On 16 September 2007, Pastor Joseph Prince shared during church services on the rationale and financials for committing to the new building project. Below are the key points he shared, and some additional information that contributed to the decision to take on the Civic & Cultural Zone (CCZ) of the Integrated Hub @ one-north project.
In weighing the options available to us to meet the needs of our growing congregation, the following were considered:
| Option 1 |
Build a new church building on a plot allotted for institutional use in a suburban location |
| Option 2 |
Take on the CCZ of the Integrated Hub @ one-north project |
| Option 3 |
Continue to hold services at the Rock Auditorium,
the Rock overflow rooms, Suntec Singapore International Convention & Exhibition Centre and
Eng Wah Cinema |
| Option 4 |
Hold services in Singapore Indoor Stadium |
Comparing Options 1 and 2
| |
Option 1
Build a new church building on plot allotted for institutional use in a suburban location |
Option 2
Take on the CCZ of the Integrated Hub @ one-north project |
Gross Floor Area
(GFA) |
6,000 sqm
(on plot size of approximately 4,000 sqm) |
33,000 sqm
(on plot size of 19,300 sqm) |
Approximate total seating capacity
per service |
1,500
(main sanctuary's seating capacity) |
8,000
(includes the main auditorium, multi-purpose halls, and a special function room) |
| Lease |
30 years |
60 years |
The above are the reasons why Option 2 is a more feasible option for NCC. If we had proceeded with Option 1, we would have had to source for venues in different locations to accommodate the bulk of our congregation each time we meet. The situation would be similar to staying in the Rock Auditorium where we have no control over price hikes and the availability of overflow venues.
Comparing Options 2, 3 and 4
Below is a cost comparison for Options 2, 3 and 4.
Option 2
Project financials for new building with 60-year lease (as of September 2007):
| |
$ |
| Projected budget |
280,000,000 |
| Less: Funds available (35%) |
100,000,000 |
| Less: Projected surplus for the next 3 years |
60,000,000 |
| Balance commitment |
120,000,000 |
Option 3
Based on the current rental rates for the Rock Auditorium, the Rock overflow rooms, Suntec Singapore International Convention & Exhibition Centre and Eng Wah Cinema, the projected expenditure for holding church services at these venues are as follows:
| |
$ |
| Rental per month |
477,000 |
| Rental over 60 years |
343,440,000 |
Disadvantages:
-
Higher cost compared to projected financials for new building
-
No control over availability of venues other than the Rock Auditorium and the Rock overflow rooms on Levels 4 and 6.
-
The usage of overflow venues like Suntec Singapore International Convention & Exhibition Centre and Eng Wah Cinema is limited to only one day per week
-
No control over a price hike, and inflation will cause rental prices to increase over time
-
Some of the present locations of these venues may not allow us to meet when high profile events like the International Monetary Fund and the World Bank Group meetings or the Formula 1 Singapore Grand Prix races take place in the Marina Bay area. This is due to tightened security in the area during these events.
Option 4
Based on the current rental rate for the Singapore Indoor Stadium, the projected expenditure for holding one weekly service at this venue are as follows:
| |
$ |
| Total cost per meeting (includes sound and lighting equipment) |
163,000 |
| Total cost over 60 years |
508,600,000 |
Disadvantages:
- Higher cost compared to projected financials for new building
- Usage is only one day per week
- No ownership of property
- No control over availability of venue
- No control over a price hike, and inflation will cause rental prices to increase over time
|
