Top airport gets $1 billion upgrade
One of the world's most highly ranked airports is getting a major upgrade.
Singapore's Changi Airport announced it's investing more than $1 billion on a new terminal and other infrastructure projects to increase capacity. Passenger traffic is growing in the southeast Asian airport and it sees these projects as a way to "remain a major global aviation hub."
In 2011, Changi Airport was the seventh busiest international airport and saw 11 percent growth in total international passenger traffic.
The addition of the new terminal will add capacity for 16 million more passengers per year, increasing the airport's annual handling capacity to 82 million. Last year, the airport served 51 million passengers, the most in the airport's history.
"Throughout its history, Changi Airport has always stayed ahead of its capacity needs," Lee Seow Hiang, CEO of Changi Airport Group, in a statement. "This approach has underpinned Changi’s success as an air hub."
Construction is expected to be completed by 2017.