Latest news with #ChangiAirportGroup
Business Times
11 hours ago
- Business
- Business Times
Changi Airport awards S$999 million contract for T5 intra-terminal tunnels
[SINGAPORE] Changi Airport Group (CAG) has awarded a S$999 million contract for the construction of intra-terminal tunnels at the upcoming Terminal 5 (T5). The contract was bagged by a joint venture between Japanese construction firm Penta-Ocean Construction and a subsidiary of Koh Brothers Eco Engineering, a local construction and engineering firm. The intra-terminal tunnels will serve as underground connections within T5, said CAG in a Tuesday (Jun 10) press statement. This will support the transfer of passengers and baggage across the terminal's concourses while facilitating the routing of common utilities. The project, which is expected to take more than four years to be completed, will also comprise a ventilation building and provisions for a future underground infrastructure tunnel. The announcement follows the groundbreaking of T5 in May. CAG estimates that with the completion of the terminal, the airport's annual capacity will grow to 140 million passengers, from the current 90 million. Its network is also projected to increase from around 170 city links to more than 200 by the mid-2030s.
Independent Singapore
7 days ago
- Business
- Independent Singapore
Singapore's soaring ambitions: Changi Airport and SIA prepare for the next takeoff
'Build and they will come' may be the idea behind the construction of Changi Airport's Terminal 5, which will be able to handle another 50 million passengers annually when the first phase is completed in the mid-2030s. The airport already seems to have excess capacity. With a capacity to handle 90 million passengers annually, Changi recorded 68.4 million passenger movements in the financial year 2024/25 ended March 31, according to a Changi Airport Group (CAG) press release dated May 24. That was more than any recent year. Passenger movements totalled 62.5 million in 2023/24 and 42.6 million in 2022/23 after dropping during COVID to 5.2 million in 2021/22 and 1.1 million in 2020/21 from 62.9 million in 2019/20, according to the CAG 2024 annual report. Changi Airport's soaring profit However, despite operating below capacity, the airport is a goldmine. Net profit jumped from S$431 million in 2023/24 to S$841 million in 2024/25. Revenue grew from S$2.7 billion to S$3 billion in tandem with the rise in passenger traffic. One of the world's busiest airports, Changi now links Singapore directly to about 170 cities globally, with close to 100 airlines operating more than 7,200 flights weekly. Passenger movements were much lower – 53.7 million a year – when the Terminal 5 construction project was announced by the then Prime Minister Lee Hsien Loong in 2013. He said then that the new terminal would double the airport's passenger capacity. Changi didn't have to be so big at the time, but the planners were building for the future. See also Education: Goodbye Streaming, Hello Full Subject-Based Banding Aviation is a business run on high hopes and big dreams. The business just had a bumper year. 'Airlines delivered a combined net profit of $32.4 billion in 2024 when passenger numbers reached a new high of 4.8 billion,' says the International Air Transport Association (IATA) in its 2025 Annual Review. SIA Group profit and revenue The SIA Group rode this wave of growth with resounding success. It posted a record net profit of S$2.8 billion in 2024/25, bolstered by a one-off non-cash gain of S$1.1 billion from the Air India–Vistara merger. Together, SIA and its low-cost subsidiary Scoot carried a record 39.4 million passengers while group revenue reached a new high of S$19.54 billion. As of March 31, 2025, the SIA Group operated a fleet of 205 aircraft with an average age of seven years and eight months. This included 145 passenger planes and seven freighters under SIA, and 53 passenger aircraft under Scoot. In April 2025, the group added one Airbus A321neo and one Boeing 787-8 — and, as of May 1, the group had another 78 aircraft on order. Its combined passenger network spanned 128 destinations across 36 countries and territories, with SIA serving 79 destinations and Scoot flying to 71. See also A four-step video in renewed attempt for clean toilets Both Changi Airport and SIA continue to shine on the global stage. Changi was named Skytrax World's Best Airport in 2025, while Singapore Airlines ranked second in Skytrax's 2024 list of the world's best airlines, just behind Qatar Airways. Fierce competition Yet, the competition is fierce. In Northeast Asia, Hong Kong International Airport and Incheon International Airport (Seoul) are major contenders, supported by carriers like Cathay Pacific, Korean Air, and Asiana Airlines. Within Southeast Asia, Changi faces regional rivals in Bangkok Suvarnabhumi, Kuala Lumpur International, and Jakarta Soekarno-Hatta airports. Airlines such as Thai Airways, Malaysia Airlines, Garuda Indonesia, and fast-growing low-cost carriers like AirAsia and Lion Air offer aggressive pricing and expansive networks. Further afield, Middle Eastern giants like Dubai International and Doha's Hamad International, along with their flagship carriers Emirates and Qatar Airways, also compete heavily in the long-haul and transit passenger segments. Despite this, Singapore's aviation ecosystem enjoys key competitive advantages. Changi is widely praised for its efficiency, passenger experience, and seamless connectivity. SIA's reputation for exceptional service, a modern fleet, and strategic global partnerships enhances its appeal to international travellers. Looking ahead, growth prospects remain strong. The rise of the Asian middle class, increasing disposable incomes, and an appetite for international travel are likely to fuel sustained demand. For Singapore, a well-connected aviation hub is vital—not just for tourism, but for trade, investment, and its standing as a global business centre. 