I was watching CNA last night and they interviewed an 'industry professional' who commented that the golf club memberships of the unaffected clubs will rise because of the increasing demand from those members who want to join the unaffected clubs.
Am actually surprised with the comment as I think the reverse will happen. I think most country club memberships sitting on short leasehold land will see significant downward pressure in the months ahead when members start realising that their memberships are not perpetual and are very dependent on the availability of state land. I cannot imagine that folks are willing to dish out hundreds of thousands of dollars for this short term privilege.
I too was caught many years ago when I bought my first club membership called Europa Country Club through a UOB promotion. I too assumed that the short lease will be renewed only to find out later that this will not be the case. After finding that out, I wanted to sell the membership only to be informed that I took the no interest payment scheme and the fine print of that scheme was that I will not be able to sell it until the final installment. I cannot even pay a penalty even if I insist on selling it. When the installment scheme ended, everyone wanted to sell and the price crashed to almost zero. I learnt my lesson then that there is no free lunch in this world. There are lots of sharks around.... dressed in business suits.
When I was then offered Raffles Town Club, I declined immediately. I have learnt my lesson. Instead, I bought a membership in Serangoon Country Club as this sits of freehold land. I think such clubs wlll see the value of their memberships rise when other club members realise the importance of clubs owning their own freehold land.