East Coast Resort is set to get a $5 million makeover with new and upgraded facilities, as well as a new name – Island Park Resort.
The new owners, Goldkist International, has signed a tenancy agreement with the Singapore Land Authority (SLA) for an initial term of three years and is renewable up to 2015.
The Singapore-based company has promised an eco-friendly approach to the upgrading, which will be done in phases.
A new clubhouse, spa facilities, gaming arcades and sports facilities will be built.
Goldkist has also promised to market the resort overseas to draw foreign visitors to the resort.
Although a new owner has been announced, SLA has promised that the resort will be available until after the Lunar New Year holidays.
The appointed agent of SLA, United Premas, will continue to take bookings for the resort till 25 February 2007.
The East Coast Resort, with nearly 200 rooms, opened its doors to the public in 1977.
It used to be run by the Urban Development and Management Company until NTUC Club bought it in 2002. It did not seek to renew its lease.
Goldkist, the highest bidder, will pay monthly rental of $324,444.
It has real estate assets of over $10 million in Sim Lim Square.
It is involved in import, export and distribution of IT and communication products, with an annual sales turnover of $40 million.
Source: Channel NewsAsia, 15 January 2007