'The aviation ecosystem now contributes 5% of our GDP, and creates and sustains many good jobs for Singaporeans,' as Prime Minister Lawrence Wong said at the Terminal 5 groundbreaking ceremony on May 14. Nonetheless, challenges persist. Geopolitical tensions, economic uncertainty, and the aviation industry's urgent need to adopt sustainable practices demand vigilance and adaptability. Environmental pressures are rising: airlines are under scrutiny to reduce emissions. In response, SIA is exploring sustainable aviation fuels and acquiring more fuel-efficient aircraft, while Changi is rolling out energy-saving measures and tapping renewable energy sources. The airline and the airport's efforts to reduce carbon emissions and save energy stem from the same vision that underpins Terminal 5. This is more than just infrastructure expansion—it is a statement of intent. Singapore is building for the future. The terminal may seem outsized for today, but it is designed for tomorrow, befitting a nation that will continue to grow. Featured image by Depositphotos (for illustration purposes only)
Business Times
02-06-2025
- Business
- Business Times
Singapore companies must go global despite ongoing trade turbulence: SBF returning chairman SS Teo
[SINGAPORE] In his second tenure as Singapore Business Federation (SBF) chairman, Teo Siong Seng is prioritising efforts to push businesses to venture into new markets. In the face of global uncertainties and trade tensions, he stressed that companies can no longer rely exclusively on a few established major markets, such as the United States, for growth. 'While the environment is so complicated and fast changing, we have to be confident that Singapore companies do have a good reputation in terms of their quality of services and goods,' he said. He urged businesses to 'break out of their comfort zone' and actively pursue new opportunities in emerging markets, particularly in South-east Asia, Africa and the Middle East. This was one of the key priorities Teo shared in his first media interview since he was reappointed as chairman on May 20. He succeeded Lim Ming Yan, who stepped down early from his third consecutive two-year term to focus on his new role as chairman of Changi Airport Group. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The appointment marks Teo's second stint as SBF chairman, having previously held the position from 2014 to 2020. The 70-year-old shipping veteran, known among industry peers as SS Teo, is the first person in SBF's history to return to the role. Predecessor to successor Though Teo stepped down from his post five years ago, he told The Business Times that he has remained active in the organisation. Past council members are often consulted and engaged on matters, even after they step down from their posts, he noted. In 2024, Teo was appointed chair of SBF's Internationalisation Action Committee, which supports local companies to scale up their business overseas. He was chosen due to his experience as executive chairman of Pacific International Lines, a home-grown shipping company with operations in South-east Asia, the Middle East, Africa, and Latin America. Teo's experience in internationalisation is also a key reason SBF saw him as a strong fit to return as chairman, as it aligns with the chamber's 2030 plan to promote overseas expansion. Asked if he will serve as an interim chairman until another successor is found, Teo replied: 'We will always be looking out for a successor, and you will know in due course.' He noted, however, that while previous SBF chairmen typically completed three two-year terms, the rapidly changing external environment means this may no longer be the case. Going global Though only five years have passed since he was last chairman, Teo noted that outside factors have transformed significantly. 'I would say that in my first six years of SBF chairmanship, the majority of the time, (Singapore's) economy was growing and there was free trade,' he said. At the time, the chamber's main priorities were growing its membership and leading business delegations. However, since the Covid-19 pandemic, global crises have become shorter yet more frequent. Teo, who stepped down during the pandemic, is back at the helm amid a wave of trade tensions, triggered by US President Donald Trump's 'Liberation Day' tariffs. In light of these challenges, businesses in the Republic must seek out like-minded partners and pursue overseas opportunities. 