THE Singapore Flyer has been placed under receivership a mere five years after the attraction first opened, but will continue business as usual in the meantime.
Tim Reid, Theresa Ng and Tan Aik Kiat of Ferrier Hodgson have been appointed receivers and managers over the charged assets, according to a press release from Ferrier Hodgson.
“We are confident that we will be able to identify investors with the vision to manage, diversify and enhance the Singapore Flyer, thereby securing its long-term future as a significant Singapore attraction. We will be calling for expressions of interest shortly to commence the process,” said Reid in the statement.
He added: “It is business as usual at Singapore Flyer, and we look forward to the support of the management and staff through this process. We are committed to working closely with business partners and tour operators to ensure smooth operations throughout the receivership.”
Although the same press release said the attraction has been seeing an increase in visitor numbers, both local and international, year-on-year, local broadsheet The Straits Times reported that passenger numbers were “below targets”.