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 Sports hub has funding woes

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Max
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PostSubject: Sports hub has funding woes   Tue Feb 03, 2009 5:31 pm

Sports hub has funding woes

THE consortium named to build a billion-dollar national stadium and sports complex for Singapore is struggling to raise funds amid the global economic crisis, a report said on Tuesday.

The government is in discussion with the consortium over how to move the project forward, Minister of State for Community Development, Youth and Sports, Yu-Foo Yee Shoon, said in parliament.

The earliest completion date of the project is now 2012, the report said.

'I hope members will appreciate the negotiations are still ongoing and I do not want to make any public announcements on deadlines or on analysis of losses because that will compromise our negotiating positions,' said Minister for Community Development, Youth and Sports, Vivian Balakrishnan in Parliament.

A consortium led by a subsidiary of France's Bouygues Construction won the tender early last year to build the $1.2-billion complex including a dome-shaped national stadium, with a retractable roof, able to seat 55,000 people.

It was also to feature a 6,000-capacity indoor aquatic centre, an artificial river offering whitewater rafting, and a 3,000-capacity multi-purpose arena.

Christian Brezet, who was Dragages' bid manager, could not be immediately reached.

Known as the Singapore Sports Hub, the project was initially targeted for completion at the end of 2011, with the aim of making Singapore competitive with other major cities and sports venues. -- AFP

Source: http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_333734.html
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