SIngapore’s Changi Motorsports Hub Still Dead

The Singapore Sports Council (SSC) announced earlier this week that it would not be proceeding with the re-tender for the Changi Motorsports Hub site following the conclusion of an extensive international and local market sounding and Request for Information (RFI) exercise. For those who have been following the situation closely, it comes as no surprise.

Updating the media on the decision not to proceed with the re-tender, SSC CEO Lim Teck Yin said: “The SSC has decided not to proceed with the re-tender as 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. For example, with regard to flexibility of lease terms, there were requests for extensions of duration and pricing below valuation.”

“Taking into consideration these requests and potential outcomes, we need to balance the costs and benefits. The land take and proposed use under this project do not justify an operating model that involves significant government subsidies or concessions. After careful consideration and in consultation with other government agencies, we have decided not to proceed with the re-tender,” said Lim.

Read the Full Press Release Here

Die hard Singaporean race fans will now have to continue to rely on Sepang or Johor and hope that Peter Lim’s previously announced Motorsports City development in Iskandar will become a reality.

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