Singapore Flyer bought by Straco Leisure for $112 million

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SG FlyerStraco Leisure, a subsidiary of Singapore-based developer Straco Corporation, on August 28 announced that it bought the Singapore Flyer, a large ferris wheel and tourism attraction in the city state, for $112 million.

In an announcement on the Singapore Exchange website, Straco said the acquisition “represents an expansion of the group’s core tourism related business”. The operator of the Singapore Flyer went bankrupt and it was placed under receivership in May last year.

In a media release, Tim Reid, the Receiver of Singapore Flyer, said both parties have entered into an agreement to sell the business and assets of the Singapore Flyer to Straco Leisure. He said the receivers and managers are “confident that the prospects of the Flyer are extremely exciting under the new ownership”.

Straco Corp’s executive chairman, Wu Hsioh Kwang, has more than a decade’s experience in managing attractions. The company runs tourist attractions in China in places such as Shanghai, Xi’an and Xiamen.

Wu 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.”

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Reading Time: 1 minute

Straco Leisure, a subsidiary of Singapore-based developer Straco Corporation, on August 28 announced that it bought the Singapore Flyer, a large ferris wheel and tourism attraction in the city state, for $112 million.

Reading Time: 1 minute

SG FlyerStraco Leisure, a subsidiary of Singapore-based developer Straco Corporation, on August 28 announced that it bought the Singapore Flyer, a large ferris wheel and tourism attraction in the city state, for $112 million.

In an announcement on the Singapore Exchange website, Straco said the acquisition “represents an expansion of the group’s core tourism related business”. The operator of the Singapore Flyer went bankrupt and it was placed under receivership in May last year.

In a media release, Tim Reid, the Receiver of Singapore Flyer, said both parties have entered into an agreement to sell the business and assets of the Singapore Flyer to Straco Leisure. He said the receivers and managers are “confident that the prospects of the Flyer are extremely exciting under the new ownership”.

Straco Corp’s executive chairman, Wu Hsioh Kwang, has more than a decade’s experience in managing attractions. The company runs tourist attractions in China in places such as Shanghai, Xi’an and Xiamen.

Wu 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.”

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