German banks to fund S'pore Flyer

German banks to fund S'pore Flyer

SINGAPORE: Two leading German banks, DBM and HVB Asia, will finance the construction of a giant observation wheel in Singapore, reported Channel News Asia on Tuesday.

The S$240 million (US$143 million) Singapore Flyer promises to be one of Singapore's top attractions. At 45 stories high, the observation wheel will provide a breathtaking view of the country and neighboring Malaysia and Indonesia.

Some 2.5 million people - 60 percent of whom are tourists - are estimated to take to the skies with the Singapore Flyer.

Singapore's Tourism Board (STB) says such developments will position the country to welcome the projected increase in travelers from growing regional markets like China and India.

STB's Tourism 2015 targets a tripling of tourism receipts to S$30 billion, doubling visitor arrivals to 17 million, and creating an additional 100,000 jobs in the services sector by 2015.

The construction of the Singapore Flyer will begin in two weeks and be completed in 2008.-- DPA