Chinese firm to revamp Bottle Tree Park
Yishun's Bottle Tree Park is set to close next month, after its current management was outbid by a Chinese firm, which plans to turn the seven hectare site into a leisure park with more F&B options and activities like fishing and camping, according to media reports.
"The project aims to be a comfortable, natural and relaxing getaway," said Wang Bo, Managing Director of Fullshare International Group, a China-based firm which clinched the site's lease with a bid of $169,000 per month.
In comparison, the current management submitted a bid of $68,000, while the rental guide issued by the Urban Redevelopment Authority stands at $72,200 a month.
Fullshare is expected to spend $5 million to refurbish the site. It will also consider preserving the site's original style, especially its natural environment, he said. For example, the park's wooden pavilions will be kept intact and improved.
PropertyBank Director Edith Tay notes the firm may come up with an attractive concept to recoup its huge investment.
"They might have considered looking at a more integrated concept and increasing the number of tenants. Such big sites with water features and proximity to a train station in Yishun are rare in Singapore."
Bottle Tree Park will cease operations on 10 August, while Fullshare's leisure park is expected to ready by year-end. The site's tenure is three years, and the new management could extend it until April 2020.
Image source: Bottle Tree Park's website
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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