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The
Business Times, 15 Jul 04
S'pore's tourist attraction plans taking
shape
Ripley unveils US$350m idea;
govt mulls integrated entertainment plan
By Vince Chong and Carolyn Quek
(SINGAPORE) Singapore's theme attraction dream is fast taking shape,
with US-based Ripley Entertainment revealing a possible US$350 million
leisure-related investment here.
This dovetails with news that the government is looking at developing
an Integrated Entertainment Centre (IEC), which could include theme
attractions as well as a casino.
Just two weeks ago, Australian entertainment group Village Roadshow
said it is talking with Sentosa Leisure Group (SLG) about a theme
park investment on Sentosa to the tune of up to A$40 million (S$49.4
million). The theme park projects are slated for a 20-hectare spot
on the northern waterfront area, near the ferry terminal and former
Asian Village. SLG, which is spearheading a billion-dollar revamp
of the tourist isle, has said it hopes to wrap up talks within months.
In March, the government said that Sentosa, along with the leisure
hub mooted for the nearby Southern Islands, could potentially play
host to a casino.
And yesterday, in his speech opening the IAAPA (International Association
of Amusement Parks and Attractions) Asian Expo 2004, Minister of State
for Trade & Industry and National Development Vivian Balakrishnan
revealed that Singapore is studying the development of an IEC. It
is understood that the IEC and Ripley's plans are unrelated.
Dr Balakrishnan said: 'If we decide to proceed, it will be a distinctive,
world-class development with a comprehensive range of amenities such
as hotels, convention facilities, theme attractions, retail shops
and food & beverage outlets. 'The aim is to enhance our appeal as
an international tourist destination, and thus attract a wider range
and larger number of international visitors.'
Long-term prospects for tourism in Asia are bright, he added, citing
World Tourism Organization forecasts that visitor arrivals in the
region will rise more than 6 per cent a year to 416 million by 2020,
from just 121 million three years ago. As it is, he said, more than
100 new amusement and theme parks are opening this year worldwide.
At the same expo, Ripley Entertainment - a subsidiary of Canadian
conglomerate Jim Pattison - revealed that it plans to undertake its
biggest project yet by investing US$350 million in a 'leisure-related
development' in Singapore.
Its president, Robert Masterson, told BT: 'We already have a very
well-formed agreement from the appropriate landholders to proceed.
'We are financially very strong. We don't have to raise any money,
but we just want to be absolutely sure we're using our capital well.'
Ripley appointed KMPG to do a feasibility study of the region - and
the findings pointed to Singapore as the best location for such an
investment.
More will be known after a board meeting in September, Mr Masterson
said. While a casino would help maintain Singapore's position among
the front ranks of cities, economists polled yesterday said they feel
that theme parks - while 'providing incremental help to tourism' -
would only be significant if they can compete with Hong Kong's DisneyLand,
which is slated to open next year.
But Mr Masterson argued that this was an unfair comparison. 'Disney
developments are among the biggest in the world, and moreover, our
investment in this project is very, very different from that of Disney,'
he said. In 1999, the Hong Kong government said DisneyLand would deliver
economic benefits of HK$148 billion (S$32.3 billion) over the next
four decades. It is also expected to create 18,400 direct and indirect
jobs on opening and up to 35,800 new jobs in 20 years.
The Singapore Tourism Board yesterday confirmed its knowledge of talks
involving Ripley. STB spokesman Shirley Tan said: 'STB is aware of
Ripley's intent to set up an amusement centre here in Singapore but
we won't be able to provide any details at this time.'
Should Ripley proceed with its project, it will beat the company's
current $200 million development in Ontario, Canada, which is yet
to be completed. The group is perhaps best known for its 'Ripley's
Believe It or Not!' comic strip that is published in close to 200
newspapers in 42 countries. |
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