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Gold Club Membership Price Falls. Why Not Convert to Bangra Dorm?

makapaaa

Alfrescian (Inf)
Asset
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>To better integrate them with the elites?

Prices of golf club memberships on the downswing
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->Prices of golf club memberships have gone south too, in this economic slump.
Recent transactions by membership brokers show that open market membership prices for Singapore golf clubs have reached an all-year low, with prices for top clubs such as Sentosa Golf Club falling by as much as 36 per cent compared to the same period last year.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story --><STYLE type=text/css> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </STYLE>'Club membership is easier to liquidate than other assets. To them, the membership may just be a plastic card that they put in their wallet. Without it, they can still sleep at night.'

'This is only the beginning. The situation will never improve if people do not dare to buy. This is actually the best time to make great savings Ms Fion Phua, proprietor of club membership brokerage Tee Up Marketing Enterprises



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FALLING PRICES
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</TD></TR></TBODY></TABLE>Last October, a Sentosa Golf Club transferable local membership was changing hands for $300,000 but it is now going for $190,000.
The other premier clubs - the Singapore Island Country Club (SICC) and Tanah Merah Country Club (TMCC) - have similar stories.
An SICC membership is now going for $170,000, down from $225,000, while TMCC's is now $140,000 instead of $185,000.
'Prices are going soft,' said Ms Fion Phua, proprietor of club membership brokerage Tee Up Marketing Enterprises, who provided these figures.
In her opinion, sellers ranged from the 'very desperate' to those letting go to 'consolidate cash and go into the stock market when it crashes'.
''Club membership is easier to liquidate than other assets. To them, the membership may just be a plastic card that they put in their wallet. Without it, they can still sleep at night.'
She felt that the weak prices are also a result of many cash-rich buyers who don't want to put their money in banks and are 'pressing down the price very aggressively'.
These buyers are asking agents to push for lower prices because they know that sellers are more willing to negotiate and give discounts in such market conditions.
Other experts like Ms Lee Lee Langdale, who owns club membership brokerage Singolf, said that while she has received at least 10 per cent more calls from sellers, transactions are fewer than before because many buyers are 'still fishing around'.
They are not rushing out to buy because they expect prices to drop even further, she added.
Ms Langdale, who has been in the business for 19 years, noted that while there are more sellers, they are not 'as desperate as during the 1997 financial crisis when people wanted to sell fast'.
It looks like membership prices will keep going downhill for now.
Said Ms Phua: 'This is only the beginning. The situation will never improve if people do not dare to buy. This is actually the best time to make great savings.'
Gracia Chiang
 
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