SportSG To Take Over Ownership & Management Of Singapore Sports Hub On 9 Dec 2022
Located along the Kallang waterfront, the Singapore Sports Hub is an integrated development with a host of different sports facilities.
For the past eight years, Sport Singapore (SportSG) and SportsHub Pte Ltd (SHPL) have been in joint partnership and ownership of the venue.
But come December, the former will end its partnership with the latter, which has been running the Sports Hub since 2014. SportSG will then take over full ownership and management.
They have plans to make Singapore Sports Hub more accessible to the public while enabling integration with up-and-coming facilities in the area.
SportSG to terminate partnership & take over ownership of Sports Hub
In a press release on Friday (10 Jun), SportSG shared that it will be taking over ownership and management of Singapore Sports Hub on 9 Dec 2022.
For the past eight years, Singapore Sports Hub has been run by SHPL, in a public-private partnership comprising a consortium and SportSG.
However, many things have apparently changed since then, including Singapore’s needs and aspirations, and the macro operating environment for sports and entertainment.
Justifying the takeover, SportSG shared that it intends to make the integrated facility more accessible to the “broader community”. This doesn’t just apply to sports, but also to lifestyle, entertainment, and social uses.
At the same time, the move will supposedly allow SportSG to “enable closer integration” of the Hub with upcoming sports facilities around the vicinity. These include:
- Kallang Football Hub
- Kallang Tennis Centre
- Youth Hub
No penalty for terminating agreement
According to the press release, SportSG has the right to terminate the partnership with SHPL and take ownership of the Sports Hub whenever it deems fit.
The termination will not result in a penalty against them.
SportSG will, however, be paying SHPL a sum that mainly comprises:
- An outstanding loan for the construction of the Sports Hub
- A fair open market value of the Sports Hub
SportSG said that the overall cost of terminating the public-private partnership and taking over ownership of the Sports Hub is “comparable” to the cost of maintaining the current arrangement until 2035.
Hope the move will help fulfil Sports Hub’s full potential
Regardless of which agency is running the Sports Hub, we hope they’ll be able to maximise the use of the venue for the wider community.
After all, social activities like sports, concerts, and other events there can bring people from all walks of life together.
We look forward to the potential changes in store once December comes around.
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Featured image adapted from Singapore Sports Hub on Facebook.
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