SunCity unit to close Sydney theme park

SUNWAY City Bhd (SunCity) said its Australian-based indirect unit, International Theme Park Pty Ltd, will be closing the Wonderland Sydney theme park in Australia by mid-year at the latest.  

SunCity said in a statement the decision to close the theme park was taken due to persistent losses incurred and difficult market conditions.  

It was also part of the group’s overall rationalisation exercise to exit non-performing businesses, it added. 

SunCity said it intended to sell the New South Wales property that was currently occupied by the theme park, comprising a 58.87ha site, buildings, structures and theme park rides. 

Hartford Lane Pty Ltd, another Australian-based indirect unit of SunCity, had on Feb 12 entered into a put and call option deed to sell the Wonderland Sydney property to Paclib Industrial No 5 Pty Ltd (PIPL) for A$52.5mil. 

PIPL, a company incorporated in Australia, is a special purpose vehicle with a paid-up share capital of A$2. – AFX  

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