...

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