When SuperPark opened up in Suntec City back in 2018, Singaporeans were psyched.
40,000sqft space filled with places where you can climb, zoom through and battle it out with your friends?
Unfortunately, if you’re still excited at the idea of going to this park for a day or three, you can’t do that anymore.
Because the SuperPark in Suntec City has closed its doors, seemingly for good, less than two years after it opened with much fanfare.
Here’s what you need to know.
Confirmation
On 13 Oct 2020, Suntec City mall confirmed that SuperPark has been struck out since 8 Oct 2020.
A spokesperson for the mall said that they’ve repossessed the SuperPark premises after the operator couldn’t give the mall a concrete plan for restarting operations.
Currently, the mall is considering a few options:
- One, to invite other indoor play operators to lease the area.
- Two, to convert it themselves into a play area for shoppers.
- Or three, invite the operator to submit a proposal to restart operations.
I know what you’re thinking: does this mean SuperPark could make a reappearance?!
Well, chances of that are pretty low once you hear what they’re wrestling with.
Financial Troubles
According to Business Times, the mega-indoor playground has been facing issues since earlier this year.
Based on documents seen, it seems that SuperPark Asia currently owes S$18 million in liabilities.
This includes:
- $500,000 in rental to APM (Suntec City Mall) as of 26 May 2020.
- This figure increases to $900,000 if you include estimated rental for June and July
- $200,000 to a local signage company for work done in 2019
- $30,000 refund to a Singapore-based attractions wholesaler, Cebu Air Travel & Tours, for tickets it has previously purchased to sell to customers. The tickets were not utilised since the park was closed due to Covid-19.
- $20,000 to Elitez, a recruitment firm which helped recruited almost 100 staff for the SuperPark
- $574,000 in 2019 bonuses + bonuses and salaries from Feb to May 2020
Now, if it was just Singapore, SuperPark Asia might be able to make a comeback quicker, but turns out, SuperParks in other countries in Asia aren’t doing that great too.
In Kuala Lumpur, the SuperPark there was asked to move out by 17 Oct 2020 and pay about S$1.06 million in rent arrears.
In Bangkok, the SuperPark there got its final reminder to pay about S$240,000 in rent arrears and late payment penalties. If they don’t do so, their operations will be suspended.
In Hong Kong, the SuperPark has been “closed until further notice”.
But things get much worse for the company.
Dispute With Parent Company
SuperPark Asia is a subsidiary of SuperPark Oy.
Apparently, the ex-CEO of SuperPark Asia had warned executives in the parent company since Mar 2019 about Asia’s “cash shortages, lack of liquidity and the risks and dangers of trading whilst insolvent” but was ignored.
Things continued on this vein until earlier this year when the Covid-19 pandemic caused the Asia group to crash and burn from a lack of cash.
SuperPark Asia has also attempted to call on its parent company for funding to expand in Asia but it fell short.
SuperPark Oy said that they have injected about S$15.64 million into the Asia Group since 2017.
It was later revealed that about half of that amount were bridging loans, and the Asia group was expected to pay the money back, plus interest.
In the same email thread that the ex-CEO of SuperPark Asia showed, the global CEO of SuperPark Oy was also seen asking for a repayment of 1.5 million Euro (~S$2.41 million) to himself and SuperPark Oy last July.
That was also allegedly the same period where SuperPark Asia & SuperPark Singapore had requested for a letter of support from the parent company.
The directors of SuperPark Asia decided to wind up voluntarily and appointed liquidators to sell the company to interested parties.
There were 19 of them who turned up for the meeting and it seems like it was a done deal…until SuperPark Oy stepped in again, this time to argue that they did not approve the liquidation.
Interim Judicial Management
On 21 Aug 2020, SuperPark Asia was placed under interim judicial management by the courts.
Basically, it means that for this period, creditors are unable to touch the company while the management tries to either save the company or sell its parts at a better price.
As for what’s next, no one knows.
The parent company isn’t keen on revealing how it plans to rehabilitate (or save) SuperPark Asia, it seems, as they have not responded to media queries yet.
It also isn’t known what happens to passes that are already purchased, if any of the SuperParks were to be closed permanently.
One thing for sure, though, this probably wouldn’t be the last time you hear of SuperPark Asia.
After all, remember what happened when oBike folded?
Watch this for a complete summary of what REALLY happened to Qoo10, and why it's like a K-drama:
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