Marina Bay Sands and Genting Singapore will pay fair market value for the land they have been allocated as part of a S$9 billion ($6.65 billion) expansion of their properties in Singapore, local media reports.
Marina Bay Sands will pay $1.3 billion for a 33,000 sq m land parcel – equivalent to more than four football fields, Senior Minister of State for Trade and Industry Chee Hong Tat said in parliament. This will be the site of its upcoming fourth tower. Resorts World Sentosa has also set aside a budget of $1 billion to intensify its current land holdings and buy an additional 10,000 sq m of land, he added.
Chee was responding to a question regarding why there had not been a tender process for the land. He explained it is a long standing government policy to allocate land directly when
there are “substantial investments that can benefit our economy and workers.”
The government has estimated the expansion will create 5,000 new jobs and bring in an extra half a million visitors a year.