Straco to acquire Singapore Flyer for $140 mil

Straco Corporation said Straco Leisure, a subsidiary of the company, has agreed to acquire the Singapore Flyer and the lease of the property located at 30 Raffles Avenue for a purchase consideration of $140 million.

Straco said the acquisition represents an expansion of the group’s core tourism related business. The company behind the $240 million giant observation wheel was placed under receivership last May.