Singapore´s first integrated resort, Marina Bay Sands, will make its debut in early 2010 instead of end 2009.
Sheldon Adelson, Las Vegas Sands Corp chairman said at a press conference that the delay is due to the complicated construction of the SkyPark, which is located at the top of Marina Bay Sands´ hotel.
The developer also is also facing shortages of labour and materials such as sand and steel.
However, even before the announcement took place, there were concerns that the Marina Bay project may not be completed in time as the parent company had run into financial difficulty, causing it to suspend construction last year at two sites in Macau.
Property analysts had earlier said that the opening of Singapore´s first integrated resort will help push property prices upwards and bring in high net worth investors.
Meanwhile, the Singapore government is banking on it to create 10,400 jobs for the project – 75 percent of them reserved for Singaporeans – amidst the worst recession the country has seen.
With contractual obligations and Singapore´s tourism sector at stake, the government is currently in talks with Marina Bay Sands to resolve the issue.
“If there is a contractual obligation and if there is a deviation, then I think both parties must agree that it is on a mutually agreed basis. So the Singapore Tourism Board (STB) and other government agencies are in discussions with them and we expect to have a good outcome,” Senior Minister of State, Trade and Industry, S Iswaran, told Channel News Asia.
Marina Bay Sands is Singapore´s first casino project to be awarded in 2006.
Source : Asia Property Report – 10 July 2009
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