logo
Singapore's Mega Airport Project Pushes Forward With $3.7 Billion Contracts Awarded

Singapore's Mega Airport Project Pushes Forward With $3.7 Billion Contracts Awarded

Forbes06-05-2025
The Changi Airport tower and Jewel facade.
The Changi Airport Group has awarded two contracts worth S$4.8 billion ($3.7 billion) for the construction of its biggest passenger terminal as Singapore seeks to tap into the travel boom.
Dubbed Terminal 5, it will have an annual passenger capacity of 50 million when completed, according to a company statement. Changi Airport is among the world's busiest aviation hubs, handling almost 68 million passengers last year.
A joint venture between China Communications Construction Co. and the Singapore unit Japan's Obayashi Corp. was awarded the S$3.8 billion substructure contract while the S$950 million contract for airside infrastructure works was bagged by local contractor Hwa Seng Builder.
'The appointments of the contractors for substructure construction and airfield works bring us closer to the start of T5's construction,' Ong Chee Chiau, managing director of Changi Airport's Changi East said in the statement. T5's construction will start in the first half of 2025, and is expected to be completed in the mid-2030s, he said.
T5 represents one of the most complex construction projects in Singapore, according to Ong. It is part of the larger Changi East development that includes Changi Airport's third runway, cargo logistics facilities and other supporting aviation and ground transport infrastructure.
The substructure contract comprises the construction of the foundation and basements of the T5 main passenger terminal and ground transportation center, including a portion of the tunnels that would link it to the existing Terminal 2, the statement said. The substructure covers 140 hectares with a basement depth of up to 28 metres, equivalent to about 5,200 Olympic-sized swimming pools put together.
The airside infrastructure works covers the development of remote aircraft stands, connecting taxi lanes and ancillary support buildings, according to the statement.
'Together with our partners, we will ensure that the high standards which define Changi Airport can be replicated or even surpassed in the development works of T5,' Ong said.
Changi Airport was named last month as the world's best airport at London-based aviation consultancy Skytrax's World Airport Awards, reclaiming the title from Qatar's Hamad International Airport, which took the coveted accolade in 2024.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

New Jersey man pleads guilty to leading $600 million catalytic converter theft ring
New Jersey man pleads guilty to leading $600 million catalytic converter theft ring

CNBC

time20 minutes ago

  • CNBC

New Jersey man pleads guilty to leading $600 million catalytic converter theft ring

A New Jersey man pleaded guilty in Oklahoma federal court to leading a massive theft ring that stole catalytic converters from vehicles and sold them for more than $600 million in total to a refinery that extracted precious metals contained in the devices. The defendant, Navin Khanna, is the latest person to plead guilty in connection with the ring, which was exposed after police in Tulsa, Oklahoma discovered nearly 130 catalytic converters in the bed of a truck they stopped in May 2021, after an off-duty officer reported suspicions about the vehicle. That stop came during a nationwide surge of thefts in catalytic converters, which are part of the exhaust systems of automobiles, and which contain precious metals including platinum, palladium and rhodium. The Justice Department said that Khanna, 41, on Monday admitted to being the owner and operator of D.G. Auto Parts in New Jersey, and from May 2020 through October 2022, "he conspired with others to purchase and transport large quantities of stolen catalytic converters from Oklahoma, Texas, and other states to New Jersey." In a plea agreement filed in U.S. District Court in Tulsa, Khanna said, "After purchasing these catalytic converters, I resold most of them to Dowa Metals & Mining, a metal refinery, which would then extract the powdered precious metals." CNBC has requested comment from Dowa Metals, whose website says that its Burlington, New Jersey, facility "has played a key role in converter recycling in America since 2016." Dowa Metals is a subsidiary of Japan-based Dowa Holdings Co ., which is a component of the Nikkei 225 stock market index. The company has not been charged in connection with Khanna's case. Khanna pleaded guilty to one count of conspiracy to receive, possess, and dispose of stolen goods in interstate commerce and five counts of money laundering, stemming from his participation in the stolen goods scheme. The Holmdel, New Jersey resident faces a maximum possible sentence of between 14 years and 17-and-a-half years in prison. An attorney for Khanna did not immediately reply to a request for comment from CNBC.

