The new owner of sports and country club Pinetree in Singapore will be announced this week, ending speculation over the clubs future.

Pinetree has 4,700 members. Facilities include tennis courts, squash courts, a gym and swimming pool.

The club went into receivership when its former owner failed to pay back debts of up to (S)$40m.

National newspapers are claiming there are three main contenders in the race for Pinetree ownership: a company called Newpine made up of the Pinetree Protem committee, Singapore-based cinema operator Eng Wah and motoring tycoon Peter Kwee.

Eng Wah describes its bid for Pinetree as 'fitting in with its plans to diversify into other entertainment platforms.'

Managing Director, Goh Min Yen says:

'Our strength is in our cinemas which is a customer service business. But we also try to provide other forms of leisure and instil the feel good feeling in people.'

The Goh family operates six cinemas in Singapore with a total of 29 screens and owns a ten percent stake in the Legends Golf & Country Resort in Johor Barhu, Malaysia.

In February this year, the company lost out in a bid to expand its lifestyle and leisure concept by taking on the fast food franchise for KFC, Pizza Hut and Taco Bell. KFC Holdings (Malaysia) was the successful bidder.

The Business Times has tipped Peter Kwee, Chairman of Group Exklusiv, the distributor for Renault and Volkswagen in Singapore, as the most likely new owner of Pinetree.

Kwee owns two golf resorts in Australia and took over Singapore's Laguna National Golf and Country Club earlier this year. His vision is to build a pan-Asian recreation and resort property business. Wee says:

'I have some experience and a lot of passion for this business, being an owner of other clubs.'

HIs (S)$90m offer is reportedly higher than the other bidders who claim the Pinetree club is worth between (s)$60 and (S)$80m.

The tender closed on 13 September. The winning bid will be announced by Deloitte and Touche receiver Tam Chee Chong early next week.