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Singapore Casino Tender Launches Soon

7 November 2005

SINGAPORE – As reported by Dow Jones: "After two delays, Singapore Friday said it will launch the formal requests for proposals for a casino resort at Marina Bay near the city center on Nov. 15, with a submission deadline of March 29, 2006.

"The government also fixed the price of the 20.6 hectare waterfront site at S$1.2 billion (US$705 million), which was the price recommended by independent valuers.

"The selection of the successful bidder will be based on the quality of the proposals received, as a conventional tender based on the highest land price won't completely capture the 'external economic benefits,' Minister of Trade & Industry Lim Hng Kiang said at a press briefing.

"…The successful bidder for the Marina Bay casino resort will be selected by the middle of next year, and both resorts are expected to be operational in the next four to five years, the government said…"

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