Sentosa Development Corporation (SDC) says it has signed an agreement with Hazeltree Holdings, a wholly-owned subsidiary of Temasek Holdings, to purchase the latter’s 50% holding in Mount Faber Leisure Group (MFLG) with immediate effect. MFLG has now become the 100% owned subsidiary company of SDC.

MFLG, which owns and manages the new Jewel Rides, previously known as cable car rides, as well as The Jewel Box hilltop tourist attraction, will remain committed to building its successful brand and to serving its passionate community.

SDC’s acquisition comes as Sentosa Island prepares for the increase in visitorship arising from the opening of Resorts World Sentosa, Singapore’s only integrated resort targeted at families. With ownership of MFLG, SDC aims to enhance its control over the various modes of transport between Sentosa and the mainland.

“The acquisition will strengthen the strategic alignment between SDC and MFLG”, says Mike Barclay, Chief Executive Officer of SDC. “Over the years, MFLG’s management has successfully transformed the cable car service into one of Singapore’s major attractions. Through this acquisition, SDC will offer the MFLG management its full support as they seek to contribute to the overall vibrancy of the Southern Waterfront Precinct.”

SDC says the popularity of the cable car has grown over the years and has consistently attracted both local and overseas visitors, enabling the group to reach a total ridership of more than 41 million during the last 35 years in operation. In 2008, 21% of Sentosa’s total arrivals entered via the cable car, making it one of top three modes of guest entry to the island.