Sim Leisure to refurbish Sentosa’s KidZania for S$3 million, expects reopening in Q1 2024
Yong Hui Ting
THEME park operator Sim Leisure announced on Monday (Jun 12) that it has secured an agreement with Sentosa Development Corporation to lease 31 Beach View #01-01/02, where the discontinued KidZania was located, for five years with an option to renew the lease for another five years.
It plans to refurbish the place via its newly incorporated and wholly-owned subsidiary, Kids Edutainment, with a projected capital expenditure of S$3 million. This is in addition to an earlier S$110,000 committed in the purchase of all non-movable assets, fittings and fixtures at the site.
The expenditure will partly be funded by “contributions from third-party sponsors participating in the KidZania Singapore Facility”, the company said.
Fitting out works are expected to take six months, starting from Aug 1. The company expects to reopen the attraction in the first quarter of 2024, barring any unforeseen circumstances.
Sim Leisure said the new concept for the revamped KidZania will include the latest design, theming and role-play activities, a new toddler-exclusive area and adult events lounge, among other new introductions.
The facility sits on a site area spanning approximately 7,521.97 square metres.
While the asset purchase and subscription of shares in Kids Edutainment are not expected to have any material effect on the consolidated net tangible assets per share and earnings per share of the company for the financial year ending Dec 31, Sim Leisure said it expects the refurbished KidZania’s operations to contribute positively to the performance of the company.
Shares of Sim Leisure closed 3.4 per cent or S$0.01 lower at S$0.285 on Friday.
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