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Experts, tour guides not surprised by Singapore Flyer receivership news

Published on May 28, 2013 8:01 PM
 
The Singapore skyline with the Singapore Flyer at sunset. Analysts and tour agents were not altogether surprised when news broke on Tuesday evening that company that owns the Singapore Flyer had enter receivership just five years after it was launched. ST FILE PHOTO: SAMUEL HE

Analysts and tour agents were not altogether surprised when news broke on Tuesday evening that company that owns the Singapore Flyer had enter receivership just five years after it was launched.

Ferrier Hodgson, which specialises in insolvency and corporate turnarounds, was appointed as receivers and managers over the charged assets of Singapore Flyer Pte Ltd, the company which owns the 165-metre-high wheel. Ferrier in a statement on Tuesday said that "it is business as usual at Singapore Flyer" and it is working with business partners and tour operators to ensure smooth operations through the receivership. It added that it was confident it would be able to identify investors to manage and improve the Singapore Flyer.

Analysts noted that the Singapore Flyer was not attractive to locals and did not encourage repeat visitors while tour agents also told The Straits Times that the ticket prices were too expensive and some had stopped taking tourists there.

Mr M. Loganathan, a tour guide, said that he prefers to take tourists to view Singapore's scenery from buildings like the OUB building instead. "It's cheaper so we earn more. At these places, tourists can stay as long as they want and take as many pictures as they want," he said, adding that he suggests alternate locations to the Flyer to tourists the guides.

 
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