An early artist's impression of the Changi Motorsports Hub. SSC earlier today announced it would not re-tender for the site following an extensive 7-month long RFI exercise (photo from kartingsingapore.com).
Singapore, 12 June 2013 - The Changi Motorsports Hub will not be happening, after the Singapore Sports Council (SSC) made the decision to pull the plug on the project. In an announcement made to the media at SSC’s HQ today, SSC’s CEO Mr Lim Teck Yin explained the decision for not proceeding with another re-tender for the Changi Motorsports Hub site.
He said, “Potential investors had indicated significant combined conditions for the project to be commercially viable, which we cannot accede to. The key requirements from potential investors include requests for flexibility of lease terms and land use as well as tax concessions.”
“After careful consideration of these factors, in which we needed to balance costs and benefits, we found it not justifiable to have an operating model that involves significant government subsidies or concessions,” added Mr Lim.
The decision follows a conclusive and extensive international and local market sounding and Request for Information (RFI) exercise, which started in July 2012 and lasted seven months which assessed continued interest by potential investors and possible motorsports and sports and lifestyle concepts.
A total of seven proposals from six consortia were proposed during the RFI period, most of which were motorsports-related. These ranged from motorsports ideas that include a FIA grade 2 or 3 circuit to non-motorsports related concepts of a theme park and watersports marina.
The SSC will now be looking to reinstate the 41-hectare site in Changi to the authorities for alternative future uses.