'If they do nothing, they will be marginalised,' he warned. To support this push, SBF will intensify its efforts to organise more trade missions, helping local companies explore promising international markets. These missions typically bring together Singapore firms that have successfully expanded abroad to share their experience, as well as provide networking opportunities with local businesses in the target markets. This year, SBF plans to lead trade missions to Dubai, Saudi Arabia, Africa, and Latin America. According to Teo, interest in these missions has grown in recent years, thanks to the advocacy efforts of business chambers such as SBF in making companies more open to overseas expansion. SBF also plans to launch two new Singapore Enterprise Centres (SECs) this year – one in Bengaluru, India, set to open in the third quarter; and another in Dubai, scheduled for the fourth quarter. These international centres support businesses to expand overseas through providing advice on the market, business matching, and networking opportunities, under the chamber's GlobalConnect programme. The SECs in Vietnam, Indonesia and Thailand have successfully helped companies in the city-state to expand to these markets, said Teo. When it comes to sectors that can seize opportunities in these emerging markets, Teo highlighted education, lifestyle, food manufacturing, and accommodation. The new Johor-Singapore Special Economic Zone is another opportunity for firms. For instance, food-manufacturing companies can consider opening facilities in Johor to scale up production, he said. Trump's tariffs Another priority for Teo is to help Singapore firms navigate the uncertainties caused by the US tariffs. According to a survey by SBF in May, over a third of local businesses are already feeling the impact of the global tariff war, with nearly 90 per cent expecting to experience its effects within the next six months. Many companies have also communicated to the chamber their need for larger and longer-term financing to weather these trade challenges, as they are uncertain if they can sell their inventory during this period of uncertainty. Teo, who is now a member of the Singapore Economic Resilience Taskforce chaired by Deputy Prime Minister Gan Kim Yong, plans to raise these concerns with the taskforce. In addition, SBF intends to enhance educational efforts to improve businesses' understanding of how tariffs are applied and the role of free trade agreements – areas Teo noted many companies remain unfamiliar with. In May, the chamber's Centre for the Future of Trade and Investment launched a digital playbook aimed at helping businesses understand, respond to, and plan for the impact of the US tariffs. In addition, SBF offers tailored advice to companies facing specific challenges and is working on launching a mentorship programme. This initiative will connect experienced business leaders with younger companies, including startups, to provide hands-on guidance. In particular, it has been actively supporting the trading sector, which has been particularly affected by the ongoing tariff situation. Beyond these immediate-term priorities, Teo will continue with efforts to help businesses transform, in areas of sustainability and digitalisation. For instance, the chamber has a committee which advises small and medium-sized enterprises on how to adopt sustainability measures more meaningfully. As for digitalisation, SBF is looking at how to help companies adopt artificial intelligence without breaking the bank.
The Irish Sun
02-06-2025
- Business
- The Irish Sun
One of the world's busiest airports reveals plans for new £7billion mega terminal with 50million more passengers
A HUGE new mega terminal is set to transform one of the world's best airports. 6 A new major terminal is to transform Changi Airport Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 Indoor gardens and glass roofs are the main features of Terminal 5 Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 The new terminal will also have public transport links to the city centre Credit: Getty Known for having the world's biggest indoor waterfall as well, the major airport has revealed plans to open a new Terminal 5. Also called It will also allow flights to connect The new terminal will be connected to Terminal 2, and will be the base of Read more on airports Vertical gardens with indoor trees and plant areas will be throughout the terminal, which also has huge glass roofs and walls to let in as much daylight as possible. And a former military runway will become the airport's third runway used by commercial jets, and increased from 1.7miles to 2.5miles. Contactless touchpoints and automated check ins will speed up the process of travelling from landside to gate. The new designs have been created by British-based Heatherwick Studio, behind UK projects such at Coal Drops Yard and BT Tower in London. Most read in News Travel This is alongside American architecture firm KPF, behind Thomas Heatherwick, design director of Heatherwick Studio, said it will be full of "lush greenery and characterful districts that redefine what an airport can be". Inside the 'best airport in the world' following 3-year renovation - with 45ft 'waterfall,' indoor garden & robot bartender Work has already started on the 2,670 acre area, which will nearly double the current airport size. The new runway could open as soon as 2027, ahead