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UGL: Singapore Sports Hub Financial Close

UGL Limited (UGL)  today announced that it has, as part of the Singapore Sports Hub Consortium (SSHC), reached financial close with the Singapore Sports Council on a public-private partnership to maintain Singapore’s premier sports, entertainment and lifestyle hub. UGL will provide facilities management services and lifecycle management to the existing Singapore Indoor Stadium commencing immediately and the remainder of greenfield Singapore Sports Hub venues at construction completion, valued at approximately $500 million (or S$600 million) over the 25-year term. UGL is also a shareholder in SSHC alongside HSBC, Dragages and Global Spectrum. The integrated services contract covers planned and preventative maintenance services, lifecycle services, cleaning, security, estate management, helpdesk, utilities and car parking management. UGL’s Managing Director and CEO, Richard Leupen, said: “This is a very pleasing win for the company and supports our growing end-to-end property services capability across the Asia- Pacific region. “We are very pleased to be part of the Singapore Sports Hub Consortium and a key partner in this flagship project. This long-term partnership will provide a strong and expanding revenue base for our property services business.” Mr Leupen added: “Following the award of over $1 billion in new maintenance services contracts since 30 June 2010, UGL has commenced the 2011 financial year in a strong position to resume growth supported by a growing order book, expanding tender pipeline and healthy operating conditions across all four businesses."