The rise and fall of rare plant prices and what to look out for next

16 July 2023

Arthur Sim, Straits Times

Since borders have reopened and people have returned to the office, many pandemic plant parents are offloading their pots in bulk to return to their busy lives of work and travel. 

Prices for once-coveted variegated plants have been falling due to an explosion of collectors-turned-online sellers who used the Covid-19 pandemic to propagate profitable species in their backyards or balconies.

Some commercial nurseries in Indonesia and Thailand have also caught on to the rising demand for plants such as aroids and started live-streaming plant auctions. 

Nurseries are also bringing in plants from overseas that have been propagated en masse, adding to downward price pressures. In particular, commercial nurseries in Thailand have reacted to the global demand by turning to tissue-culture techniques used in horticulture to mass propagate plants such as orchids.

Combined with the fall-off in interest in home-bound hobbies such as plant collecting as soon as travel restrictions lifted, the prices of exotic monsteras and aroids – once sold by the leaf at three- or four-digit prices – have taken a nosedive. 

A Philodendron Florida Beauty plant with three leaves (left) now sells for under $100. A small Monstera obliqua Peru with about six leaves now goes for $98. ST PHOTOS: NG SOR LUAN

For examplea small Monstera obliqua Peru with about six leaves that once fetched up to $5,000 in 2021, the height of Covid-19, now goes for $98.

A Philodendron Florida Beauty plant with three leaves, which would have cost $600 two years ago, now sells for under $100.

Some plants, like the Philodendron Golden Dragon Variegated, saw such heightened demand during the “Great Covid-19 Gardening Craze” that they were priced per leaf cutting, at up to $8,000 a leaf. The asking price has plummeted to $450 a leaf. 

The Epipremnum Marble pot sells for under $100 at Terrascapes in Choa Chu Kang. PHOTO: TERRASCAPES

The Epipremnum Marble Plant, prized for its white fenestrated leaves, used to command up to $800 a leaf. An entire pot is now priced at under $100 at Terrascapes nursery in Choa Chu Kang.

Terrascapes’ co-owner Sandy Soh, 48, who has been in the plant industry for more than 10 years, says people were not very interested in aroids before the pandemic. He recalls it was possible to buy the sought-after Philodendron billietiae Variegated plant – known for its long, ribbed leaves – for $750 a plant up till 2019. 

But after much of the world went into Covid-19 lockdown in 2020, the price surged to $3,000 to $4,000 a leaf. Terrascapes does not sell leaf cuttings, but Mr Soh says the current price is around $400 a leaf. 

He blames social media for the upswing in popularity – and proliferation – of houseplants during Covid-19. The aroid craze was fed by the trend of people posting pictures of collectible plants on social media platforms such as Instagram.

“Somehow, your Instagram feed will show you what plants are trending,” he notes. “These Instagrammers may love their plants, but they also love the fame from posting.” 

He, too, embraced social media and started selling plants online and making deliveries using Grab. But it was social media and online shopping that eventually played a part in the collapse of aroid prices.

“During Covid-19, many sellers started to pop up. Singaporeans are very entrepreneurial that way. They would buy plants and then sell cuttings. That inevitably crashed the market,” he says.

Terrascapes co-owner Sandy Soh at Terrascapes in Choa Chu Kang carrying a Philodendron billietiae Variegated plant. ST PHOTO: ARTHUR SIM

It was also easy to buy plants from nurseries overseas. Popular online sites include Chatuchak Market Plant on Facebook, which hails from Thailand; sindomall.com from Indonesia; and ecuagenera.com from Ecuador.

Like many others, Mr Soh started to propagate these popular plants, especially of the sought-after variegated variety. Variegated plants exhibit different colours or irregular patches or streaks. 

“Aroids are not very difficult to propagate,” he says.

So did many other Covid-19-wave gardeners, who bought at high prices and sold cuttings to try to offset costs. However, what many new collectors did not know was that a plant grown from a variegated leaf cutting could revert to being a wholly green plant. 

“These hobbyists were selling plants with no guarantee of variegation,” says Mr Soh.

