Procurement News Notice |
|
| PNN | 35622 |
| Work Detail | Sport Singapore (SportSG) has initiated the termination of the Sports Hub Public-Private Partnership (PPP) project agreement and will take over the ownership and management of the Singapore Sports Hub. It has reached a mutual agreement with SportsHub Pte Ltd (SHPL) over the termination and will officially take over the Sports Hub on December 09, 2022. The terms of the project agreement give SportSG the right to conclude the partnership and take ownership of the Sports Hub. There is no penalty for the termination. Upon termination, SportSG will pay SHPL a sum assessed in accordance with the Project Agreement that is substantially comprising: The amount of the outstanding loan that was taken for the construction works; A fair open market value of the Sports Hub. The cost of terminating the PPP arrangement and taking over the operations of the Sports Hub is estimated to be comparable to the cost of continuing with the PPP arrangement until 2035. |
| Country | Singapore , South Eastern Asia |
| Industry | Sports |
| Entry Date | 16 Jun 2022 |
| Source | https://www.infrapppworld.com/news/singapore-terminates-concession-contract-for-usd14-billion-sport-hub-ppp |
