Sats buys Singapore Cruise Centre for $110 million

The flight services firm Sats is buying Singapore Cruise Centre from Temasek Holdings in a $110 million move to increase its presence in passenger shipping.  -- ST FILE PHOTO: NG SOR LUAN
The flight services firm Sats is buying Singapore Cruise Centre from Temasek Holdings in a $110 million move to increase its presence in passenger shipping.  -- ST FILE PHOTO: NG SOR LUAN

THE flight services firm Sats is buying Singapore Cruise Centre from Temasek Holdings in a $110 million move to increase its presence in passenger shipping.

Singapore Cruise Centre operates the international cruise terminal and regional ferry terminal at HarbourFront Centre, along with ferry terminals at Tanah Merah and Pasir Panjang.

It reported revenue of $45 million and profit before tax of $16.7 million for the financial year ended March 31.

Sats, which provides airport gateway services and inflight catering, already operates the Marina Bay Cruise Centre, which started operations in May last year.

"Singapore Cruise Centre has a compelling fit with our existing cruise handling and terminal operations," noted Sats president and chief executive Tan Chuan Lye in a statement.

Sats said it will be able to lift efficiency, better utilise berths and resources and attract more cruise lines to make Singapore their regional base when it combines the Singapore Cruise Centre with its own terminal operations.

"[The firm] will also work with industry stakeholders to jointly promote Singapore as a regional cruise hub," the statement said.

Sats added that it will "connect its operations at Changi Airport with the Singapore Cruise Centre" to improve transfer connections for customers.