Plant hobbyists Normizan Kasimin (left) and Iskandar Nordin shopping for plants at Littlebotany nursery in Punggol. ST PHOTO: ARTHUR SIM

Others sold cuttings with little chance of growing up.

Mr Normizan Kasimin, who got into plant collecting during the circuit breaker period, remembers he bought a planted leaf cutting of a Monstera adansonii Albo from online consumer marketplace Carousell for $70 in February 2022. It died within a week. 

The 41-year-old training specialist recounts that when he uprooted the dead plant, there were no roots. “When I contacted the seller, he said there was no refund,” he says.

Slow recovery

Mr Ng Yong Sheng of Nursery 0312 in Seletar with a Philodendron Billietiae Variegated that he is selling for $8,800. He says the same plant would have cost $18,000 when prices peaked in 2021. ST PHOTO: ARTHUR SIM

The impact of falling plant prices has hit nurseries hard. Businesses that The Straits Times spoke to estimate the average drop in revenue is between 20 and 50 per cent. 

Mr Ng Yong Sheng, 41, who started Nursery 0312 in Seletar seven years ago and is the founder of the Facebook group Singapore Urban Gardening, says business was so good during Covid-19 that it paid for his daughter’s medical treatment, which cost five figures. 

His daughter, who is nine years old, suffers from an autoimmune disease.

But everything went south once travel restrictions were lifted. 

“Initially, it was bad,” he says, noting that hobbyists who started collecting during the Covid-19 period started selling off their plants to go back to work, depressing prices further. 

Business has recovered in part, due to plant fair sales and events like the monthly Gardener’s Day Out at HortPark in Hyderabad Road, where workshops and bazaars attract hordes of hobbyist gardeners. 

“Now, business is down by just 20 per cent to 30 per cent,” he says. 

Some nurseries are hanging on and waiting it out.

Mr Ben Soh, 36, started his plant business, The Botanical Assembly, in Seletar in May 2021, as aroid fever was taking hold not just of Singapore but also the world over. 

To get his business going, he bought about 50 plants to propagate, known in the industry as mother plants. They included variegated plants such as the Philodendron Strawberry Shake and the Monstera adansonii Albo, costing between $100 to four figures each.

“For some of the plants, the initial investment has not been made back yet. The strategy is to propagate more, especially the trending plants, and to spread the cost out, such that it becomes more price-friendly to the mass market.”

Mr Tevin Lee of ArtureSG holding a Philodendron Billietiae Variegated. He says one leaf could cost around $6,000 during the peak. Now one leaf is about $400. ST PHOTO: ARTHUR SIM

Likewise, Mr Tevin Lee, 43, who has been in the industry for four years and is the founder of two-year-old plant nursery ArtureSG in Tagore Lane, says: “At the peak, around 2021, I was selling 100 plants a day.” 

Today, he says the market “is still hot, but the selling prices are lower”.

He is waiting for prices to drop further to attract a new breed of post-Covid-19 plant collectors. 

In particular, he is closely watching the trend of tissue culture – which allows the propagation of plants to be done quickly and in large numbers -– and its impact on the prices of plants like the Philodendron joepii Variegated, which has unusual paddle-shaped leaves and used to sell for about $2,000 a leaf at its peak. 

“I am waiting for the price to fall to $500,” he says.

A Philodendron joepii Variegated plantlet propagated from tissue culture currently sells for $400 to $500. When tissue culture becomes more accepted among aroid collectors, prices will likely fall further, he thinks. At the moment, a mature, 30cm-high plant costs about $9,000.

A young, potted tissue-cultured Philodendron joepii ($25) from Littlebotany in Punggol. ST PHOTO: ARTHUR SIM

Rise of the clones

Many are avidly watching the implications of plant tissue culture. 

According to Dr Wilson Wong, curator and deputy director of Jurong Lake Gardens, under the National Parks Board, it is a method that involves growing plant cells, tissues or organs in a laboratory under controlled conditions. Instead of soil or potting mix, it uses sterile liquid or semi-solid growing media with added nutrients to support plant growth.

“As there has been higher demand for these variegated versions of aroids since the Covid-19 period, suppliers and growers have been propagating more of these plants using tissue culture. Hence, these versions of aroids will become more common in time to come,” he says.

