History
It is one of the largest multi-purpose convention and exhibition facilities in the centre of the city, the ICC has hosted some of the world’s biggest meetings, exhibitions and conventions – including the International Monetary Fund's (IMF) World Bank Congress in 1994.
Originally developed as part of the entire Suntec City, it was sold to private investors forming the ARA Harmony Fund, with SuntecREIT holding a 60.8% stake at a total cost of $139.75 million. The ARA Harmony Fund is a single-asset private fund that owns 100% of the venue.
In 2010, City Harvest Church reportedly acquired a substantial minority stake in the ARA Harmony Fund. The investment seeks to secure sustainable long-term use of the convention halls as a regular church venue through a co-own and lease model.
The church plans to offset rental costs with annual dividends by acquiring stakes in the single-asset private fund. It is expected to cost $310 million, including committed and future rentals, share acquisition, renovation and shifting costs over a number of years. While the shareholding details are not known, with the announcement of SuntecREIT's shareholdering at 60.8%, the maximum possible stakeholding by City Harvest Church is 39.2%.
On 21 July 2012, City Harvest Church announced details of its acquisition of Suntec Singapore's stake. It had first acquired 20% in 2010 and a further 19.2% in 2011 - aggregating a total of 39.2% at a cost of $97.75m.
Currently, the Suntec Convention Centre is undergoing a S$180 million (US$147 million) modernisation programme. It will reopen on May 21, 2013.
Read more about this topic: Suntec City, Suntec Singapore International Convention and Exhibition Centre
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