Singapore Flyer
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This article or section contains information about expected future buildings or structures. It is likely to contain information of a speculative nature, and the content may change as building construction begins and new information becomes available. |
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The Singapore Flyer (Chinese: 新加坡摩天观景轮) is an observation wheel under construction in Singapore and slated for an opening by 2008. Reaching 45 storeys high, it will consist of a wheel with a 150 metre diameter built over a three-storey terminal building for a total height of around 165 metres, exceeding the current largest wheel, the London Eye, by 43 metres. Located on the southeast tip of the Marina Centre reclaimed land, it is expected to offer excellent views of the city centre and beyond to about 45 kilometres, including the Indonesian islands of Batam and Bintan, as well as Johor, Malaysia.
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[edit] History
The Singapore Flyer was first conceived in the early 2000s, before formal planning commenced in 2002. German company Melchers Project Management (MPM) and Orient & Pacific Management (O&P) formed a new company, Singapore Flyer Pte Ltd, as the developer with MPM holding a 75% stake and the rest by O&P. The project was formally announced and endorsed by the Singapore Tourism Board (STB) with the signing of a Memorandum of Understanding on 27 June 2003, formalising the understanding between the developer and STB with regards to the land acquisition process. As stipulated in the MOU, the STB will purchase the plot of land in Marina Centre from the Singapore Land Authority, and lease it to Singapore Flyer Pte Ltd for 30 years with an option to extend the lease by another 15 years. In addition, the land will be rent-free during the construction phase of the project. In July 2003, Jones Lang LaSalle was appointed as the real estate advisor. Takenaka and Mitsubishi were selected as the main contractors, and Arup as the structural engineer.
Early diagrams showed a 170-metre high wheel with a design similar to the London Eye, evoking some criticisms that it lacked originality. The developers promptly pointed out, however, that the design was not finalised, and they were merely for conceptualisation purposes. The project was to grind almost to a halt subsequently when the developers faced difficulties in sourcing for funds to build the wheel. Original plans to complete the wheel by the end of 2005 were thus postponed indefinitely, and there were reports (but denied by the STB) that the tourism board has set an ultimatum date on 31 March 2005 for the developer to iron out its financial issues and to keep the development going.
By September 2005, the project was revived when funds were successfully sourced from two German banks. Delbrueck Bethmann Maffei, a subsidiary of ABN AMRO, will provide equity to a maximum of S$100 million, with a further S$140 million coming from Bayerische Hypo- und Vereinsbank. With the injection of S$240 million, the largest single foreign investment in the Singaporean entertainment industry, the wheel is slated to begin construction by the end of the same month. The first visitors are expected on the wheel by 7 February 2008.
[edit] Design
The development has a gross building area of approximately 16,000 square metres, built on a 33,700 square metre site along the Marina Promenade. Designed by Japanese architect Kisho Kurokawa, the wheel will feature 32 air-conditioned capsules with a floor area of 32 square metres and capable of seating 35 passengers each (graphic). The constant rotation of the wheel will mean a complete trip lasting an estimated 37 minutes, and has a design capacity of up to 7.3 million passengers a year.
The terminal building on which the wheel sits on comprises of three floors of commercial space, with an adjacent open air Greek-inspired amphitheatre along the waterfront and complimented by a jetty. The site will be beautified by luxurious landscaping, including roof gardens and a recreated rainforest in the terminal's atrium. An open bus park for 40 buses is located behind the building, and connected by an underpass to a covered multi-storey carpark for 300 vehicles. This carpark in turn has direct links to the underground Promenade MRT Station which is slated to be opened by 2010.
[edit] Expectations
Upon its opening, the attraction is expected to draw about 2.5 million visitors in its first year of operation, which will give its investors a net yield of about 13.4%. About 50% of its visitors are expected to be foreign tourists, helping to generate about S$94 million in tourism receipts in its opening year. The expected visitorship figure was deemed ambitious by some however, but the STB and the wheel's investors are upbeat over its long-term prospects.
While the ticket costs are not finalised, Adval Brand Group, its master ticketing distributor, has guaranteed a minimum of 8 million euros in ticket receipts per year for its investors, which based on an annual visitorship of 600,000 will work out to about S$27.50 per ticket.
Although the developers constantly drum on its height as a major selling point, the wheel has seen several contenders threatening to exceed it in scale. Las Vegas, for instance, plans to build a 182 metre tall wheel by end of 2005, although it is most likely to be delayed. The planned Shanghai Star has been mooted for some time, with its original planned completion in the same year as a 200 metre tall structure, but recent news has seen it shrunk to 170 metre in height and due for completion by 2007.
