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Source:
www.stb.gov.sg |
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Government Awards Integrated Resort at Marina Bay
Project to Las Vegas Sands Corporation |
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The Singapore Government announced today (26
May 2006) that it will award the project to develop the Integrated
Resort (IR) at Marina Bay to Las Vegas Sands Corporation (¡°Sands¡±). |
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The Ministerial Committee (Tender Approving
Authority or TAA) evaluating the four proposals, chaired by Deputy Prime
Minister Professor S Jayakumar , announced their decision at a press
conference this evening. |
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Prof Jayakumar said, ¡°All four proposers
submitted very strong proposals which reflected their commitment to
developing a truly outstanding integrated resort in Singapore¡±. He added
that ¡°Sands had submitted the best overall proposal that meets our
economic and tourism objectives.¡± |
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Successful RFP Process |
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The RFP for the Marina Bay IR was launched
on 15 Nov 2005 and closed on 29 Mar 2006. Four proposers responded to
the RFP ¨C i.e. Sands; Harrah¡¯s Entertainment and Keppel Land
(¡°Harrah¡¯s¡±); Genting International and Star Cruises (¡°Genting¡±); and
MGM Mirage and CapitaLand (¡°MGM¡±). |
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Each of the four proposers committed to
invest a total of $4 billion to $5 billion in a world-class development
that would generate substantial economic benefits for Singapore. This
reflects the strong confidence of international investors in Singapore¡¯s
tourism sector. |
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All the proposals offered an excellent
range of tourism products, ranging from MICE (i.e. Meetings,
Incentives, Conventions and Exhibitions) facilities to leisure
attractions and entertainment shows. The proposals also all met the
stringent social safeguards set by the Singapore Government for the
casino component. |
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Rigorous Evaluation Process |
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The evaluation of the proposals was
based on the following four main criteria, with approximate weights
as shown: |
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a. Tourism appeal and
contribution (40%);
b. Architectural concept and design (30%);
c. Development investment (20%); and
d. Strength of consortium and partners (10%). |
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The proposals were assessed using the
Analytic Hierarchy Process. It is a methodology that provides
discipline and objectivity, ensuring that the final outcome is based
on an evaluation of both the qualitative and quantitative factors. |
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The evaluation process was conducted in
a systematic and rigorous manner. All the proposers had the
opportunity to present their proposals to the Ministers in the TAA
shortly after the close of the RFP. Assisting the Ministers in the
evaluation process were Permanent Secretaries from the same four
ministries. |
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The committee also considered the views
of a Design Evaluation Panel comprising established local and
international architects, as well as the inputs of other
international and local experts in areas such as attractions,
entertainment, and financial and business models. |
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After a rigorous evaluation process, the
Ministerial Committee assessed that Sands had submitted the best
overall proposal. |
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More..... |
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Source:
www.stb.gov.sg Media Release 26
May 2006 |
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Related Article: |
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Genting International and Star Cruises wins Sentosa IR bid |
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FrontPage Edition: Sat 27 May 2006
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