SINGAPORE: Straco Leisure, a subsidiary of Straco Corporation, on Thursday (Aug 28) announced that it bought the Singapore Flyer for S$140 million. The Flyer has been in receivership for over a year.
In a media release, Mr 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.
Mr Lionel Yeo, Chief Executive, Singapore Tourism Board (STB) said, “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.”
STB will work with Straco Leisure on their plans for the Flyer.