Some common examples of variegated and non-variegated plants being propagated by tissue culture include the top-dollar Monstera deliciosa, Monstera adansonii and Philodendron billietiae, which have unique, sought-after leaf shapes. 

A young tissue-cultured Monstera adansonii aurea ($28) from Littlebotany in Punggol. ST PHOTO: ARTHUR SIM

At Littlebotany nursery in Punggol, a small tissue-cultured Monstera adansonii Aurea sells for $28. Previously, a similar-sized plant would be priced between $800 and $1,200, says its owner Fendi Sani. Likened to Swiss cheese because of the fenestrated leaves, the starting price of a mature plant was about $4,000 in 2021.

Littlebotany started bringing in tissue-cultured plants from Thailand, including Dracaena trifasciata, or snake plants, as well as aroids in April 2019. 

Mr Fendi, 34, who started Littlebotany 4½ years ago, says: “Most of my customers love tissue-cultured plants as they get the joy of growing them from a wee, tiny baby. It also makes the hobby affordable.”

Mr Alvin Tan, 39, of Local Loco, an online plant retailer, has started to sell tissue-cultured aroids recently. Previously, they were available only in very few varieties and small quantities, but the range available in Thailand exploded early in 2023. 

He brought in several batches in sterile glass vials, selling them at plant fairs and online for between $90 and $200. The star draws are variegated ones.

He notes that tissue-cultured plantlets have to be treated with care, as they are grown in a sterile environment to ensure the highest chances of survival and reduce the possibility of infection.

He sells only plantlets that are stable and ready to be acclimatised by buyers. 

“Typically, this process involves de-flasking the plantlets with a pair of tweezers, removing the nutrient gel from their roots, and then potting them in a medium suitable for growing aroids. Thereafter, the plantlets will require higher humidity, so we recommend that they be kept in a humidity chamber before being slowly introduced to the outside environment,” he says.

He acknowledges that many feel that tissue-cultured plants are not “real” plants.

But, he counters: “Horticulture is also about science. And with this constantly changing demand for ornamental plants, it is inevitable that technology will be utilised to speed up growing processes, reduce mortality rates and pare down costs.”

A buyer’s market

While tissue-culture has lowered prices of rare, variegated plants, not all collectors are receptive to them.

“I may be biased or misinformed, but I do feel there is a difference,” says housewife Maggie Lim, 54, a gardener of over 15 years.

While she did spend a four-figure sum for a Homalomena rubescens Yellow Sapphire in early 2022, she has since moderated her budget to around $200. 

She is waiting for plant prices to drop further before adding new babies to her collection. On her wish list is a Philodendron billietiae Variegated, which she hopes to score for no more than $300 for a three-leaf rooted cutting. She also hopes to get a Homalomena Pink Diamond for below $200, a fraction of its Covid-19-period prices.

It is a buyer’s market now. She relates how she recently bought an Anthurium vittarifolium, which has striking, sword-like leaves, on Facebook for $60, after the price was slashed from $280 the previous month. The seller had to leave the country for work.

Another collector, Mr Jasment Wong, 50, has started to import different types of anthuriums from overseas sellers for better prices.

“Sometimes, I will import five plants and sell two to cover my costs. To import just one plant is not worth it,” says the design consultant. An Anthurium dressleri two-leaf seedling bought 1½ years ago cost him $2,000 including shipping and agent fees.

He has spent five-figure sums on plants, including $10,000 for a two-leaf Philodendron spiritus sancti plant, which has leaves shaped like an elongated heart. 

He has also started selling his anthurium seedlings at plant fairs from plants that he pollinated and germinated himself to create his own hybrids, and plans to register his favourites with the International Aroid Society. 

Accepting his losses, he says: “I will never recover the cost for my big plants.”

But other collectors have stepped back from collecting since going back to the office and getting on with life.

Mr Russel Low tending to his large collection of various plants in his home in Bukit Timah. ST PHOTO: ARTHUR SIM

Lawyer Russel Low has been a collector for around 20 years, starting with rare ginger plants that he imported from the United States. His collection also includes bromeliads, succulents, cycads and rare trees like the Dracaena cinnabari, better known as the Dragon’s Blood Tree.  

