MARKET NEWS, JANUARY 2008

The prices of memberships in most of Singapore’s golf clubs rose during the first half of 2007. The prices of most clubs stabilised during the second half of the year and are showing signs of softening in early 2008. However the stand out club is Sentosa GC where the price of a local membership climbed strongly during the second half of the year to reach $305,000 by the end of the year. The club’s avowed intention to push its status upmarket seems to be working. The upgraded Serapong course is now the home of the Barclays Singapore Open Championship for the next several years and this championship is attracting some of the best players in the world to compete. Two top class restaurants have opened at the club, one offering Italian cuisine and one Japanese. An extra kicker to the price has been the new residential developments at Sentosa Cove, which are bringing new wealthy golfers into the area.

With the upgraded Garden course in full operation, the price for a local Tanah Merah CC membership reached $178,000 by the end of 2007. Tanah Merah is also welcoming world class tournaments and will be the venue for an LPGA event, the inaugural HSBC Womens’ Championship from 28 February to 2 March 2008.

The price for a Singapore Island Country Club (SICC) membership moved up $60,000 during Q2 of 2007 after which it was fairly steady at around $220,000 during the second half of the year. The renovated clubhouse at the Bukit location was back in use in Q4 and work on the new golfing clubhouse at the Island location is in full swing. As the new clubhouse is adjacent to the existing clubhouse, members will not be inconvenienced except for a reduction in parking space at the location during the construction period.

Prices of lower priced clubs also increased strongly during 2007 . Referring again to Local memberships, Raffles CC rose from about $40,000 to $59,000 and Keppel Club from $25,000 to $42,000.

The table below sets out the relevant figures:

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