The Western Australian Development Corporation's Underwater World facility on Singapore's Sentosa Island has been sold for S$25 million (A$22 million).
The facility was the last of the major assets of the WADC to be sold under the Government's directive to liquidate the corporation's operations.
The Minister assisting the Treasurer, Geoff Gallop, said he had been advised by the chairman of the WADC's liquidation board that the facility was purchased by Singaporean investors at its book value of S$25 million which meant the WADC had recouped all the money it had spent on the project.
The book value had been determined from capital development outlays by WADC to build the facility (S$27 million - A$23.7 million) less trading cash surpluses (S$2 million - A$1.7 million).
Dr Gallop said he had been advised that most of the money from the sale - about S$19.6 million (A$17.2 million) would be used to pay outstanding debts associated with the project. The remainder would go into the State's consolidated revenue fund.
The Minister said he understood that the Underwater World development was continuing to operate very successfully and had become a major entertainment and recreation facility in South East Asia.
Two million visitors had passed through the turnstile in only 15 months' operation and attendances continued to be higher than initially predicted.
NOTE: Figures in Singapore dollars with Australian dollar approximates.