He started collecting aroids in 2019. The 48-year-old recalls the excitement of bidding for plants on live streams hosted by online sellers. 

“It was all about having the fastest fingers and a lot of patience since some of these live streams can go on for hours,” he says.

Despite prices tumbling, he has stopped buying plants that were once on his wish list. 

“I am focusing on just growing what I have,” he says.

“The fire has definitely died down, and I know of quite a few people who have quit the hobby due to plant fatigue. For me, I am caught up with travelling for work or leisure, or catching up with my other interests,” adds the fitness enthusiast, who does callisthenics and high-intensity interval training about six times a week. He recently adopted a fourth rescue dog and has added two Japanese Bantam chickens to his coop.

He still tends to his plant collection, but spends only about two to three hours a week, compared with 10 to 12 hours during the Covid-19 period. 

He was recently quoted a four-figure price for a seedling of a rare tree he once hankered after. 

“In the end, I decided against getting it. It feels like the pre-Covid-19 days when anything more than $200 for a plant is considered expensive,” he says.

The Masarang Foundation and Masarang Arenga Forest Sugar

The Masarang Foundation was founded 20 years ago in 2001 by Dr Willie Smits.

For over thirty years Smits, has been working for the conservation of endangered primate species such as the orangutan. During this time he has expanded into related areas including sustainable agriculture, reforestation and forest monitoring.

Masarang’s mission is to find solutions for the most urgent global problems of our time: deforestation, biodiversity loss, climate change, poverty and underdevelopment.

The activities of Masarang take place in Indonesia but they play a regional and global role. After all, the environmental problems in Indonesia have an impact on Singapore and on the entire planet. Ongoing deforestation is leading to massive carbon dioxide emissions with great consequences for climate change and the environment. Masarang is tackling these issues at their heart and works to find sustainable solutions which will work long-term.

Dr Willie Smits built a sugar factory in North Sulawesi with the support of the Indonesian Government. This factory is powered by residual steam from a geothermal (green) power plant, meaning that the energy used does not damage the environment. The factory collects the sap from the palms and turns it into a sugar with very special properties. Not only is the product eco-friendly and fair-trade, the sugar also has more flavour than white sugar and is much healthier. While sugar can easily lead to obesity and diabetes, the palm sugar does not. Part of this remarkable feat is caused by the slow absorption in the blood which prevents an unhealthy rise of blood sugar levels and enables energy to be gradually released. Also, the sugar contains anti-oxidants, amino acids and vitamins which have a positive effect on one’s health. Willie has been responsible for creating the process which is used to produce the sugar.

The Arenga tree is also an important environmental  conservation tool. The Masarang foundation provides a livelihood to aborigines who tap the palm sugar, helping them resist the option to sell forest land to corporations that bring about large scale deforestation.

The palm sugar is sold and marketed in Singapore by Straits Wholefoods. https://straitswholefoods.com

Masarang Arenga Forest Sugar is a delicious, USDA certified organic, low- glycemic sugar tapped from the Arenga Pinnata.

It is the healthiest choice of sweeteners that is mineral rich and has lower glycemic load than cane sugar and honey. It is versatile and can be used to replace cane sugar in recipes. It has a naturally creamy caramel taste and a heavenly aroma. 

Straits Wholefoods Organic Masarang Arenga Forest Sugar (300g)

The Overview Effect by Human Suits

The overview effect is a cognitive shift in awareness reported by some astronauts during spaceflight, often while viewing the Earth from orbit or from the lunar surface. It refers to the experience of seeing firsthand the reality of the Earth in space, which is immediately understood to be a tiny, fragile ball of life, “hanging in the void”, shielded and nourished by a paper-thin atmosphere. From space, national boundaries vanish, the conflicts that divide people become less important, and the need to create a planetary society with the united will to protect this “pale blue dot” becomes both obvious and imperative. Third-party observers of these individuals may also report a noticeable difference in attitude. The term and concept were coined in 1987 by Frank White, who explored the theme in his book The Overview Effect — Space Exploration and Human Evolution.

