SPEECH BY MR S ISWARAN, MINISTER OF STATE FOR TRADE AND INDUSTRY, AT THE SENTOSA EXPRESS HANDOVER CEREMONY, 4 DECEMBER 2006, 3.30 pm at SENTOSA STATION, VIVOCITY

Distinguished Guests

Ladies and Gentlemen

Introduction

I am delighted to join you this afternoon at the handover of the new Sentosa Express. The completion of this $140-million high-tech monorail system marks a major milestone in Sentosa’s $12 billion Masterplan to redevelop and rejuvenate the island resort.

Significant progress in Sentosa’s Masterplan

aIsland has been transformed significantly over the past 34 years, growing from a coastal military base, to become one of the most compelling leisure destinations in the region today.The enhanced modes of access to the island reflect this transformation.In the early days, visitors could access Sentosa only by boat. Today, visitors have the choice of taking the cable car, driving across the causeway bridge or, soon, taking Sentosa Express to reach the island.

Sentosa now attracts over 5 million visitors annually, with a record high of 5.2 million in the last fiscal year. This is almost eight times the number of visitors the island received when it first opened in 1972.

To achieve its aim of becoming a leading leisure and lifestyle destination in the region, Sentosa embarked on an ambitious 10-year masterplan in 2002. This masterplan proposed to refresh many of Sentosa’s offerings to its visitors and to upgrade its existing facilities, thus enhancing its attractiveness and competitiveness.

The implementation of the Sentosa Masterplan is progressing well. Sentosa now offers a large variety of exciting entertainment options including new attractions such as the Sentosa Luge and Sky Tower, and refreshed ones such as the Images of Singapore and the Merlion. Sentosa also offers international brand resort hotels, twin world-class championship golf courses, a mega-yacht marina club,luxury spas, and waterfront residences. In addition, Sentosa plays host to internationally-acclaimed events such as the Clipper Round the World yacht race, the Barclay’s Singapore Open golf tournament, and the Forbes Global CEO Conference. Over the past four years, Sentosa has also upgraded its beaches which are now very popular with young and hip beach-goers, as well as families.

Another large project nearing completion is the residences at Sentosa Cove. When fully completed, Sentosa will have a live-in community of about 2,500 households. To date, here has been a strong response from both Singaporeans and foreigners for the properties.All the land parcels in the Northern Precinct of Sentosa Cove have been sold, and the take-up rate of the newly-released parcels in the Southern Precinct has been equally good.I am told that a bungalow parcel was sold last month at a record high of about $1,130 per square foot – more than three times the price of some of the parcels sold in the first sale of sites three years ago.

Exciting times ahead for Sentosa

The next few years will be even more exciting for Sentosa. Sentosa had originally targeted to receive over 8 million visitors annually by the year 2012. With the upcoming developments on the island, including the Sentosa Integrated Resort (IR), as well as other developments in the neighbouring HarbourFront-Mount Faber precinct, I am happy to say that Sentosa now expects to surpass this target by 2010 – two years ahead of schedule – when most of the planned attractions on the island are completed.

Sentosa Express

Sentosa Express, which we unveil today, is integral to the success of the Sentosa Masterplan.It will provide an efficient and comfortable transport system to support the many new and exciting developments planned for the island.

Sentosa Express will serve as the key mode of public access into and out of the island. Connected to the Mass Rapid Transit (MRT) network at the HarbourFront MRT Station, it will reduce travelling time between the mainland and Sentosa Island. With such convenient and seamless access, I am confident that Sentosa will continue to be the choice leisure and recreational destination for both Singaporeans and tourists.

Emerging leisure hub at Singapore’s southern tip

In addition to the developments on SentosaIsland, the “Sentosa – HarbourFront – MountFaber” precinct across the cruise bay is also fast emerging as a magnetic and vibrant leisure and lifestyle destination hub. I am told that since their recent openings, VivoCity – Singapore’s largest retail and lifestyle mall – and St James Power Station – a round-the-clock multi-concept entertainment centre – have both received large numbers of patrons. This combination of new and refreshed attractions has generated much buzz in the precinct, enlivening the entire southern waterfront precinct, and making it a great destination to live, work and play.

Conclusion

In closing, I would like to congratulate Sentosa Leisure Group and Hitachi Asia on their successful collaboration to complete the Sentosa Express high-tech monorail system on schedule. When it commences operations next month, I am confident that Sentosa Express will offer visitors a smooth and pleasant mode of access to the island, and enhance visitors’ enjoyment of the resort.

Thank you.