B.C. based tycoon Jimmy Pattison

Ripley's Entertainment plans to invest US$350 million in a tourist attraction in Singapore to build a 10 hectare "Believe it or Not" spread, said company president Robert Masterson.

Ripley Entertainment, which is part of the Pattison empire, operates such attractions as museums and aquariums, and is in TV and publishing.

The group is perhaps best known for its 'Ripley's Believe It or Not!' comic strip that is published in close to 200 newspapers in 42 countries.

Ripley's Believe It or Not

Masterson said the company has identified a site and a partner, but gave no details of the project it had 'worked on for 1 1/2 years'.

"We've done our feasibility studies and are very confident," he said, adding that if it does go ahead, an announcement would be made by the end of September.

"We are financially very strong. We don't have to raise any money, but we just want to be absolutely sure we're using our capital well," said Masterson, adding the company has appointed KMPG to do a feasibility study of the region.

So far the findings are pointing to Singapore as the best location for such an investment, local media said.

Ripley's announcement comes as Singapore's Sentosa Island is slated to get a new theme park costing between US$300 million and US$700 million. Sentosa Leisure Group chief executive officer Darrell Metzger said it is negotiating with two companies. The planned 20ha site in the north of the island, behind the ferry terminal, is part of a 10-year masterplan to draw eight million visitors a year to Sentosa by 2012. Only one possible partner has been identified so far.

Village Roadshow, which runs Movie World, Sea World and Wet 'n' Wild Water World in Australia's Gold Coast, is proposing a water-based theme park and may put in up to C$50 million and 'build on its strengths'.

Its chief executive officer, John Menzies, said: 'It will have a combination of attractions suitable for the entire family. Kids love thrill rides, water rides are good for this weather, older people like simulators.

The idea is to be able to get them to stay five to six hours in the park.' Ideally, it will have both Asian and Western themes but not the adrenalin overload thrill rides that dominate theme parks in the West.