Better to be attractive or not?

Originally Posted by Rouge

I was ugly when I was a kid. My family struggled financially, so I was skinny as a beanpole and had thick glasses, bad hair and hand-me-downs that didn’t fit. I had no confidence, few friends and considered myself a social retard. Up till now, I’m still scarred by how the other kids teased me.

When I was 18 or 19, I blossomed. I started wearing contact lenses, light make-up, flattering clothes, heels. Suddenly, people started being nicer to me.

But life as an “attractive person” is not always a bed of roses:

– People may have a more positive impression of you in the beginning. But since they have higher expectations of you, they also become more critical of you if you fail any of these expectations. You’re twice as likely to be considered “stupid”, “superficial” or “arrogant” than someone they had a poorer initial impression of.

– I probably got hired in a couple of jobs thanks to looks, but I later paid the price for it when the (male) bosses tried to hit on me. Some male clients also tried to get cheeky with me. I couldn’t afford to offend these people and had to manage my relationships with them. All these created additional stress at work.

– I have the opposite problem with female bosses. They didn’t want to hire me. That’s the rule for working for a good looking woman- you can’t be more good looking than her. The office is her kingdom, she will not want any competition for male attention.

– Some female colleagues took convenient swipes at me for being a bimbo when they caught me making mistakes. Since this stereotype fitted, they got away with it a couple of times, especially with people in other departments who had not worked with me.

– Some women hate me. They hate me without allowing themselves to get to know me. Enough said.

– I’ve also had to manage my relationship with female friends very carefully. Gal pals are great for a listening ear and a shoulder to cry on. But a few of them turned into absolute monsters when I dated a highly eligible guy. One tried to sow doubts into me by convincing me that the guy couldn’t be serious about me. Two tried to accidentally run into me to get an introduction to him when we were out on a date. I can’t tell you how how disappointed and hurt I felt. Despite the good times and bad times we’ve been through, they’d sell me out for a guy at the end of the day. These days, if I were to date anyone “hot”, I’d downplay how attractive/well off he is. I don’t have the stomach to subject all my friendships to such tests.

– My platonic friendships are often problematic. Maybe the guys didn’t befriend me because they were attracted to me. But some of them couldn’t maintain a friendship with me when they started liking me and I didn’t feel the same way back. The successful platonic friendships I’ve had are mostly with much older men who are happily married and totally crazy over their wives.

– I’ve received pressure from some of my boyfriends on maintaining my looks. One even messaged me to find out whether I’ve been going to the gym when he was away on a business trip. I’m sure they liked me for qualities other than my looks. But they were sold on an image of me and couldn’t accept it if this were to change.

After being on both sides of the fence, I can’t say whether it’s better to be attractive or not. Each side has its disadvantages. Maybe being average is best. You might not believe it, but you’re more likely to have more friends and better relationships this way than if you were to be more good looking.

Zouk may shut by year end

Iconic club to close if it can’t secure 3-year lease
Published on Jun 18, 2014 6:13 AM
By Joyce Lim

The founder of Zouk, Mr Lincoln Cheng, says he is tired of getting short lease extensions for the popular dance club’s Jiak Kim Street site.

If he does not get a three-year extension he is now requesting, he will close the 23-year-old iconic nightspot for good by the end of this year.

Mr Cheng, 67, revealed this to The Straits Times earlier this month, ending recent speculation as to what will eventually happen to the much-loved Singapore club.

Currently ranked No.7 in the world by DJ Mag, an influential UK music magazine, Zouk has become an internationally recognised name on the global club circuit.

Each week, the club’s five outlets – Wine Bar, Phuture, Velvet Underground-Dance and Velvet Underground-Lounge and the Zouk main dance hall – draw more than 10,000 revellers from Singapore, Asia and other parts of the world. It is the only club that has won the prestigious Best Nightspot Experience award from the Singapore Tourism Board (STB) a record nine times.

Last year, financial audit firm Ernst & Young valued the home-grown brand and its business at $40 million.

