Changi forms joint venture for airport development
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
Singapore’s Changi Airport Group (CAG) has formed a joint venture with CapitaMalls Asia for a major new development at Changi Airport.
The agreement will lead to the creation of ‘Project Jewel’ – a modern complex in front of the existing Terminal 1 building that will connect the airport’s existing terminals and add a range of new retail and leisure attractions for passengers.
CAG will be the majority 51% shareholder in the new JV, with CapitaMalls Asia owning the remaining 49%. Including land, the development cost of Project Jewel is expected to be about SG$1.47 billion (US$1.16bn).
To be built on 3.5 hectares of land currently occupied by a car park in front of T1, the development will feature a glass and steel dome-shaped facade. It will have five storeys above ground and five basement floors, and will include 17,000m² of facilities for airport operations, 22,000m² of attractions, 90,000m² of retail space and 5,000m² for a hotel.
The development will also serve as a central point for the airport complex, offering connectivity between Terminals 1, 2, 3 and the Changi Airport MRT station.
“Project Jewel is a significant game-changing project for CAG in our journey to strengthen Changi Airport’s status as a major global air hub. 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, CEO of CAG.
“This, together with our other key expansion projects – Terminal 4 and Changi East – positions Changi Airport very strongly for growth over the long-term.”
Construction of Project Jewel is scheduled to begin in the second half of 2014, with the opening targeted for the end of 2018.
Comments are closed.