The beleaguered Changi Motorsports Hub project is finally dead in the water.
In its latest progress update on Wednesday morning, the Singapore Sports Council said it would not be proceeding with the re-tender of the troubled facility.
Despite receiving a total of seven proposals, all failed to meet SSC criteria for it to be completely privately run.
Proposals ranged from an FIA Grade 2 circuit, a racing academy, a drag strip, a theme park and a Watersports Arena.
SG Changi, the consortium which paid S$36 million for the 41-hectare site, will now take a year to reinstate the land and return it to the Singapore Land Authority.
It will be refunded the money minus holding and administrative costs.
“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," said SSC chief Lim Teck Yin.
Key requirements from potential investors included requests forRead More »from We won’t proceed with Changi Motorsports Hub re-tender: Singapore Sports Council