Aspial wins two concessions at Changi T3

Nicole Mezzasalma

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The company will manage airside jewellery store and landside lifestyle concept shop

Aspial Corp has beaten competition from Soo Kee Jewellery and Tiara Creation to win a jewellery concession in Singapore Changi airport terminal three south departure/transit lounge. The contract runs from January 1 2008 to December 12 2010. The firm has also been awarded a lifestyle concept shop concession at the mezzanine level of T3's south departure/check-in hall, where it will also sell jewellery. The three-year contract for this second store starts in January 9 2008.

The details of Aspial’s winning airside bid are as follows: for 22ct/24ct gold jewellery, the company will pay 1% of total monthly gross sales (tmgs) for totals up to S$1m ($656,750), and 1.5% tmgs for sales above that amount. In addition, for all other items excluding 22ct/24ct gold jewellery Aspial will pay either 25% of the tmgs or a minimum monthly guarantee varying according to the store’s gross sales—whichever is higher. For the landside bid, the company offered an additional rental of between 15% and 25% of tmgs or a minimum monthly guarantee depending on total gross sales for jewellery excluding 22ct/2ctk gold, and an addition rental of between 1%-1.5% depending on tmgs for 22ct/24ct gold items.