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Old December 12th, 2011, 01:07 AM   #161
Mith252
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Looks like we going to have a new tender.

Quote:
Motor Racing: SG Changi axed from motorsports hub project, say sources
By Ian De Cotta, TODAY | Posted: 12 December 2011 0648 hrs


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 on Monday, 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 in advance payment for piling work.

SG Changi 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, submitted a revised schedule to complete 80 per cent of the project by next June.

In a last-ditch attempt to keep the project alive, SG Changi - headed by chairman Fuminori Murahashi and director Moto Sakuma - who had been scrambling to get investors on board and as of late last month, were negotiating with at least two parties from Malaysia and China. But the efforts were futile.

They were also in talks with CSC two weeks ago to restart work but made no headway as they still owe the piling contractors around S$6.9 million.

When contacted on Sunday, CSC president and group CEO See Yen Tarn expressed disappointment at the turn of events.

Mr See told Today he will wait for the official word before deciding on the next course of action.

"I am disappointed to see things end this way and will have to do what is right for CSC and our shareholders," he said. "We had hoped things would work out for SG Changi so that we could restart work and to be fair, I think Mr Fuminori tried very hard and did his best to raise the money."

Mr See said CSC will keep tabs on the new tender exercise as they are still keen on the project.

The first signs that SG Changi was in trouble surfaced when one of their original directors, Mr Thia Yoke Kian, was called up by the Corrupt Practices Investigation Bureau (CPIB) in November last year to help in a probe into possible irregularities in the tender process.

Mr Thia had led a team that featured former Japan Super GT driver Genji Hashimoto which beat Singapore Agro Agriculture and Haw Par Corporation for the tender to build the hub and run the facility - its main feature is a 4km track - on a 30-year lease.

Not long after, Mr Hashimoto was replaced by Mr Sakuma. Three months ago, Mr Thia was removed as a director of SG Changi after failing to pay for the 35 per cent shares he owned in the consortium.

- TODAY
source:http://www.channelnewsasia.com/stori...170766/1/.html
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Old December 12th, 2011, 01:34 AM   #162
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The article on the TODAY paper.


http://a2.sphotos.ak.fbcdn.net/hphot...53207006_n.jpg
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Old December 12th, 2011, 01:54 AM   #163
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Guess they will need to award to a stronger listed company to prevent similiar unpleaseant incident. May be the future successful winner for the project need to place a big deposit or full sum in a escrow account to ensure that they complete the project in time.

Reflect quite badly, first the sports hub now motorsport hub


Last edited by Autobots; December 12th, 2011 at 02:02 AM.
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Old December 12th, 2011, 02:06 AM   #164
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The Sports Hub was due to the recession. This one is more of bad money management on the part of the winning team.
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Old December 12th, 2011, 03:28 AM   #165
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Quote:
Originally Posted by Mith252 View Post
The Sports Hub was due to the recession. This one is more of bad money management on the part of the winning team.
Financial crsis/recession is not a very good excuse, they have 2 other stronger bidders to choose from:-

1. Singapore Gold consortium that was back by Macquarie Group

2. Alpine Consortium back by Alpine Mayreder Bau GmbH / Alpine
Bau Deutschland AG




Need to learn from the past & move on

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Old December 12th, 2011, 03:50 AM   #166
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The problem is that it is joint private and public sector joint project. Since there is some public money used, they need to be careful with the money spent. Besides, it makes sense as the materials cost a lot more then due to the recession.
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Old December 12th, 2011, 06:14 AM   #167
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Okay, settle for their poor judgement lah

LOL
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Old December 12th, 2011, 12:31 PM   #168
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Here is the official news on CNA.

Quote:
SG Changi, SSC end Changi Motorsports Hub contract
By Patwant Singh | Posted: 12 December 2011 1821 hrs


SINGAPORE: The Singapore Sports Council (SSC) announced that it is terminating the Changi Motorsports Hub project that was awarded to SG Changi.

SSC said it has given SG Changi a notice on 7 December to terminate the Project Delivery Agreement.

Both parties had agreed to the termination and all arrangements are to be sorted out by the end of this year.

SSC said it is "a difficult decision".

But it has to terminate the contract in light of current circumstances, one of which being SG Changi's inability to meet the contractual agreement to complete the project by this month.

SSC added it has not yet decided if it wants to call for a re-tender at this point of time, as it wants to reassess the market conditions before making any decisions.

SSC had awarded the tender to SG Changi in March last year.

The group had beaten two other bidders - Singapore Agro Agriculture and Haw Par Corporation - to build and manage Singapore's first permanent race track (measuring some 3.7km) at Changi.

The S$380 million project had also planned for a 1.2km karting track and racing academy.

It was supposed to be completed by the end of 2011.

