SINGAPORE, June 27 (UPI) -- A consortium plans to invest $200 million to build a giant observation wheel -- the largest foreign investment in a Singapore tourism attraction.
Channelnews Asia said Germany's Melchers Project Management signed an agreement Friday with the Singapore Tourism Board for the project called Singapore Flyer.
The investors expect the Singapore Flyer, said to be the world's biggest Ferris wheel, to easily attract 4 to 5 million passengers in its first year of operation.
But that's not all.
The consortium also wants to expand its business in Singapore. It's hoping to seek a public listing or set up a real estate investment trust here.
The Singapore Flyer will boost investments in the tourism industry to $700 million so far this year.
