From Channel News Asia, booking is already in progress even though the ferris wheel is still under construction. The number of bookings made is so much that it would mean no more bookings can be made for the 1st 3 months of operation.
FYI, The Singapore Flyer will be ready from March 2008 onwards
Official Website
http://www.singaporeflyer.com.sg/
Pricing
http://www.singaporeflyer.com.sg/visitor_info.php
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