A recent development in Singapore's wellness industry has sparked curiosity and raised questions. The Singapore Tourism Board (STB) has addressed concerns regarding the tender process for a billion-dollar wellness project, stating that there was no misrepresentation of Therme Group Singapore's track record.
But here's where it gets controversial...
A New York Times report had previously accused Therme Group of exaggerating its accomplishments to secure a deal in Toronto. The report claimed that Therme presented itself as an experienced spa operator with multiple European spas, when in reality, it had only operated one outside of Romania.
However, STB stands by its decision, stating that the tender was awarded after a thorough evaluation process. They emphasize that all information submitted by Therme Group Singapore was verified and found to be compliant with the requirements.
And this is the part most people miss...
The evaluation criteria included not only Therme's track record and financial strength but also its development concept, infrastructure plans, and how it complements other nearby developments.
In response to the NYT report, a Therme spokesperson highlighted that the Premier of Ontario and the Minister of Infrastructure had confirmed that Therme's proposal met the necessary standards.
Since the Ontario project, Therme Group has gained new partners and backers. In a significant move, CVC Capital Partners and Therme Group formed a joint venture, Therme Horizon, to invest in spa resort development. This venture includes Therme Erding in Germany and Therme Bucharest in Romania, with a deal valued at over one billion euros.
CVC also announced co-investment in Therme Manchester, which is set to become Europe's largest water-based wellness destination upon its opening in 2028.
So, is this a case of a company learning from its mistakes and improving, or are there still concerns that need to be addressed? What do you think? Feel free to share your thoughts in the comments below!
