Things will never be the same at the iconic Bottle Tree Park.
For one thing, it may have a new name.
Furthermore, its management is being taken over by a Chinese company that has offered to pay a far higher rental than any of the other bidders.
It plans to develop a leisure park after Bottle Tree Park is shuttered next month, Lianhe Zaobao reported yesterday.
Apparently, the rustic character of the area will be retained, the report said, but several new features will be added. The redeveloped attraction is to start operation at the end of this year, or the beginning of next.
After the lease was extended many times, the site in Lorong Chencharu was finally put up for redevelopment.
Fullshare Group secured the lease with a bid of S$169,000 a month.
This amount is more than double the guide rent of S$72,200 listed on the tender specifications issued by the Urban Redevelopment Authority and S$47,000 more than the next highest bid of S$122,000 by Sinflora (S).
The tenure is three years, with an option to extend it until April 2020.
The company is planning a leisure park on the 51,500 sq m Bottle Tree Park site, with a variety of food-and-beverage outlets, and activities such as camping, fishing and prawning.
It will invest S$5 million in the redevelopment, but intends to retain the kampung flavour of the site.
However, the park is likely to be renamed.
Fullshare could use one of the current brands under the company, or create a new brand for the park.
According to its website, Fullshare Group is one of the top 500 private enterprises in China, and it has been expanding its overseas market since 2008. Its interests are in "tourism real estate, health care, medical technology and high-end tourism business development".
The website says the firm has investments in China, Australia, Canada, Hong Kong and Singapore, and it was established here in 2011.
The company intends to set up an overseas headquarters in Singapore, and is investing in several ventures here, it told Lianhe Zaobao.
My Paper reported last month that Bottle Tree Park was going to close. Its last day is Aug 10 and its lease expires on Aug 18.
Bottle Tree managing director Alex Neo told My Paper it had taken part in the tender exercise, but put in a bid of only S$68,000.
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