SINGAPORE: Trade and Industry Minister Lim Hng Kiang said the closure of New York University Tisch Asia’s Singapore campus was due to the financial challenges in its Singapore operations.
Mr Lim said its revenues turned out to be lower than projected while its costs exceeded projections due to factors such as the appreciation of the Singapore dollar against the US dollar and the construction boom in 2007.
To address this financial gap, NYU contributed S$20 million in subsidies to Tisch Asia from 2007 to 2011.
To date, EDB has disbursed S$11.68 million in loans and S$5.3 million in grants to Tisch Asia.
EDB stopped disbursements when it realised that Tisch Asia was facing financial difficulties.
EDB is in close discussions with NYU on the details of the loan repayment.
This was revealed in Mr Lim’s written reply to Nominated MP Janice Koh on the reasons for the school’s closure.
A total of 21 Singaporeans and PRs are enrolled at or have graduated from Tisch Asia.
NYU has confirmed that Tisch Asia will continue to operate at its campus until 2015 when all existing students in Singapore complete their programmes.
This means that no existing students will have their Master’s programme disrupted.
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