Straco Corp closes deal to purchase struggling Singapore Flyer: STB

The losing attraction finally has a buyer.

It has been more than a year since the financial woes of the glitzy Singapore flyer came to light. After a number of failed attempts to sell the struggling attraction, the Singapore Tourism Board (STB) today revealed that Mainboard-listed Straco Corporation Limited today has signed an agreement to purchase the Flyer.

Straco Corp’s subsidiary, Straco Leisure, will purchase the ferris wheel from bankrupted Singapore Flyer Pte Ltd.

Straco Leisure is a joint venture between Bay Attractions Pte Ltd, a wholly-owned subsidiary of Straco Corp, and WTS Leisure Pte Ltd. Straco Corp is a leading Singaporean company focusing on attractions and tourism-related projects.

According to Lionel Yeo, Chief Executive of the Singapore Tourism Board, “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.”

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