The Singapore Minister for Community Development for Youth and Sports, Dr. Vivian Balakrishnan, recently told a packed press conference, “We are pleased to announce the selection of the Singapore Sports Hub Consortium led by Dragages Singapore Private Limited as the preferred bidder for the Singapore Sports Hub Public-Private Partnership project. The Consortium displays significant strengths in programming, team culture and partnership, functionality and layout. It also offers the best value for money solution for Singapore”. In addition to leader Dragages Singapore, the consortium comprises Global Spectrum Asia, a joint venture between Pico and the US leader in venue operations and management, HSBC Infrastructure Fund Management Limited, United PREMAS, World Sport Group, Active Rights Management, the Arup Group and Arup Sport, and DP Architects. Dr. Balakrishnan added: “SSHC provides a holistic strategy to promoting sports participation, leisure, entertainment and lifestyle activities via a focus on community and grassroots sports. Its integrated approach will create pedestrian traffic and promote vibrancy at the Sports Hub. Their strategy is supported by a comprehensive sporting calendar and a well balanced mix of local, regional and international sporting events and activities targeting various segments”. The SSHC has also proposed setting up a 'Premier Park Foundation' or PPF, to reinvest a significant amount of Sport's Hub's commercial revenues into the project. The PPF will be used to fund future events, activities and facilities. The PPF ensures a sustainable programming model and is a testimony to SSHC's long-term commitment to the project. Global Spectrum, SSHC's venue operator, has also taken an equity stake in the project, further highlighting the consortium's commitment to deliver world class programming to the Sports Hub. Pico Chairman Lawrence Chia commented, “Pico – in partnership with Global Spectrum Asia - will provide professional venue management services including programming and events. Our collective objective is to fill the Sports Hub to the brim with the events that Singaporeans and visitors want to see. We will ensure that the best possible acts from all over the world will be filling stadium seats with delighted fans. SSHC has provided a circular design layout with various sports and commercial facilities surrounding the new dome-shaped National Stadium. The design is well integrated with the consortium's events and programming strategy, and has the flexibility and scalability for hosting large-scale events, including the National Day Parade. The Sports Hub's critical mass of facilities and attractions will ensure that the venue is teeming with activity and buzz on both event and non-event days”. Dr Balakrishnan concluded, “We believe the strength of the SSHC's proposals - together with SSC's Sporting Singapore initiatives - will place the Sports Hub alongside the world's best and most dynamic sports, entertainment and lifestyle venues. With the advantage of a 25-year legacy planning horizon, plus the team from SSHC, the Singapore Sports Hub can create the excitement of other world class venues such as the Reebok stadium in Manchester, the Sydney Olympic Park in Australia and Madison Square Gardens in New York”. It is anticipated that the Sports Hub will be open in 2014, with net present value of costs the government will pay over the 25-year tenure totaling S$1.87b. The Sports Hub is believed to be the first sports facilities infrastructure PPP project in the world, a flagship statement by Singapore in the exciting, burgeoning world of sport.