STB awards S$1bn Marina South wellness attraction to Therme Group; addresses queries on track record

Therme Group Singapore has been awarded the Concept and Price Revenue Tender to develop and operate a S$1 billion wellness attraction at the Marina South Coastal site, the Singapore Tourism Board (STB) said in a press release on 4 November 2025.

The four-hectare waterfront project — Therme’s first attraction in Asia — will feature thermal pools, saunas, steam baths and water slides. An almost four-hectare public park will link Marina Barrage to the attraction.

The development is targeted to open by 2030 and is projected to draw about two million visitors a year, nearly half from overseas. It will sit within the Marina Bay precinct near Gardens by the Bay, Marina Barrage, Marina Bay Cruise Centre Singapore and the upcoming Founders’ Memorial.

Therme Group Singapore’s bid is led by former Cabinet minister Mah Bow Tan, President of Therme Group Asia and a director of Therme Group Singapore.

“We will create a welcoming space that caters to people of all ages and backgrounds, promoting healthy living, social connection and community well-being,” Mah said in a statement on Tuesday.

“We will partner with local organisations and enterprises to activate the surrounding public spaces, and make this another jewel of Marina Bay — a world-class destination that draws visitors from the region and beyond, showcasing Singapore as a leader in holistic wellness.”

According to STB, proposals were first assessed on concept and design quality before shortlisted bids were evaluated on price.

Evaluation criteria included track record and financial strength, the development concept, the quality of physical infrastructure plans, and complementarity with surrounding developments. STB said due-diligence checks were conducted to verify submitted information and ensure compliance.

On Wednesday, 5 November 2025, STB said there was “no misrepresentation of track record” in Therme Group Singapore’s submission, responding to media questions referencing an April New York Times investigation into Therme’s 2019 Toronto bid.

That report cited a 2024 Ontario audit that described the Toronto selection process as “unfair and opaque” and alleged Therme overstated its European operational footprint.

In comments to The Business Times, a Therme spokesperson said: “The premier of Ontario and the minister of infrastructure had confirmed that Therme’s proposal met the required standards and passed the necessary evaluations.”

Therme Group Singapore Pte. Ltd. is owned by Vienna-based Therme Group RHTG AG and has a paid-up capital of S$1. Two bids were received for the Marina South tender: Therme Group and Platinum Heights Pte. Ltd., a Singapore company incorporated on 15 June 2023; the latter is linked to hotelier Allen Law.

Headquartered in Austria, Therme Group operates large-scale wellness resorts; STB cited experience including Therme Erding (Germany) and Therme Bucharest (Romania).

In June 2025, Therme and CVC Capital Partners announced a joint venture, Therme Horizon, to invest in spa resorts, with CVC also co-investing in Therme Manchester, slated to open in 2028 as Europe’s largest water-based wellness destination.

STB first launched the Marina South tender on 5 July 2024. Following requests from potential tenderers, deadlines were extended — first to November 2024 — and the tender subsequently closed on 17 April 2025 to address comprehensive site-related queries.

STB said the project will support Singapore’s goal of achieving between S$47 billion and S$50 billion in tourism receipts by 2040, citing global wellness tourism growth of 10.2 per cent annually to US$1.35 trillion by 2028. Wellness trips accounted for 8 per cent of journeys but nearly 18 per cent of spending in 2023.