With just under a year to go before the competition gets underway, Singapore's SEA Games organising committee has secured its first Tier One sponsor.
In an announcement made Tuesday afternoon at FairPrice Xtra@Nex, the NTUC FairPrice and FairPrice Foundation were confirmed as the first main backers for the 2015 Games, which Singapore will host.
The sponsorship is worth $5 million - $3 million in kind from NTUC FairPrice and $2 million in cash from FairPrice Foundation, its charity arm.
"We are glad to see NTUC FairPrice and FairPrice Foundation - Singapore's largest retailer - come onboard as our Tier One sponsor to partner us in delivering the Games to the people," said Richard Seow, chairman of the sponsorship and marketing advisory sub-committee for next year's SEA Games.
As a Tier One sponsor, FairPrice will enjoy greater sponsorship inventory and better mileage as compared to sponsors who come on board in the three subsequent tiers.
Organisers had earlier set a target of $50 million in cash and kind sponsorship, with packages starting from as low as $50,000.