It is unlikely that the Flyer will be plucked from Singapore’s skyline, but experts say its business model must be overhauled if it is to survive.
The company behind the 165m observation wheel, Singapore Flyer Pte Ltd, was placed under receivership on Tuesday for failing to meet financial obligations to a bank, its main lender.
Corporate recovery firm Ferrier Hodgson, appointed as receivers, is looking for new investors to manage the attraction. When asked about its future yesterday, Mr Tim Reid, a partner at Ferrier Hodgson, said: “It is a fantastic asset for our country and it will remain in operation.”
Several worried tenants plan to meet Ferrier Hodgson this week to find out if their leases would survive under new management, and if action is being taken to make sure business does not drop over the next few months.
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Struggling Singapore Flyer "needs overhaul": Experts
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