The Singapore Sports Council (SSC) will not put the Changi Motorsports Hub site up for tender again, effectively closing the door on such a facility in Singapore.
Speaking to reporters at a briefing Wednesday morning, SSC chief executive Lim Teck Yin said the council had received seven proposals from six consortia during an exercise to gauge interest from the private sector.
However, all consortia had asked for subsidies or concessions such as extending the lease for the 41ha site and lower fees for the land.
Said Mr Lim: "Potential investors had indicated significant combined conditions for the project to be commercially viable, which we cannot accede to...The land take and proposed use under this project do not justify an operating model that involves significant government subsidies or concessions."
The SSC will now proceed to remove the piles on the site, which is expected to take about a year. It will then hand the land back to the State for alternative uses. It will work with relevant agencies for possible interim uses for the site such as karting, he said. The SSC had earlier awarded a tender for the site out to Sg Changi to build a Motorsports hub, but that company ran into financial troubles and the project never took off.