$20,000 stingray for $2,500; arowanas as low as $100: Fish farm closes after 30 years
After 30 years of business, OTF Aquarium Farm at Pasir Ris Farmway is shuttering for good.
According to their Facebook post on July 14, they are closing as the land it's on will be reclaimed for a government development project. Its last day of operations will be on July 17.
The 42-year-old owner, surnamed Wang, told Shin Min Daily News that the farm spans 2.4 hectares and they've been negotiating with the authorities for a lease extension since it ended in 2012.
He also had been hoping to relocate the business in recent years, but these plans were shelved because of the pandemic and the inability to find a decent new location.
"Some of the locations we found were located in industrial areas, but it's not a suitable environment to breed stingrays and arowanas," he explained.
Additionally, because OTF Aquarium Farm failed to move out by the end of June, they received a letter from the authorities ordering them to move out by July 28 or legal action will be taken.
Hence, they're having major discounts because he hopes to clear 4,000 fish as soon as possible.
For instance, female Black Diamond stingrays, which usually go for $20,000 each, are now $2,500 each. A male, which used to be priced at $5,000, is now sold for $1,000.
Arowanas, which are usually priced in the thousands, are selling for $100 to $300. Wang pointed out that this is 10 per cent of the original price.
Selling the fish overseas isn't an option as well. To export the fishes, one has to incur shipping costs and worry about the risk of fishes dying, he explained.
"It takes five to seven years to raise a fish. Our utility bill and rent are around $200,000 yearly. Now that the fish have to be sold cheaply, it's a heavy loss," he shared.
Apart from their fishes, they are selling fish tanks and aquarium accessories at slashed prices.
The farm is also expected to clear all movable items and Wang said that the bulk of the profits earned from this sale will also go towards hiring garbage trucks for the clearance.
This isn't the first time a farm has had to give up its land for developments either. In 2020, The Animal Resort, which was a popular farm in Seletar, had to shutter for good after the land was taken back by authorities to build new roads.
melissateo@asiaone.com
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
