SINGAPORE - The Singapore Flyer may soon have a new owner, The New Paper has learnt.
Sources said that Singapore mainboard-listed company Straco Corporation Limited, a developer and operator of tourism-related attractions, has acquired the $240 million Ferris wheel.
When contacted on Tuesday, a representative from the company would say only that it would make an announcement on Thursday.
Singapore-owned, China-based Straco invests in tourist attractions like the Shanghai Ocean Aquarium, Underwater World Xiamen and Lintong Lixing Cable Car.
If a deal has indeed been reached, it could save the iconic attraction, which opened in 2008.
The troubled attraction made headlines in May last year when the company behind it, Singapore Flyer Pte Ltd, was placed under receivership for failing to meet financial obligations to a bank, its main lender.
Corporate recovery firm Ferrier Hodgson was appointed the receiver by the creditors to settle outstanding loans by taking control and managing some or all of the company's assets.
When contacted on Wednesday, Ferrier Hodgson would not confirm the acquisition as it "never comments on market speculation".
Announcement Soon
But Mr Tim Reid, a partner at Ferrier Hodgson, told The New Paper yesterday: "I anticipate that announcement will be made shortly."
This is not the first time a company has expressed interest in the Singapore Flyer.
Merlin Entertainments Group, the British company behind the 135m-tall London Eye had expressed interest. But it said in May that it was no longer in talks to buy the Singapore Flyer.
Tenants at the Singapore Flyer told TNP they have had no word on a possible takeover, but they are hoping the issue will be resolved quickly.
Mr Bernard Rio, manager of the XD Theater motion simulation ride, said: "Hopefully, when the new owners come in, there will be more events and the place would be more vibrant so more tourists would come here."
At O'Learys Sports Bar & Grill, a staff member said it has been a struggle recently "because the flyer was always in the news for the wrong reasons".
The woman, who declined to be identified, added: "But we're really looking forward to working with the new buyer."
Since opening in March 2008, the attraction has endured disappointing visitor numbers and management turmoil.
It has also suffered several breakdowns, including one in December 2008, when an electrical fire caused it to stall, trapping 173 passengers for six hours.
This article was first published on August 28, 2014.
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