Goldkist wins East Coast Resort tenancy with top bid
The Singapore Land Authority (SLA) has awarded Goldkist International the tenancy for the 30-year-old East Coast Resort (ECR), formerly known as the Costa Sands Resort (East Coast).
The tenancy, which starts on March 1, is for three years initially and is renewable up to 2015.
ECR, with 197 chalets, is the largest state property for recreational use in the popular East Coast Park. The previous tenant was Resort Concept, whose lease expired in 2005.
An SLA statement yesterday said Goldkist indicated that it will retain the chalet resort and spend about $5 million improving it.
Goldkist also plans to change the name to ‘Island Park Resort’ to reflect the improved facilities, which will be run by a new company called Island Park Resort Pte Ltd.
Among other things, there are plans for a new clubhouse, spa facilities, gaming arcades, sports facilities, team-building activities and traditional Indian yoga. Goldkist will also explore overseas tie-ups to market the resort abroad. SLA said it received four bids ranging from $103,300 to $324,444 per month for the ECR site. Goldkist, the highest bidder at $324,444, impressed SLA with its detailed study of the resort and its elaborate upgrading plans.
Goldkist International is a Singapore-based company with real estate assets of over $10 million in Sim Lim Square. Its main business is the import, export and distribution of IT and communication products, with a sales turnover of over $40 million a year.
Source : Business Times - 16 Jan 2007
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