SINGAPORE -
Malaysia's Genting Bhd submitted a proposal to the
Singapore government to spend more than S$5
billion (US$3.1 billion) to develop the Marina Bay
integrated resort.
Genting submitted the
proposal through two group member companies,
Genting International plc and Star Cruises
Limited, the world's third largest cruise
operator. The partners will have equity stakes of
75% and 25% respectively in the project.
In a
statement, Genting International, the overseas
investment arm of the Genting Group, said the
Genting International-Star Cruises consortium
submitted the proposal in response to a request by
the Singapore Tourism Board.
Other rival
bidders for the proposed development are Las Vegas
Sands Corp, MGM Mirage together with Singapore
developer CapitaLand, and Harrah's Entertainment
Inc with Keppel Land.
In the statement,
Genting International and Star Cruises chairman
Tan Sri Lim Kok Thay said the proposed
development, to be called the Singapore
Entertainment & Events Destination (SEED),
would be Asia's must-visit destination for
entertainment, exchange and experience when it
opens in 2010.
The development was
conceptualised and designed by Polshek Partnership
Architects and Singapore-based DP
Architects.
Tan Sri Lim said, "Human
imagination, ingenuity and enterprise transformed
Singapore into a prosperous, forward-thinking and
multicultural world city."
"Here at the
crossroads, where East meets West, we have a dream
of creating a world-class end-destination resort,
of providing the total visitor experience not
found anywhere else in the world."
He said
SEED will offer quality exhibition space,
convention halls and meeting rooms, including one
of the world's largest Plenary Halls with a
seating capacity of 5,500 and a grand ballroom
that will accommodate 6,000 people.
The
hotel complex, with more than 5,000 rooms, will be
the country's largest, increasing Singapore's
hotel room inventory by 15%.
The statement
said Genting International and Star Cruises, both
established names in the region and beyond, boast
a customer base spanning the globe. With combined
travel and leisure industry experience of more
than 50 years, they will leverage their sales and
marketing distribution network in Asia for BTMICE
(Business Travel & Meetings, Incentive Travel,
Conventions and Exhibitions), leisure travel and
gaming to boost tourism to SEED, in terms of both
the quantity and quality of tourists.
