[Breaking News] Sinkapore Flyer pok gai liao!

[Rogue Trader]

Singapore Flyer put in receivership, but 'business as usual'
By Eveline Danubrata

Reuters
Tuesday, May 28, 2013

SINGAPORE - The Singapore Flyer, a giant observation wheel seen as a major tourist attraction in the city-state, has been put in receivership just five years after it was launched to much fanfare.

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.

It said in a statement on Tuesday 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.

Ferrier Hodgson also said it is confident it will be able to identify investors to manage and improve the Singapore Flyer."We will be calling for expressions of interest shortly to commence the process."

Singapore hopes to attract 14.8 million to 15.5 million visitors this year, up from last year's estimated 14.4 million, the Tourism Board said in March.

 

[zhihau]

chapter 11 soon?

 

[Rogue Trader]

Singapore Flyer enters into receivership; business as usual, says statement
Published on May 28, 2013
5:02 PM

Receivers and managers have been appointed over the charged assets of Singapore Flyer Pte Ltd, the company behind the iconic tourist attraction (above), in the Marina area. -- ST FILE PHOTO: MUGILAN RAJASEGERAN

Receivers and managers have been appointed over the charged assets of Singapore Flyer Pte Ltd, the company behind the iconic tourist attraction in the Marina area.

In a statement, Tim Reid from recovery firm Ferrier Hodgson said: "We are confident that we will be able to identify investors with the vision to manage, diversify and enhance the Singapore Flyer, thereby securing its long-term future as a significant Singapore attraction."

He said Ferrier Hodgson will be calling for expressions of interest shortly to commence the process. He added that "it is business as usual at Singapore Flyer, and we look forward to the support of the management and staff through this process".

"We are committed to working closely with business partners and tour operators to ensure smooth operations throughout the receivership," said Mr Reid in a statement on Tuesday. The Singapore Flyer is the world's largest Giant Observation Wheel and also one of Asia's biggest tourist attractions. The 165-m-high wheel was launched in 2008.

 

[Rogue Trader]

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


By Debbie Lee And Jessica Lim


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.

 

[lovesamleong]

At $33 a ticket, not surprised they are going into receivership. This price is too steep to pay for this ride. If they want more people, they need to lower the ticket prices to a more affordable price for the average Singaporean.

 

[Dark Knight]

Sillypore is just a tiny dot surrounded with muddy water.
Even when you are standing on the peak, there's nothing much to see except all those tiny ship and artificial landscapes.

Whoever took over the flyer's business won't last long as well.
5 years already lost $$$, give it another 2 years and it's gonna be another white elephant soon.

 

[soIsee]

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


By Debbie Lee And Jessica Lim


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.

Since you like Ho jinx so much to put her face as your avatar maybe she could plough money from the Sinkie peasant funds from Temasick to buy the spinning wheel over. Afterall, she is getting damn good at buying money losing assets.

I wonder what is happenjng too for the Gardens by the Bay and all those attractions.

With the way the Pappy are using the funds for such play ground for the Elites it leaves little wonder why any Sinkie peasant would want to part their hard earned cash for such attractions!

 

[Dark Knight]

That CEO (young chap scholar) of Sillypore tourism board cannot make it in the tourism industry.

Under his leadership, many of the following places of interests already lost it's limelight:
1) China town
2) Bird park
3) Zoo
4) Sentosa (except for the Casino)
5) Flyer
6) Orchard Road

What else can he promote beside moving on to "high-end tourism"?

 

[Bigfuck]

That CEO (young chap scholar) of Sillypore tourism board cannot make it in the tourism industry.

Under his leadership, many of the following places of interests already lost it's limelight:
1) China town
2) Bird park
3) Zoo
4) Sentosa (except for the Casino)
5) Flyer
6) Orchard Road

What else can he promote beside moving on to "high-end tourism"?

FYI, USS is a total disaster. It will fold.

 

[The_Hypocrite]

Well to attract locals, they can just give a 50% discount to pink ic holders..in Vietnam and China, some attractions gives locals huge discounts while tourists pay more....

