Over the last twenty years, the club has been subjected to several protracted legal actions brought by its founding shareholders.
In 2000, around 5,000 members of the club sued the shareholders for contract breach and misrepresentation. The members claimed the club’s owners misrepresented RTC, saying it would be “a prestigious private city-club” with only 19000 members. They won their lawsuit in 2005, demanding a refund for the S$28,000 they paid as membership fees.
In the course of the lawsuit, RTC was also accused of lowering the price for membership.
According to court documents BT obtained, the membership fee dropped from S$28,000 per month in May 2000 to S$16,000 per month in June 2000. The price was reduced to S$13,300 in December 2000.
The winning land bid per plot ratio could be higher than S$1,500/psf if the site is put on sale today. Assuming that the project has 99-year leases, finished units should sell for more than S$3,000/sqf.
A private preview of the Watten House Project, a freehold new launch in the vicinity, saw condo units sold at a price per square foot of S$3,230 at a private event held on Nov 18. The property developers UOL Group, Singapore Land Group, and Singapore Land Group, sold 57 percent, or 180 out of the 360 units, at District 10 Condominium near Tan Kah Kee MRT.
The Singapore Land Authority’s (SLA) joint statement of Monday (Nov. 20) said the redevelopment of RTC is consistent with Singapore’s policy to redevelop as many brownfields sites as possible to satisfy future demand for housing and land.
The redevelopment of the precinct will “enhance its residential character”. Future residents will be able benefit from transport infrastructure, connectivity and the city as well.
Raffles Town Club has issued a press release to The Business Times stating that it will continue to offer services to all its members. Members can use the club’s facilities until 2026.
RTC will continue to be able operate as usual until its lease expires. At that point, it will need to return its land to the government. SLA said they would work closely with RTC on the return.
Europa Holdings was successful in its bid of S$100,000,000 to acquire the site that had been zoned as a sports and recreational use.
Leedon Green
Raffles Town Club’s (RTC) prime plot at Bukittimah, which it currently occupies under a lease that expires October 20, 2026, will be used for residential development.
As the site is likely to be in demand by developers, this could further reduce the cost of membership.
RTC Memberships were initially sold at S$28,000. Now they can be found on the secondary markets for S$7,000 – S$8,000.
The lease at the RTC, 1 Plymouth Avenue ends on October 17, 2020. The parcel would be a rare 99-year leasehold residence on Bukit Timah Road. Given its proximity of an MRT station and popular schools as well as the Botanic Gardens and other attractions, it will likely be highly desired.
Singapore Chinese Girls’s School, Anglo-Chinese school, Nanyang Primary School and St Joseph’s Institution are some of the nearby schools.
In 2008, Chinese investors Lin Jian Wei (who had acquired RTC’s assets in July 2001) and Singaporean Margaret Tung brought a S$130m lawsuit against the founding four.
The club Lin and Tung argued the four founding members had stolen the club’s money through director’s fees as well management fees paid to an external company of which they were shareholders or beneficial investors.
In November of 2012, the billionaire Peter Lim as well as the three other RTC founders were successful in their appeal. The claim against them was then dismissed.
SLA and URA have said that, if RTC wishes to continue its operations, it will open a tender for the government agencies to engage RTC about the availability state properties suitable for the club.
There is no information on when the club ceased selling memberships. However, there are some still available for sale on the secondary market.
Carousell revealed that RTC Memberships were offered on the site as recently three months ago for S$7,000 – S$8,000.