When the club first opened in 1991, the land around it was largely vacant. But today, the club – which is situated within three recently conserved riverside warehouses – is dwarfed by neighbouring condominiums and hotels. It was no surprise, therefore, when questions about the fate of Zouk started making the rounds in 2012.

In the Urban Redevelopment Authority’s (URA) latest Master Plan, which governs Singapore’s development over the next 10 to 15 years, Zouk’s premises are within a larger site zoned for residential use, with commercial activity on the first floor.

The site has not yet been listed for sale under the Government Land Sales Programme.

It has been reported that its lease was extended till last June, when it first expired in 2012, and once more until June 30 this year.

Last month, the authorities gave a third extension – this time for only six months until the end of December.

A URA spokesman said: “The site was first leased to Zouk in 1990 for interim use as the surrounding area was not fully developed and there were no firm development plans for the site at that point in time. The lease was extended subsequently as there were still no firm plans to develop the site. Over time, the surrounding area has become an established residential precinct. As such, the use of the site by Zouk has become incompatible with the residential nature of the area.”

Mr Cheng said: “We can’t live with six months’ extension. It takes three years to set up a new club. We wanted the new Zouk to be ready when the old Zouk closes.”

Speaking candidly to The Straits Times, Mr Cheng, an avid music lover and art collector, said: “Zouk is like my baby. It is like losing my child, like losing a family member. I am still active. I have no desire to retire.”

But the entrepreneur said he also felt the need to be responsible to his staff, who have been asking him for his decision as to what to do with the club when the lease expires. “If no other options present themselves before the lease expiry, it will make it necessary for the club to bow out of the Singapore entertainment scene,” he said.

He added that Zouk will soon make the necessary preparations in the areas of hardware, administration and human resource for its closure. Mr Cheng plans to have a series of farewell parties and a final instalment of the 2014 ZoukOut festival to thank the club’s loyal fans.

The veteran entrepreneur said he had started a search for a new home for Zouk as early as 2010, and the Singapore Tourism Board (STB) showed him four sites in Sentosa. “We didn’t like Sentosa because it is a one-way road out,” said Mr Cheng.

The “stunning-looking” building that housed the former Tanjong Pagar Railway Station caught his eye. “But we were told by URA that piece of land is not available. It is too political still, so don’t even think about it,” he said.

An STB spokesman told The Straits Times that the board has been facilitating talks between Zouk and various organisations, including various commercial entities and fellow government agencies such as the Singapore Land Authority and the URA.

It said it wanted to help Zouk identify alternative locations beyond its current tenancy at Jiak Kim Street, but its spokesman declined to reveal details of the sites “due to business confidentiality”.

Meanwhile, Zouk’s head of business development and public relations, Miss Sofie Chandra, 31, told The Straits Times that the closure of Zouk Singapore will not affect its sister club in Kuala Lumpur. The 10-year-old Zouk KL, a seven-room nightspot currently located in Jalan Ampang, has found a new site, and it will be relocating to TREC, a new lifestyle and entertainment precinct in downtown Jalan Tun Razak next year.

When told of the news, celebrity presenter and Zouk regular Najip Ali said he was shocked.

“When Zouk opened, it was ahead of its time. In the 1990s, Zouk put a stamp on the kind of nightlife that didn’t exist.” It was where he learnt about music and deejays. “Zouk has been and is still an institution,” he said.

Zouk may shut by year end

Iconic club to close if it can’t secure 3-year lease

Published on Jun 18, 2014 6:13 AM
 56.8K  4108  6  6 PRINT EMAIL
Zouk founder Lincoln Cheng, 67, says he will close the iconic nightspot for good by the end of the year if he does not get a three-year extension on the lease. He said he had no desire to retire, but that he also felt the need to be responsible to his staff, who have been asking him for his decision as to what to do with the club when the lease expires. — ST PHOTO: JOYCE LIM

The founder of Zouk, Mr Lincoln Cheng, says he is tired of getting short lease extensions for the popular dance club’s Jiak Kim Street site.

If he does not get a three-year extension he is now requesting, he will close the 23-year-old iconic nightspot for good by the end of this year.

