Singapore allocates S$3.7 billion for Changi Airport upgrades

Singapore's Prime Minister Lawrence Wong announced a significant investment of S$5 billion (approximately US$3.7 billion) for upgrades at Changi Airport during the presentation of the 2025 budget, aimed at reinforcing the nation's status as a leading global aviation hub. The funds will go towards the construction of Terminal 5, which is projected to increase the airport's capacity by over 50%, accommodating an additional 50 million passengers annually. Wong emphasized that this investment is crucial as Singapore faces stiff competition from other major transit hubs like Doha and Seoul. The government has previously allocated substantial resources to the airport development fund since its inception in 2015, underscoring the strategic importance of Changi Airport for the city-state's economy. The new terminal is expected to become operational in the mid-2030s, following delays caused by the pandemic. Additionally, the budget included various cash incentives for citizens in light of rising living costs and upcoming elections.