Singapore's petrol-heads and motor junkies will be disappointed to learn that the 41ha site will for now, remain undeveloped.
The Singapore Sports Council's (SSC) chief executive officer Lim Teck Yin announced on Wednesday, May 16 that SSC has reached a termination of its Project Delivery with SG Changi on the Changi Motorsports Hub.
SSC will be repossessing the land on Thursday after the two parties signed off on a deed of termination on Tuesday, reported The Straits Times.
The council will re-conduct a market sounding exercise, the second since 2008, through a Request for Information to gauge the level of interest amongst potential investors for a motorsports hub.
It expected to start the exercise in August and complete it by the end of the year.
The council will then have to decide if should proceed to re-tender or to use the land for other purposes.
If it does re-tender the launch date is expected to be in the third quarter of 2013.
SOURCE:
http://motoring.asiaone.com/Motoring/News/Story/A1Story20120516-346383.html
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