The troubled Singapore Flyer has finally found a new owner in Straco Leisure, a subsidiary of Straco Corporation, which has bought the local attraction for S$140 million.
Straco Corp, which runs tourist attractions in China, has been known for marketing several successful tourists attractions such as Shanghai Ocean Aquarium and Underwater World Xiamen.
A statement on the Singapore Exchange website said the acquisition is in line with the company’s “expansion of the group’s core tourism related business”. Through the acquisition, Straco will hold 90% of the share in the venture while WTS Leisure will hold 10%. Together they would form Straco Leisure.
In a media statement, Straco founder and executive chairman Wu Hsioh Jwang said : “The Singapore Flyer is a defining Singapore attraction and 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.”
“Straco Corp has extensive experience in successfully developing and operating high-profile tourism attractions. Our robust, long-term experience in the sector provides a crucial foundation for reinvigorating this world-class attraction,” Wu added.
Further plans are said to be revealed following the completion of the acquisition.
Lionel Yeo, chief executive of the Singapore Tourism Board said that through the acquisition STB hopes that the Flyer’s appeal would be enhanced to both local and international visitors
“The Singapore Flyer is a key attraction in the local tourism scene. We are therefore pleased that Straco Corp, a Singaporean company with strong track record in managing overseas attractions, has chosen the Singapore Flyer as their first attraction in Singapore to establish a presence back home.”
The Singapore Flyer, the company behind the flyer first went bankrupt in May last year when it failed to meet financial obligations. Since then it has been on the hunt for a buyer. The company spent an initial SG$240 million to have the service up and running since 2008.