Genting International and Star Cruises
Wins the Bid for the Integrated Resort on Sentosa
8 December 2006
Sentosa
Singapore

Genting International and Star Cruises Wins the Bid for the Integrated Resort on Sentosa

Genting International and Star Cruises Wins the Bid for the Integrated Resort on Sentosa

Infinity@The Bay Pte Ltd, Joint Venture Company between Genting International and Star Cruises has been awarded the project to develop the Integrated Resort (IR) on Sentosa.

This was announced today by the Government’s Tender Approving Authority or TAA , chaired by Deputy Prime Minister Professor S Jayakumar. At a press conference Prof Jayakumar said, “All 3 bidders submitted high-quality proposals which strongly reflected their commitment in developing a world-class integrated resort at Sentosa.” He added “Genting International & Star Cruises submitted the most compelling proposal overall that best meets our economic and tourism objectives. In particular, the proposal reflects our vision for the Sentosa IR as a large-scale, family resort with its host of world-class family leisure attractions and other strong offerings.”

Successful Request For Proposal (RFP) Process
The RFP for the IR on Sentosa was launched on 28 April 2006 and closed on 10 October 2006. Three proposers responded to the RFP namely; Infinity@The Bay Pte Ltd, a Joint Venture Company between Genting International & Star Cruises (“Genting”), Kerzner CapitaLand Integrated Resorts Pte Ltd and Eighth Wonder Pte Ltd.

Each of the three proposers committed to invest between S$5.2 billion to S$5.5 billion in an iconic development that would generate substantial economic benefits for Singapore. This reflects Singapore’s buoyant investment climate and the strong potential that international investors see in its tourism sector. All the proposals offered an excellent range of tourism products, ranging from family leisure attractions to a wide variety of hotels and other entertainment options. The proposals also all met the stringent social safeguards set by the Singapore Government for the casino component.

Rigorous Evaluation Process
The evaluation of the proposals was based on the following four main criteria, with approximate weights as shown:

1. Tourism appeal and contribution (45%);
2. Architectural concept and design (25%);
3. Development investment (20%); and
4. Strength of consortium and partners (10%).

The proposals were assessed using the Analytic Hierarchy Process. It is a methodology that provides discipline and objectivity, ensuring that the final outcome is based on an evaluation of both the qualitative and quantitative factors.
The evaluation process was conducted systematically. All three proposers had the opportunity to present their proposals to the TAA shortly after the close of the RFP, and later separately to the Tender Evaluation Committee (TEC) chaired by Mr Lim Siong Guan, Chairman, Economic Development Board, which conducted the detailed evaluation of the proposals. The TAA also considered the views of a Design Evaluation Panel comprising established local and international architects and planners, and professionals with experience in planning and developing major tourism attractions. The views of other international and local experts in areas such as tourism attractions, and financial models were also considered by the TAA.

Following the rigorous evaluation process, the TAA assessed that Infinity@The Bay Pte Ltd, Joint Venture Company between Genting International PLC and Star Cruises had submitted the best proposal overall – Resorts World at Sentosa.