SINGAPORE, Sept 26 (Reuters) - A consortium led by SingTel (STEL.SI) has won the bid to build the city-state’s planned ultra high-speed broadband network, the telecoms regulator said on Friday.
Singapore Telecommunications Ltd’s grouping OpenNet comprises Canada’s AXIA NetMedia AXX.TO, Southeast Asia’s largest newspaper publisher Singapore Press Holdings Ltd (SPRM.SI) and Singapore Power’s telecoms unit.
“OpenNet’s proposal offers attractive wholesale prices that can stimulate a vibrant and competitive retail market,” said the Infocomm Development Authority (IDA) in a statement.
Rival StarHub Ltd’s Infinity consortium lost to SingTel. Infinity included Singapore’s No.3 mobile player MobileOne Ltd (MONE.SI) and Qatar Investment Authority, the Middle Eastern state’s investment vehicle.
The network, called the Next-Generation National Broadband Network, will allow users to surf the Web at speeds of at least 1 gigabit per second -- 10 times faster than those available now -- when it is fully completed by 2015.
The Next Generation National Broadband Network is part of state-owned IDA’s Intelligent Nation 2015 or “iN2015” blueprint to give the Asian financial services hub seamless connectivity. (Reporting by Jennifer Tan; Editing by Neil Chatterjee)