Published on : Sunday, December 22, 2013
The new mixed-use complex at Singapore’s Changi Airport, known as Project Jewel, will cost 1.47 billion Singapore dollars (1.17 billion U.S. dollars), local media reported Saturday.
The new project, aimed to help Changi Airport capture the tourism market and boost Singapore’s appeal as a stopover point for global travellers, will have five storeys above the ground and five basement levels of retail and car park space.
The glass-and-steel building, which will be jointly designed by world-renowned architect Moshe Safdie and local designers, will be ready in 2018. Construction on the complex, which will be built on a current car park, will start in the second half of 2014.
Changi Airport Group and CapitaMalls Asia, a unit of Southeast Asia’s largest developer CapitaLand, said they have inked a joint venture to develop the project. Changi Airport Group will have a 51 percent stake, while CapitaMalls Asia owns 49 percent.
The development cost of 1.47 billion Singapore dollars includes land cost, they said.
The Project Jewel was announced in August this year as part of a plan to expand the capacity of the Changi Airport.
Changi Airport Group said the project will enable the airport to capture the tourism market and boost Singapore’s appeal as a stopover point for global travelers.
Envisaged as the “Gardens at the Airport”, it will offer a full myriad of offerings, including a central waterfall.
The 2,500 car park spaces in the complex will be thrice that of the current car park in front of the Terminal 1.
“In today’s highly competitive landscape where airports around the world are actively competing for passengers’ mindshare, we cannot stop innovating. Project Jewel will give us this additional edge,” said Lee Seow Hiang, chief executive officer of the Changi Airport Group.
Tags: Airline News