MARKET NEWS, MARCH 2009
With the financial tsunami, recession and falling prices in all asset markets since mid 2008, the prices of all Singapore golf club memberships have fallen substantially.
Referring to the prices for Local memberships, in 2007 Sentosa GC led the upward charge to $305,000, so not surprisingly this club has led the way down to a level of about $160,000 in March 2009. Although Tanah Merah CC has maintained its reputation for two of the best courses in the region, its membership price has decreased from $178,000 to $110,000 currently.
Singapore Island Country Club (SICC), with its four full sized courses and extensive country club facilities, declined at a lower rate to a level of about $150,000. In response to rocketing construction prices, the new golfing clubhouse at the Island location was put on hold in 4Q’08 with the piling done, but the superstructure not yet started. It is expected that construction will resume later this year.
Referring again to Local memberships, the table below sets out the relevant figures:
Club |
Price % Change |
Price at Mar '09 (P) |
Transfer Fee (TF) |
% of TF over P |
Sentosa |
-48% |
$160,000 |
$40,000 |
(25%) |
SICC |
-33% |
$150,000 |
$30,000 |
(20%) |
TMCC |
-38% |
$110,000 |
$30,000 |
(27%) |
| |
|
|
|
|
Laguna |
-33% |
$57,000 |
$30,000 |
(52%) |
Jurong |
-34% |
$42,000 |
$15,000 |
(36%) |
Seletar |
-28% |
$42,000 |
$20,000 |
(48%) |
Raffles |
-32% |
$40,000 |
$20,000 |
(50%) |
Orchid |
-30% |
$35,000 |
$10,000 |
(29%) |
Warren |
-27% |
$30,000 |
$10,000 |
(33%) |
Keppel |
-43% |
$24,000 |
$12,000 |
(50%) |
It should be noted that membership prices are quoted at the total cost to the buyer. Transfer fees, which are set by the club and paid by the seller from the total cost, are subject to GST, presently at 7%, but the balance of a membership price does not attract GST.
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