Private members club Pinetree in Singapore, has finalised the sale of its property and moveable assets to Group Exklusiv.

The club, which features tennis courts, squash courts, a swimming pool and gym and has nearly 5,000 members, has been in trouble since its former owner failed to pay back debts to the value of (S)$40m.

Group Exklusiv, which paid (S)$101m for the club, already owns the Laguna National Golf & Country Club in Singapore. Peter Kwee, the shareholder of Group Exklusiv also co-owns two golf and country clubs in Western Australia.

While there were other bidders for the club, Pinetree Resort Pte Ltd says that Group Exklusiv was chosen because it intends to keep the club as a premier members facility.

Legally, the sale will not be completed until December 2002. Details: www.pinetreeclub.com.sg