A glitch in the control system forced the owner of the enormous red and yellow balloon to shelve it last week leading to the cancellation of a rousing party that had been planned to mark its last flight.

The helium balloon has loomed over the Bugis area since being set up in May 2006 by tour operator Singapore Ducktours.

Soaring as high as 48 storeys (180m), the balloon has given more than 200,000 passengers a view of the city and even the islands around Singapore.

When the Singapore Flyer opened earlier this year, it threatened to upstage the balloon.

So, Singapore Ducktours upgraded the system allowing the balloon to reach 180m, giving it a slight edge over the 165m-tall Flyer.

While the company said business remained strong, the firm's lease for the vacant Tan Quee Lan Street lot has expired and the land has been earmarked for the new Bugis MRT station.

Read the full story in Wednesday's edition of The Straits Times.