In-N-Out billionaire CEO: 'We're not moving' HQ out of California
In-N-Out billionaire CEO: 'We're not moving' HQ out of California

CNBC

time20 minutes ago

  • CNBC

In-N-Out billionaire CEO: 'We're not moving' HQ out of California

Lynsi Snyder, the billionaire owner and president of California-based burger chain In-N-Out Burger, says her company isn't moving its corporate headquarters to Tennessee — it's merely opening a new office there. "We're not moving In-N-Out Burger's corporate headquarters," Snyder, 43, said on Monday. "We're not leaving California, or leaving our roots behind. Each one of our locations is here to stay." Snyder's comments came three days after an interview she gave on the "Relatable" podcast, where she spoke about her family's impending move to Tennessee. "There are a lot of great things about California, but raising a family is not easy here," Snyder, who has four children, said on the podcast. "Doing business is not easy here." Snyder's grandparents founded the popular burger chain in 1948 in Baldwin Park, California. Some initial reports suggested that Snyder would bring In-N-Out's corporate headquarters to Tennessee with her, and the company — which exists predominantly on the West Coast — does plan to open new locations in the Southeast and a regional headquarters in Franklin, Tennessee. The company's current headquarters in Irvine, California, will close by 2029, Snyder said last week — and the company will soon be based in Baldwin Park instead, she now says. DON'T MISS: How to build a standout personal brand—online, in person and at work Snyder's comments on the podcast drew backlash from critics who accused the billionaire of fleeing California, where her family's business grew and thrived for decades, in search of lower tax rates. Some Californians criticized Snyder for pulling her family out of the state that helped her family attain generational wealth. Snyder's estimated net worth is $7.3 billion, according to Forbes. Tennessee doesn't tax individual income, and its top corporate tax rate of 6.5% is much lower than California's top rate of 8.84%. High business expenses are a key reason why California ranked 22nd on CNBC's 2025 ranking of the Top States for Business, while Tennessee ranked 8th overall. "Where I raise my family has nothing to do with my love and appreciation for our Customers in California," Snyder said on Monday. "I'm very proud of where In-N-Out started. Anyone who knows me knows how often I talk about our beginnings and how our customers here in California helped bring us to where we are today." Most of In-N-Out's 400-plus locations are in California. The company has expanded its footprint over the past three decades, and now has locations in eight states: California, Nevada, Arizona, Utah, Texas, Oregon, Colorado and Idaho. The company is the ninth-largest burger chain in the U.S. by sales, bringing in an estimated $2.1 billion per year, according to food service consulting firm Technomic. Its national expansion efforts are notably slow and deliberate, due partially to the company's commitment to never freezing any of its ingredients, meaning that any new restaurant must be within a day's driving distance of an In-N-Out supply center. With its new facility and offices in Franklin expected to be completed in 2026, the company could soon begin opening locations in Tennessee, with 35 new restaurants eventually planned for the state, The Tennessean reported on Monday. Want to stand out, grow your network, and get more job opportunities? Sign up for Smarter by CNBC Make It's new online course, How to Build a Standout Personal Brand: Online, In Person, and At Work. Learn from three expert instructors how to showcase your skills, build a stellar reputation, and create a digital presence that AI can't replicate. Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life, and request to join our exclusive community on LinkedIn to connect with experts and peers.

Baker Hughes Declares Quarterly Dividend
Baker Hughes Declares Quarterly Dividend

Yahoo

timean hour ago

  • Yahoo

Baker Hughes Declares Quarterly Dividend

Baker Hughes HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR) announced today that the Baker Hughes Board of Directors declared a quarterly cash dividend of $0.23 per share of Class A common stock payable on Aug. 15, 2025, to holders of record on Aug. 5, 2025. Baker Hughes expects to fund its quarterly cash dividend from cash generated from operations. About Baker Hughes: Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at For more information, please contact: Investor Relations Chase Mulvehill +1 346-297-2561 Media Relations Adrienne M. Lynch +1 713-906-8407

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store