No more changi motorsport hub riaos..

[Nightsky]

SSC calls it quits with SG Changi for motorsports hub

 

The Singapore Sports Council (SSC) 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 month.

 

He declined comment on whether a new tender will be opened for the project but noted that the SSC will need to put out a public request for information to assess market interest in taking up the building of the hub.

 

The hub was planned to include a 3.5km race track, a 1.2km karting track and a 20,000-capacity spectator gallery, alongside a museum and a racing academy.

 

sauce - http://sg.news.yahoo.com/ssc-calls-it-quit...ports-hub-.html

[Icedbs]

Of course it will fail. For an investor to invest part of that 380 million, they need to be convince of the motorsports market in Singapore.

 

Everybody knows this market is very small and niche in Singapore and the fact that the gov. is discouraging the ownership of vehicles is not helping.

 

If SSC is really sincere, they should get this money from the government. No investor is going to put in that money when clearly, the ROI is small and may not even exist!

[Mllcg]

Of course it will fail. For an investor to invest part of that 380 million, they need to be convince of the motorsports market in Singapore.

 

Everybody knows this market is very small and niche in Singapore and the fact that the gov. is discouraging the ownership of vehicles is not helping.

 

If SSC is really sincere, they should get this money from the government. No investor is going to put in that money when clearly, the ROI is small and may not even exist!

 

govt cannot give. ppl will question.

 

first they discourage speeding.

 

then they give money to build track.

 

 

[Icedbs]

govt cannot give. ppl will question.

 

first they discourage speeding.

 

then they give money to build track.

 

More like gov. won't give because they too, can't see the return of investment.

[Mllcg]

More like gov. won't give because they too, can't see the return of investment.

 

invest more to host F1 lor.

 

become like sepang

[Cdior]

Ccb. I dun want go Malaysia for track . Knn.

[Kiadaw]

For a country that pay the world recording car prices, & high end sports cars (at record price no less) are a common sight, & the amount of "race inspired" cars, there isn't even a race track. Hmmm.

[Sky61]

govt cannot give. ppl will question.

 

first they discourage speeding.

 

then they give money to build track.

 

Nothing conflicting in that statement.. to discourage speeding on the roads, u build a track to do so. Furthermore can milk trackies monies

 

Looks like have to go with karter to sepang liao...

[Relagsingh]

I'm sure that if a tender is put up to build a golf course, it'll be completed in a spiffy.

 

So much for local motorsports. its back to car parks for boyracers and ricers.

[Unidentified]

I'm sure that if a tender is put up to build a golf course, it'll be completed in a spiffy.

 

So much for local motorsports. its back to car parks for boyracers and ricers.

 

now the carpark also disappear liao.

[Beehive3783]

I wonder if SMSA should be involved instead of this SSC, which most likely has no idea how motorsports work.

[Tarzan666]

if they can spend $$ to erect/dismantle F1 track etc on annual basis..dunno y tis cannot do.

[Vulcann]

SSC calls it quits with SG Changi for motorsports hub

 

The Singapore Sports Council (SSC) 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 month.

 

He declined comment on whether a new tender will be opened for the project but noted that the SSC will need to put out a public request for information to assess market interest in taking up the building of the hub.

 

The hub was planned to include a 3.5km race track, a 1.2km karting track and a 20,000-capacity spectator gallery, alongside a museum and a racing academy.

 

sauce - http://sg.news.yahoo.com/ssc-calls-it-quit...ports-hub-.html

 

Wonder if SSC will impose liquidated damages?

 

Then again the project never even took off so may not have LD.

 

There must be heavy punitive damages to be imposed most definitely.

 

Any contract administrators from govt sector to advise?

Edited December 13, 2011 by Vulcann

[Sabbie]

That track is not big enuff to host F1, so can only host the smaller events like A1, motoprix, etc, etc....hard to see the ROI on this project without govt support....

[Roh96]

Gahmen discourage car ownership, LTA discourage car modification, TP discourage speeding. Tell me how motorsport will succeed in this nation.

[Meanmachine]

they play 2nd fiddle to F1, The successful bidder oso at fault for not doing their homework, no funds yet bid so high, dun think it's gonna to be here anytime earlier, so might as well, call it quit.

 

If allow to bid again, dun think any1 can do a better job, I way I look at it, Gvt is half-hearted, not gonna to work here for the next 2 years until some1 can come out with better solution/sponsorship to pull it our of this s--t-hole.

 

With or w/o this motorsport hub, Life goes on for me . . . What are we gonna to see, more young punk showing off their reckless driving skills . . .

 

The how-lian, teh tua-pain or the ferrari wannabee? Show-off !

[Porker]

Positively workable development but the Japanese hired an incompetent front man (fellow Jap) to lead the company. All advice fell on deaf ears.

[Meanmachine]

Gahmen discourage car ownership, LTA discourage car modification, TP discourage speeding. Tell me how motorsport will succeed in this nation.

 

 

Gahmen can own and drive expensive car, bit dun like ppl driving faster car than them, TP an LTA works hand -in-hand as cowboys and Indians, one who close one eye to legal mod. and the other goes out to chase on mod. car/s. I call tis " souped-up version " juz add 'chip' will do, my 6 years nephew knows better.

 

 

COE only goes to Gahmen's coffer, what have they done for the road, railing and more ERP gantry, such a small red dot has so many gantries for what !!!

 

Man built man destroy .