 

[eatshitndie]

At $33 a ticket, not surprised they are going into receivership. This price is too steep to pay for this ride. If they want more people, they need to lower the ticket prices to a more affordable price for the average Singaporean.

must have food court in the wheel when it cums to anything sg. how about "lunch and wheel" for $33 and "dinner, sex and wheel" for $69? will easily pay $40 if there's "full body massage and wheel". :p

 

[Bigfuck]

must have food court in the wheel when it cums to anything sg. how about "lunch and wheel" for $33 and "dinner, sex and wheel" for $69? will easily pay $40 if there's "full body massage and wheel". :p

Stupid people. They model based on 33*capacity to give them their big profit. Business not done like that. The smart way would have been to charge 15 dollar and revenue share with good drinks and food stores as well as the massage parlors. Dumb ass. You look at the State Owned Enterprises of Singapore, they are operating like tax agencies the way they charge. That is why Leegime trying to do business will FAIL. Not only in Singapore but the world as it is an alien way of operation meant for another dimension in another universe.
Ho Ching, if were given rein to run a real business would be fired in 6 months, after giving maximum benefit of the doubt. That is an achievement that few can achieve. Most get fired after a year if they are bad but she tops it all.

 

[cheowyonglee]

The next one to go after this is....

 

[kingrant]

This is the result of growth at all costs by gouging the tourists and barring the poor locals. What a gargantuan joke! We are now the laughing stock of the whole world. Soon the MBS and RWS will also kaput.

 

[cheowyonglee]

This is the result of growth at all costs by gouging the tourists and barring the poor locals. What a gargantuan joke! We are now the laughing stock of the whole world. Soon the MBS and RWS will also kaput.

Our Government want to look good here and there... but dunno how to go about it.Instead, they have to copy around the world and use what already have and put it here.They saw the London wheel making profits there and thought if they copy the whole thing to Singapore, they might also make profit here.But they forgotten that London is London and Singapore is Singapore.
You cannot copy blindly.

I dunno why most of our mp so highly paid and so highly educated but failed so badly in this.

 

[eatshitndie]

Stupid people. They model based on 33*capacity to give them their big profit. Business not done like that. The smart way would have been to charge 15 dollar and revenue share with good drinks and food stores as well as the massage parlors. Dumb ass. You look at the State Owned Enterprises of Singapore, they are operating like tax agencies the way they charge. That is why Leegime trying to do business will FAIL. Not only in Singapore but the world as it is an alien way of operation meant for another dimension in another universe.
Ho Ching, if were given rein to run a real business would be fired in 6 months, after giving maximum benefit of the doubt. That is an achievement that few can achieve. Most get fired after a year if they are bad but she tops it all.

yup. don't mind having a refreshing cocktail or sippy beverage and some snacks if i have to spend 30 minutes wheeling. a $15 basic charge will be about right. will fork out another $15 readily for beverage and snacks. if they package a morning coffee or high tea meal for 1 hour (2 rotations) for $39, i would pay for it. it's better than burning money at hfj's or casinos. :p

 

[MBSSLOTS]

expected to pok gai.

crap views, expensive tickets, no train service...another fucked up pap project

 

[freedalas]

Sillypore is just a tiny dot surrounded with muddy water.
Even when you are standing on the peak, there's nothing much to see except all those tiny ship and artificial landscapes.

Whoever took over the flyer's business won't last long as well.
5 years already lost $$$, give it another 2 years and it's gonna be another white elephant soon.

The receiver said it was confident it would be able to identify investors to manage and improve the Singapore Flyer. Ha.... think the only person interested in taking over would be Uncle Ringo who will then run it as a ferris wheel and charge $5 per person.

 

[singveld]

who is the genius that think it will work in singapore?

singapore tourists numbers are full of hookers from south east asia and china. None of them willing to pay to go up there to see flats.

 

[singveld]

The next one to go after this is....

oh that will be true but is it connected to the casino, if so, then it will be fine. It will be kept alive by useless stupid idiots who gamble there. HA HA HA.