Singapore Flyer sold for S$140 million

More than a year after it was put on the market, the Singapore Flyer, which cost S$240 million (US$191million) to build, has been sold for a knock-down price of S$140 million (US$112 million).

The giant observation wheel has been bought by publicly listed attractions business Straco Corp and will be operated by its Straco Leisure division.

Explaining the sale, Tim Reid, a partner at receivers Ferrier Hodgson, stated “Straco Leisure was the clear winner with its commercial offer, experience and vision.

“As a joint venture between two Singapore firms, Straco Leisure is also a fitting match for a key asset for Singapore.”

The deal comes three months after Merlin Entertainments, the operator of the London Eye, pulled out of talks to acquire the landmark 165 metre-tall attraction, which was placed under receivership 15 months ago after running into financial difficulties.

Reid told Singapore-based media that Merlin’s bid was “unattractive to the receivers”.

Welcoming the acquisition, Straco Corp Executive Chairman Wu Hsioh Kwang stated “the Singapore Flyer represents an exciting opportunity to expand our presence in the region and contribute to the Singapore tourism industry.

“As a Singaporean company, we are especially proud to add this unique icon to our portfolio of high-quality assets.”

The Singapore Tourism Board has stated that it looks forward to working with Straco on plans for the Flyer.

Straco Leisure, a joint venture between Bay Attractions, another subsidiary of Straco Corp, and WTS Leisure, has managed three projects in China: The Shanghai Ocean Aquarium, Underwater World Xiamen and a cable-car service at Mount Lishan.

While Straco is little known in Singapore, the Flyer’s tenant businesses have welcomed the certainty that the acquisition brings, looking forward to working with their new landlord in attracting more visitors.

4th July 2013 - MERLIN LOOKS TO MAJOR GROWTH IN ASIA 

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14th April 2008 - SINGAPORE FLYER GETS ROLLING