of the full opening of the project. The terminal expects to fully open by the mid 2030s, costing around $10billion (£7.3bilion) according to The last new opening at Changi Airport was the entertainment and shopping district 6 The new terminal will welcome another 50million passengers Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 T5 is expected to cost more than £7billion Credit: KPF/ Heatherwick Studio/Changi Airport Group And a It's not the only major airport expansion taking place right now. Dubai is opening the This will replace the current Dubai International Airport - which welcomes 92million passengers - which will close when the new airport is completed. Top 15 busiest airports in the UK Here are the 15 busiest airports in the UK by passenger numbers in 2023 London Heathrow - 79.2 million London Gatwick - 40.9 million Manchester - 28.1 million London Stansted - 28.0 million London Luton - 16.4 million Edinburgh - 14.4 million Birmingham - 11.5 million Bristol - 9.9 million Glasgow - 7.4 million Belfast International - 6.0 million Newcastle - 4.8 million Liverpool - 4.2 million Leeds Bradford - 4.0 million East Midlands - 3.9 million London City - 3.4 million And Here is the 6 The airport terminal will be open by the mid 2030s Credit: KPF/ Heatherwick Studio/Changi Airport Group
Scottish Sun
02-06-2025
- Business
- Scottish Sun
One of the world's busiest airports reveals plans for new £7billion mega terminal with 50million more passengers
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A HUGE new mega terminal is set to transform one of the world's best airports. Changi Airport, in Singapore, has not only been named the best in recent years, but is also the fourth busiest in the world. Sign up for Scottish Sun newsletter Sign up 6 A new major terminal is to transform Changi Airport Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 Indoor gardens and glass roofs are the main features of Terminal 5 Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 The new terminal will also have public transport links to the city centre Credit: Getty Known for having the world's biggest indoor waterfall as well, the major airport has revealed plans to open a new Terminal 5. Also called T5, the new terminal will welcome another 50million passengers when complete, adding to the current 90million at the airport. It will also allow flights to connect Singapore to 200 cities, up from the current 170 cities. The new terminal will be connected to Terminal 2, and will be the base of Singapore Airlines. Vertical gardens with indoor trees and plant areas will be throughout the terminal, which also has huge glass roofs and walls to let in as much daylight as possible. And a former military runway will become the airport's third runway used by commercial jets, and increased from 1.7miles to 2.5miles. Contactless touchpoints and automated check ins will speed up the process of travelling from landside to gate. The new designs have been created by British-based Heatherwick Studio, behind UK projects such at Coal Drops Yard and BT Tower in London. This is alongside American architecture firm KPF, behind Atlantis The Royal in Dubai and projects in Bermondsey and central London. Thomas Heatherwick, design director of Heatherwick Studio, said it will be full of "lush greenery and characterful districts that redefine what an airport can be". Inside the 'best airport in the world' following 3-year renovation - with 45ft 'waterfall,' indoor garden & robot bartender Work has already started on the 2,670 acre area, which will nearly double the current airport size. The new runway could open as soon as 2027, ahead of the full opening of the project. The terminal expects to fully open by the mid 2030s, costing around $10billion (£7.3bilion) according to Simple Flying. The last new opening at Changi Airport was the entertainment and shopping district the Jewel, back in 2019. 6 The new terminal will welcome another 50million passengers Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 T5 is expected to cost more than £7billion Credit: KPF/ Heatherwick Studio/Changi Airport Group And a new passport-free system is being rolled out at the airport's immigration, with biometric checks instead. It's not the only major airport expansion taking place right now. Dubai is opening the new Al Maktoum International Airport by 2031, which will handle up to 260million passengers a year. This will replace the current Dubai International Airport - which welcomes 92million passengers - which will close when the new airport is completed. Top 15 busiest airports in the UK Here are the 15 busiest airports in the UK by passenger numbers in 2023 London Heathrow - 79.2 million London Gatwick - 40.9 million Manchester - 28.1 million London Stansted - 28.0 million London Luton - 16.4 million Edinburgh - 14.4 million Birmingham - 11.5 million Bristol - 9.9 million Glasgow - 7.4 million Belfast International - 6.0 million Newcastle - 4.8 million Liverpool - 4.2 million Leeds Bradford - 4.0 million East Midlands - 3.9 million London City - 3.4 million And Poland's £25billion Warsaw Solidarity Airport wants to take on Heathrow and Dubai as a hub airport, with 65million passengers. Here is the new £1.1billion new airport terminal opening in Casablanca in Morocco.