But SG Changi ran into various problems, from construction delays due to a lack of funds, to a corruption probe into alleged irregularities in the tender process.

- CNA/ir
source:http://www.channelnewsasia.com/stori...170863/1/.html
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Old December 13th, 2011, 12:48 AM   #169
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Here is the articles on TODAY regarding the issue.


http://a3.sphotos.ak.fbcdn.net/hphot...59089960_n.jpg

http://a1.sphotos.ak.fbcdn.net/hphot...78201813_n.jpg
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Old December 13th, 2011, 04:50 AM   #170
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Quote:
Originally Posted by Mith252 View Post
Here is the official news on CNA.
There is even a corruption probe?!
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Old December 13th, 2011, 05:34 AM   #171
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If the modern Summer Olympic venues are any indication, it's that sports facilities are not good investments, with little returns... Unless the corporate sector is involved in every part of the operations, such as the British Premier League and Formula One Grand Prix.
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Old December 13th, 2011, 01:50 PM   #172
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Here's an idea: Invite the luxury car dealers to make a combined bid. The track will be useful for them for obvious reasons.
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Old December 14th, 2011, 02:15 AM   #173
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Here are some news on interested companies in the TODAY paper.


http://a3.sphotos.ak.fbcdn.net/hphot...94573884_n.jpg
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Old December 14th, 2011, 05:20 AM   #174
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Quote:
Originally Posted by Mith252 View Post
Here are some news on interested companies in the TODAY paper.
With some of the foundation work performed halfway, I would presume the new tenderers will be rather constrained in terms of design and layout ... ... unless they are willing to reinstate any previous work done.
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Old December 14th, 2011, 05:22 AM   #175
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I certainly hope this won't be the next Big Box. Then we'll have one in the West and one in the East.
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Old December 15th, 2011, 02:26 AM   #176
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Latest news on the project.


http://a7.sphotos.ak.fbcdn.net/hphot...04663007_n.jpg
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Old December 23rd, 2011, 02:28 AM   #177
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An article on the TODAY paper.


http://a1.sphotos.ak.fbcdn.net/hphot...19554036_n.jpg
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Old May 16th, 2012, 12:52 PM   #178
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Source:http://www.straitstimes.com/Breaking...ry_799540.html
Quote:
SSC ends agreement with SG Changi on Changi Motorsports Hub

[SIZE="1"]Published on May 16, 2012
By May Chen/SIZE]
The Singapore Sports Council's (SSC) chief executive officer Lim Teck Yin announced on Wednesday that the SSC has reached a termination of its Project Delivery Agreement with SG Changi on the Changi Motorsports Hub.

The two parties signed off on the deed of termination on issues relating to the 41 ha site and SSC will be repossessing the land on Thursday.

SSC will now conduct a market sounding exercise - the second such exercise since 2008 - through a Request For Information to assess the level if interest among potential investors for a motorsports hub.

The exercise is expected to start in August and complete by the end of the year. The SSC will then decide whether or not to proceed with a re-tender, or if the land could be used for other purposes.
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Old May 16th, 2012, 03:04 PM   #179
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Here is the same article on CNA.

Quote:
Changi Motorsports Hub contract terminated
By Patwant Singh | Posted: 16 May 2012 2036 hrs


SINGAPORE: The construction of the Changi Motorsports Hub may finally be called off, after the final termination papers were signed on Wednesday.

The Singapore Sports Council (SSC) will take back possession of the land from the SG Changi consortium on Thursday.

SG Changi could not complete the Changi Motorsports Hub as the company had ran into various financial difficulties.

The next step for SSC will be to see if there are any parties interested in taking up the project.

The Request for Information phase will last from August up to the end of 2012.

A decision on whether a re-tender will be called will be made in the third quarter of 2013, SSC elaborated.

SSC CEO Lim Teck Yin said there could have been more stringent criteria in place when it came to examining the financial strengths and organisational ability of the bidding consortiums.

"We could have gone further to require a level of assurance about being able to finance the entire project, maybe through the likes of a bankers guarantee for the entire project, and not just the ability to buy the land," he said.

"That could have benefitted the project, since we were also trying to achieve other national objectives, not least trying to get the hub up on time and ready."

"But those are the lessons learnt," he added.

SSC said it welcomes both local and overseas investors and is also keeping its options open to both motorsports- and non-motorsports-related concepts.

In informal sessions, it has already met five or six interested parties and will be engaging the services of a consultancy to help it with the feedback process.

- CNA/wm
source: http://www.channelnewsasia.com/stori...201703/1/.html
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Old May 17th, 2012, 01:54 AM   #180
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An article in TODAY.


https://fbcdn-sphotos-a.akamaihd.net...93539959_n.jpg
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