Eight-storey fish farm, built at a cost of $65m, being sold

Conditional purchase comes more than two years after firm ran into financial problems

- Cheryl Tan

Two companies have conditionally agreed to purchase beleaguered Apollo Aquaculture Group's (AAG) eight-storey fish farm in Lim Chu Kang, more than two years after the company ran into financial difficulties.

The $65 million multi-storey fish farming facility, owned by the group's subsidiary Apollo Aquarium, has been conditionally sold to local construction and engineering firm HPC Builders and Aquachamp, an investment holding company which has subsidiaries in the fish farming industry.

One of the directors of Aquachamp is also a director of AAG.

The acquisition is subject to approval from the Singapore Food Agency (SFA), among other conditions. SFA declined to respond to ST's request for comment.

The facility, one of Singapore's tallest fish farms, began operations in 2021, when it was showcased as a high-tech farming solution that addressed the Republic's land-scarcity constraints.

However, it has been lying dormant since its parent company, AAG, ran into financial difficulties and was placed under judicial management in May 2022.

In early 2023, Apollo Aquarium ceased operations.

Judicial management is a form of debt restructuring which aims to prevent viable companies in financial difficulties from being liquidated.

In judicial management, an independent judicial manager is appointed to manage the affairs, business and property of a company under financial distress.

The Apollo group has a total of five subsidiary companies.