Mr Cheng, 67, revealed this to The Straits Times earlier this month, ending recent speculation as to what will eventually happen to the much-loved Singapore club.

Currently ranked No.7 in the world by DJ Mag, an influential UK music magazine, Zouk has become an internationally recognised name on the global club circuit.

Each week, the club’s five outlets – Wine Bar, Phuture, Velvet Underground-Dance and Velvet Underground-Lounge and the Zouk main dance hall – draw more than 10,000 revellers from Singapore, Asia and other parts of the world. It is the only club that has won the prestigious Best Nightspot Experience award from the Singapore Tourism Board (STB) a record nine times.

Last year, financial audit firm Ernst & Young valued the home-grown brand and its business at $40 million.

When the club first opened in 1991, the land around it was largely vacant. But today, the club – which is situated within three recently conserved riverside warehouses – is dwarfed by neighbouring condominiums and hotels. It was no surprise, therefore, when questions about the fate of Zouk started making the rounds in 2012.

In the Urban Redevelopment Authority’s (URA) latest Master Plan, which governs Singapore’s development over the next 10 to 15 years, Zouk’s premises are within a larger site zoned for residential use, with commercial activity on the first floor.

The site has not yet been listed for sale under the Government Land Sales Programme.

It has been reported that its lease was extended till last June, when it first expired in 2012, and once more until June 30 this year.

Last month, the authorities gave a third extension – this time for only six months until the end of December.

A URA spokesman said: “The site was first leased to Zouk in 1990 for interim use as the surrounding area was not fully developed and there were no firm development plans for the site at that point in time. The lease was extended subsequently as there were still no firm plans to develop the site. Over time, the surrounding area has become an established residential precinct. As such, the use of the site by Zouk has become incompatible with the residential nature of the area.”

Mr Cheng said: “We can’t live with six months’ extension. It takes three years to set up a new club. We wanted the new Zouk to be ready when the old Zouk closes.”

Speaking candidly to The Straits Times, Mr Cheng, an avid music lover and art collector, said: “Zouk is like my baby. It is like losing my child, like losing a family member. I am still active. I have no desire to retire.”

But the entrepreneur said he also felt the need to be responsible to his staff, who have been asking him for his decision as to what to do with the club when the lease expires. “If no other options present themselves before the lease expiry, it will make it necessary for the club to bow out of the Singapore entertainment scene,” he said.

He added that Zouk will soon make the necessary preparations in the areas of hardware, administration and human resource for its closure. Mr Cheng plans to have a series of farewell parties and a final instalment of the 2014 ZoukOut festival to thank the club’s loyal fans.

The veteran entrepreneur said he had started a search for a new home for Zouk as early as 2010, and the Singapore Tourism Board (STB) showed him four sites in Sentosa. “We didn’t like Sentosa because it is a one-way road out,” said Mr Cheng.

The “stunning-looking” building that housed the former Tanjong Pagar Railway Station caught his eye. “But we were told by URA that piece of land is not available. It is too political still, so don’t even think about it,” he said.

An STB spokesman told The Straits Times that the board has been facilitating talks between Zouk and various organisations, including various commercial entities and fellow government agencies such as the Singapore Land Authority and the URA.

It said it wanted to help Zouk identify alternative locations beyond its current tenancy at Jiak Kim Street, but its spokesman declined to reveal details of the sites “due to business confidentiality”.

Meanwhile, Zouk’s head of business development and public relations, Miss Sofie Chandra, 31, told The Straits Times that the closure of Zouk Singapore will not affect its sister club in Kuala Lumpur. The 10-year-old Zouk KL, a seven-room nightspot currently located in Jalan Ampang, has found a new site, and it will be relocating to TREC, a new lifestyle and entertainment precinct in downtown Jalan Tun Razak next year.

When told of the news, celebrity presenter and Zouk regular Najip Ali said he was shocked.

“When Zouk opened, it was ahead of its time. In the 1990s, Zouk put a stamp on the kind of nightlife that didn’t exist.” It was where he learnt about music and deejays. “Zouk has been and is still an institution,” he said.

– See more at: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/zouk-may-shut-year-end-20140618#sthash.GzBOcETu.dpuf