Update on Sports Hub following government takeover in December 2022

Response to parliamentary question on whether there are any updates pertaining to the Sports Hub takeover by the Government in December 2022, and what the plans for the Singapore Sports Hub are following the takeover.

1. The transition from the Sports Hub Pte Ltd (SHPL) to government has been smooth and was completed on 9 December 2022. Thereafter, SportSG and SHPL have been conducting due diligence on SHPL’s accounts. The termination sum payable to SHPL is $1.4B[1] , which is around $0.1B lower than what was initially projected[2] . This is mainly because we were able to bring down the cost of termination, excluding debt repayment and related costs, in the negotiations. With the President’s concurrence, the Government made an advance from the Contingencies Funds for the Termination Sum, and will replace the advance through a Supplementary Supply Bill at Budget 2023. The replacement of the advance will not lead to a draw on Past Reserves. 

2. The new management team has since organised a wide range of activities in the past two months. This includes performances by live bands and dance groups, a Big Walk event to usher in the New Year and a Chinese New Year Stadium Waterfront Carnival, among other events. Several schools have also played football matches in the
National Stadium.

3. In the coming months, members of the public can look forward to more of such community events, including some National School Games finals, National Stadium Open Houses, as well as grassroots programmes and activities. There will also be marquee sports such as the Badminton National Open Championships as well as world-renowned entertainment events from groups such as Westlife and Blackpink.

4. The developments in the larger Kallang Alive precinct are also on track, with the Kallang Football Hub and Kallang Tennis Centre due to be completed this year.

5. With these exciting programmes and developments, our Sports Hub will be a vibrant community, sporting and lifestyle space that all Singaporeans can enjoy and identify with.

[1] Subject to final SHPL accounts and supporting evidence.
[2] This comprises $1.2B for the remaining debt and related costs, such as the loan’s accompanying interest, hedged at 4 – 5%, as well as $0.2B for the Open Market Value, other costs, expenses and deductions. Initial debt of $1.5B was undertaken by SHPL for construction and finance costs, which would otherwise have to be borne by the Government if we had constructed the Sports Hub ourselves.