Singapore, 28 August 2014 – Straco Corporation Limited (Straco Corp) today announced that its subsidiary, Straco Leisure Pte Ltd (Straco Leisure) has signed an agreement with Singapore Flyer Pte Ltd (in Receivership) to purchase the business and assets of the Singapore Flyer.
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. Listed on the Singapore Exchange, it has a significant presence and influence in the tourism industry in China with a portfolio of high quality tourist attractions and related projects in major cities such as Shanghai, Xi'an and Xiamen.
With more than a decade of experience in managing attractions, Executive Chairman of Straco Corp, Mr Wu Hsioh Kwang commented, "The Singapore Flyer is a defining Singapore attraction and represents an exciting opportunity to expand our presence in the region and contribute to the Singapore tourism industry. As a Singaporean company, we are especially proud to add this unique icon to our portfolio of high-quality assets."
"Straco Corp has extensive experience in successfully developing and operating high-profile tourism attractions. Our robust, long-term experience in the sector provides a crucial foundation for reinvigorating this world-class attraction. Future plans for the Singapore Flyer will be shared when Straco Leisure officially takes over. We look forward to working with the staff and tenants to take this icon into a new phase," added Mr Wu.
Mr Lionel Yeo, Chief Executive, Singapore Tourism Board said, "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."
STB will work with Straco Leisure on their plans for the Flyer. "We believe Straco Leisure will be able to enhance the Flyer's appeal to both local and international visitors," said Mr Yeo.
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About the Singapore Tourism Board
The Singapore Tourism Board (STB) is a leading economic development agency in tourism, one of Singapore's key service sectors. Known for partnership, innovation and excellence, STB champions tourism, making it a key economic driver for Singapore. We aim to differentiate and market Singapore as a must-visit destination offering a concentration of user-centric and enriching experiences through the "YourSingapore" brand. For more information, please visit www.stb.gov.sg or www.yoursingapore.com.
About Straco Corporation Limited (Straco Corp)
Straco Corporation Limited (Straco Corp) is a leading Singapore developer, operator and investor of premier attractions and tourism-related projects. Listed on the Singapore Exchange in 2004, it was one of the first foreign companies to venture into the Chinese market following the introduction of China's Open Door policy in the 1980s. The Group has since established a significant presence and influence in the tourism industry in China with a portfolio of high quality tourist attractions and related projects in major cities such Shanghai, Xi'an and Xiamen. These projects include large-scale public aquariums (Shanghai Ocean Aquarium and Underwater World Xiamen), cable-car facilities (Lintong Lixing Cable Car in Xi'an), the protection and redevelopment of historical sites (Chao Yuan Ge in Xi'an) and production of cultural entertainment shows (Straco Creation). For more information, please visit www.stracocorp.com.
About WTS Leisure Pte Ltd
WTS Leisure is a subsidiary of Woodlands Transport Service, which was established in Singapore in 1981 and owns and operates one of the largest private transport fleets in Singapore. The company has been managing local tourism related businesses for over 25 years with both inbound tourists and outbound travellers. Currently, they have a fleet of more than 350 buses running services in and out of Singapore.