The two firms had previously entered into a memorandum of understanding to develop the concept, but have now rubber-stamped the S$1.47 billion (€850 million) lifestyle development.
To be built on the surface car park site fronting Changi Airport Terminal 1 (T1) - it will offer a range of facilities for airport operations, retail offerings and leisure attractions.
The 3.5 hectare Project Jewel, with its distinctive dome-shaped facade made of glass and steel, will be designed by a consortium of design consultants comprising Safdie Architects, Benoy and local architects RSP.
The complex will have five storeys above ground and five basement storeys, comprising two basement storeys of mainly retail and car park spaces and another three basement storeys of car park.
It will include leisure attractions and activities including a large-scale indoor garden with a central waterfall and a wide range of retail and dining offerings, and a hotel.
There will be facilities dedicated to the fly-cruise and fly-coach passenger segment, as well as training facilities and communal event spaces for the 32,000-strong airport community.
The basement car park will almost treble the capacity of the current T1 car park to about 2,500 parking spaces.
The redevelopment of the T1 car park will allow CAG to meet a critical objective of increasing Changi Airport’s passenger handling capacity.
As part of the works, T1, which was previously hemmed in by roadways, will also be expanded, allowing more space for the arrivals and greeters hall, baggage claim areas and taxi bays.
Lee Seow Hiang, chief executive officer of CAG, said, “Project Jewel is a significant game-changing project for CAG in our journey to strengthen Changi Airport’s status as a major global air hub.
“In today’s highly competitive landscape where airports around the world are actively competing for passengers’ mindshare, we cannot stop innovating. Project Jewel will give us this additional edge.
“With its strategic location at Changi Airport’s doorstep, we are able to integrate this exciting destination seamlessly with the airport’s offerings, to serve both international travellers and local visitors.”
Construction for Project Jewel is scheduled to begin in the second half of 2014, and the development is targeted to open by the end of 2018.