Singapore to fork out billions for Changi airport upgrades
Singapore will pour an additional $3.7 billion into upgrades at Changi airport, including a long-awaited fifth terminal, as the nation seeks to maintain its position as a top global aviation hub, its leader said Tuesday.
Prime Minister Lawrence Wong announced the fresh infusion while presenting the city-state's 2025 budget, which also included a wide range of cash incentives for locals ahead of elections later this year.
Serving in a dual role as finance minister, Wong said part of the funds will be used to construct a fifth terminal at the airport, which saw around 67.7 million passengers pass through its gates last year.
"When completed, Terminal 5 will expand our airport's capacity by more than 50 percent and will ensure that Singapore remains a critical gateway for global travel and trade," he said.
The fresh top-up of Sg$5 billion (US$3.7 billion) to the Changi Airport Development Fund will "ensure sufficient resources to develop our air hub", added Wong.
Terminal 5 was first proposed in 2013 and construction is expected to go ahead later this year, following pandemic delays, officials said.
The new terminal is expected to be operational in the mid-2030s.
Singapore's Changi has been consistently ranked as among the best airports in the world, but it has faced challenges from other hubs like Doha and Seoul.
It is one of the largest transit hubs in Asia with more than 100 airlines operating from the airport.
The government put Sg$3 billion in its airport development fund in 2015 when it was set up, adding Sg$1 billion in 2016, and Sg$2 billion in 2023, according to local media.
- Budget giveaways -
Also in Tuesday's budget speech, his first as prime minister since taking over in May, Wong unveiled a raft of government handouts, including to help citizens cope with high living costs and upgrade jobs skills.
The giveaways include Sg$800 worth of vouchers for every Singaporean household to be distributed from May -- part of regular state disbursements.
The budget items came ahead of general elections, which must be called before November.
The People's Action Party (PAP), which has ruled Singapore since 1959, is expected to face a tough challenge from a resurgent opposition, building on gains during the last polls in 2020.
The PAP won 83 of the 93 seats at stake in that election, but the opposition Workers' Party surprisingly captured an unprecedented 10 seats.
Wong also said the government will put in an additional Sg$5 billion to a coastal and flood protection fund and another Sg$5 billion to a pool supporting clean energy.
Singapore was also studying the potential of nuclear energy and would "take further steps to systematically build up our capabilities in this area", the prime minister added.
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