iShopChangi’s pivot to the non-traveller market also saw the evolution and expansion of its range of products.

Tax and duty-free items such as wines and spirits are perennial favourites among travelling shoppers. With iShopChangi now offering non-travellers these products at over 40% off regular prices all year round, this product category has been a hit among local consumers. In addition, with Covid-19 restrictions on F&B operational hours, more people have been enjoying liquor from the comfort of home. iShopChangi has since seen a seven-fold growth in alcohol sales.

Annex 2 of the Innovative Revenues for Infrastructure Guidelines (IRI) includes more than 100 Case summaries of commercial value capture divided by various Sectors, Countries and CVC Categories. 

Annex 1 of the Annex for IRI Guide:

The Worked Examples are provided to demonstrate to practitioners how the Guidelines can be applied to projects. The Worked Examples are hypothetical project business cases and include hypothetical financial assessments with key project information. 

Increasingly, governments are looking for creative ways to pay for infrastructure, including through Land Value Capture (LVC) and Commercial Value Capture (CVC), as a means to go beyond the traditional “user pays’ or “government pays’ funding models. LVC has significant potential for providing alternative funding for infrastructure. The concepts surrounding, and implementation of, LVC is the subject of extensive analysis in the literature.¹ CVC is far less extensively considered, and therefore will be the primary focus of the Guidelines. 

Watch this space. The Guidelines on Innovative Revenues for Infrastructure (IRI) is intended to be a living document and will be reviewed at regular intervals.

Governments should consider possible innovative funding opportunities during early planning processes (at program and project level) and project preparation stage (at the Pre-Feasibility Study or Outline Business Case stage), to make sure that planning does not unnecessarily limit, or fail to identify and capture CVC opportunities. 

In this section you will find more about the context of and the need for Innovative Revenues for Infrastructure (IRI), challenges faced by governments in funding infrastructure gap, the role and potential of IRI and CVC  in closing the funding gap, the role of government in streamlining CVC, what are the potential CVC opportunities in infrastructure projects and core principles to consider when applying CVC in projects.

The Guidelines are intended to be used by practitioners who are looking for innovative ways to address and reduce infrastructure funding gaps (and therefore fiscal contributions/liabilities), diversify revenue sources from user fees, and/or help build a better business case for infrastructure projects (commercial value capture or CVC). Such interested parties include:

1.     Planning agencies 

2.     Ministries of Economy and Finance 

3.     Central agencies responsible for managing Public Private Partnership (PPP) programs or PPP Units

It first began with the need to expand the capacity of Changi Airport’s Terminal 1 as well as its open-air carpark. This led to a strategic vision with the conception of Jewel as a gem of a destination, to augment Changi Airport’s position as a leading air hub globally and boost its appeal as a stopover destination for travellers.

Changi Airport Group (Singapore) Pte Ltd (CAG) was formed on 16 June 2009 and the corporatisation of Singapore Changi Airport (IATA: SIN, ICAO: WSSS) followed on 1 July 2009. As the company managing Changi Airport, CAG undertakes key functions focusing on airport operations and management, air hub development, commercial activities and airport emergency services. CAG also manages Seletar Airport (IATA: XSP, ICAO: WSSL) and through its subsidiary Changi Airports International, invests in and manages airports around the world.