Joint News Release by Singapore Flyer Pte Ltd and the Singapore Tourism Board
Singapore, 26 August, 2005 - The financing of the Singapore Flyer project has been fully secured and construction of the giant observation wheel will begin in a few weeks. Mr Peter Purcell, Singapore Flyer Pte Ltd’s Managing Director said that German banks Delbrueck Bethmann Maffei (DBM) / ABN AMRO and Bayerische Hypo- und Vereinsbank AG (HVB Asia), will be funding the $240 million Singapore Flyer project. DBM, the equity provider, and HVB, the long-term debt arrangers, are two world-class leaders in the raising of both equity and debt for projects of this scale.
“I am delighted that the Singapore Flyer project can now proceed as planned. When completed, the Singapore Flyer will potentially be one of Asia’s most exciting and highly visible visitor attractions. Not only have the German bankers recognised this potential, but they have also given a resounding vote of confidence to Singapore’s tourism investment potential,” Mr Purcell said.
The Singapore Flyer – a giant observation wheel – promises to become Singapore’s very own iconic visitor attraction and is set to transform the visual landscape of the Marina Bay when it is completed in the first quarter of 2008. The Marina Bay area is the future downtown of Singapore and the planned waterfront city in a garden. In the pipeline are plans for a business and financial centre, an Integrated Resort and recreational and entertainment opportunities along the promenade, waterfront gardens and the Marina Barrage.
The Singapore Flyer will occupy a prime spot in this “necklace of attractions” and will provide a breathtaking, unobstructed radial view of 45 km spanning three countries - Singapore, Malaysia and Indonesia. It is expected to attract 2.5 million visitors in the first year with more than half of them from overseas. This will be an important addition to the Singapore Tourism Board’s Tourism 2015 targets of tripling of tourism receipts to S$30 billion, doubling visitor arrivals to 17 million, and creating an additional 100,000 jobs in the services sector by 2015.
Mr Lim Neo Chian, Chief Executive, Singapore Tourism Board, said: “The Singapore Flyer will, together with the two planned integrated resorts, catalyse further investments in Singapore’s tourism sector. We need to spur investments and position Singapore to welcome the projected increase in outbound travellers coming from high-growth markets such as China, India and other regional countries. The Singapore Flyer project gives us a good start and will add much vibrancy to the Marina Bay.”
When completed, the Singapore Flyer will offer an array of public facilities including a central atrium with a recreated Asian rainforest, an outdoor amphitheatre, an alfresco dining promenade running along the seafront, and high accessibility by train, bus, car and even boat.
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Please refer to Fact Sheet for Singapore Flyer financing details