Passengers are looking forward to the Project Jewel. This project will add more glamour and extravagance to the airport with over $1.47B of budget. It will be completed by the end of 2018. The development is a joint project of the Changi Airport Group (CAG) and the Capital Malls Asia (CMA).
Here are other things that you need to know about the Project Jewel:
- Venture agreement: CAG and CMA have agreed on their venture. CAG’s Jewel Changi Holding and CMA’s Singapore Investments will establish a private trust together with its trustee and manager which will be called JV entities. CAG will own the majority share at 51% while CMA will have it at 49%.
- Land area: The project will be erected on the 3.5 hectare car park facing terminal 1. The land has a lease period of sixty years. The lease will expire by the end of 2073. The 3.5 hectare land will feature hotel, retail, leisure activities and the day-to-day operations of the airport.
- Construction and design: The construction will commence in the second quarter of 2014. As mentioned earlier, it is expected to be completed by the end of 2018. According to the developers, the design will feature steel dome which is covered in glass. Apart from the hotel, retail, leisure activities and airport operations, the project will also feature indoor garden and waterfall.
- Passenger handling: It is estimated that the project can increase the capacity of the airport to handle additional 3 million passengers per year. Changi’s capacity to handle passengers is currently at 66 million/year.
The development will further strengthen the status of the airport as the leading hub here in Asia and around the world. This will make the travels of the passengers smoother and better.