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New construction spring from the Earth

31.5.06


actual site

Marina Bay project have finally 'lay in the pocket' of Sands Las Vegas. after two months,the winning bid of the city-state's first integrated resort (IR) licence, after receiving the formal proposals from four major gaming operators, called The Marina Bay Sands. It staved off fierce competition for the Marina Bay project from three other bidders - Genting International and Star Cruises, Harrah's Entertainment and Keppel Land, and MGM Mirage along with CapitaLand. Follow up, the Singapore share prices closed 1.69 percent higher Friday, for the city-state's first gaming licence.
Shares of CapitaLand (the largest developer in Southeast Asia) and Keppel Land (local property developer) came under selling pressure on Monday, (speechless..) after both companies lost their respective bids to build Singapore's first integrated resort at Marina Bay. market tends to be irrational when it comes to extraordinary events. As for the winner of Marina Bay bid, Las Vegas Sands said it was ready to roll up its sleeves and begin work on its project.

The award of the project follows an in-depth two-stage bidding process which started in December 2004 and attracted 19 bids from consortiums in Australia, South Africa and the US. The integrated resort will be a centrepiece of the Marina Bay landscape come 2009.

"It will be the only one that will look to finance it entirely from funds sourced from abroad. In that regard, it is likely to be a huge injection of money in the system by a foreign entity from funds brought from abroad," said Song Seng Wun, regional economist at CIMB-GK.

The Marina Bay project is estimated to cost more than $5b; With 2,500 new hotel rooms and a host of entertainment, retail and F&B facilities, the integrated resort is set to help meet Singapore's tourism targets for 2015.The operator has also pledged to provide over 10,000 jobs at the Singapore resort, with 75 percent of them going to the locals.
(info from Channelnewsasia.com)
The hotel towers are set back from the waterfront, it will open up expansive view to the city as well as to the entire Marina Bay . It'll also make the Singapore skyline in the new downtown even more attractive and distinctive.

Though I don't really get impressed as it doesnt speak out well as a landmark (but good at the location) or represent as for the country, look forward as for developing a successful, iconic Integrated Resorts from the ground up in Marina.

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posted by Vicky
12:57

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