The Singapore International Arbitration Centre (SIAC) achieved a record-high figure of S$3.61 billion in the total sum of new cases arbitrated last year, and also handled a record number of new cases.

These figures were announced at the SIAC's annual cocktail reception, which also saw the release of SIAC's Annual Report 2012.

The report said that SIAC handled 235 new cases last year, a 25 per cent increase from 188 new cases in 2011.

The total sum of $3.61 billion in disputes arbitrated "far surpasses" the combined amounts from 2010 ($1.35 billion) and 2011 ($1.32 billion), said Senior Minister of State for Law and Education Indranee Rajah, who was a guest at the event.

She said in her speech that these figures represented to her "the quality of the counsel, quality of the arbitrators, and quality of the SIAC".