The short answer: unlikely.
Lease risk is already priced in. The 2030–2040 expiry dates are well known. Despite that, SICC ordinary is now trading around $355k, up from $225k in 2010. Sentosa has hit $555k. TMCC is at $160k. The market has lived with lease anxiety for years.
Supply is shrinking. Bukit converts to a public course after 2030 (per the MinLaw/SLA announcement), not private housing. Marina Bay closed in 2024. Once Bukit goes, SICC’s Island location will run one 18-hole course plus three 9-hole layouts — same membership base, less inventory.
Historical trend is up. TMCC dipped 2015–2017 when Garden’s 2035 lease first hit headlines, then rebounded. Short-term volatility of 5–15% is normal in response to rate moves or rumours, but the 10-year trajectory has been upward.
Scarcity is driving value. With land tight and high-net-worth demand steady, surviving clubs are becoming more exclusive. Some clubs like Seletar and Laguna show wider spreads, but top-tier clubs (SICC, Sentosa, TMCC) remain firm.
Key lease dates — Bukit: 2030; TMCC Garden: 2035; SICC Island, Sentosa, Seletar, Laguna, and TMCC Tampines: all 2040.
Outlook: Short-term fluctuations are likely, but with fewer private courses ahead and no new land being released, prices are more likely to drift up than down over the long term. Land-use decisions past 2040 sit with URA and SLA and can’t be forecast.
Takeaway for golfers: If you play regularly and value access, buy a membership rather than wait. Pay-and-play avoids monthly subs of $165–$350 plus transfer fees, but prime tee times at private clubs remain tight. Waiting for full lease clarity likely means paying more later.
]]>Taken together these decisions mean that all clubs either have a firm date when their land leases will end, or have leases that will expire at the end of 2040 with the possibility of a renewal at that time. This puts all clubs on an equal footing, which will make it easier to compare when making purchasing decisions.
In terms of the membership market, these decisions are likely to lead to falling transaction prices for clubs with confirmed lease terminations, especially as we get closer to 2030/2035. For clubs where the possibility exists of renewals after 2040, there will be pricing pressure in both directions, as uncertainty over future renewal is balanced against the reduced number of alternative golf clubs in Singapore.
Separately, the decision to maintain the old Bukit and Sime courses as public courses will provide access to two high quality full size golf courses for the general public for the first time, which will significantly increase the accessibility of the sport for more Singaporeans. This could also reduce demand for memberships, but we will not see a significant new effect until we reach 2030.
Of course, a golf club membership is not simply an investment; it is a place to enjoy the game of golf, while also offering a venue for dining, many other sports, and networking opportunities!
]]>While price movement may be unpredictable, the top golf courses will still remain popular; Sentosa and Singapore Island Country Club memberships are seeing stable pricing, and demand continues to be high. Other clubs, like Tanah Merah Country Club, Laguna National, and Seletar are worth the time to investigate and can offer value for money for buyers.
The next wave of golf course lease expirations will arrive in 2030, with courses at Sentosa and SICC both included; history has shown us that we cannot assume leases will be automatically renewed, and so buyers must factor this into their purchasing decision. At the end of the day, the number of courses in Singapore will shrink over time, and so the remaining ones will become even more sought after; this can be expected to provide upward pressure on prices, but that doesn’t mean that overall economic factors cannot move prices down.
Of course, a golf club membership is not simply an investment; it is a place to enjoy the game of golf, while also offering a venue for dining, many other sports, and networking opportunities!
]]>Despite local golfing opportunities, overseas golf trips, particularly to nearby Malaysia, are expected to remain popular due to their affordability and convenience.
It is crucial for potential golf club members to carefully consider the remaining lease terms on the club’s land. Lease renewals are not guaranteed, and history has shown instances of club closures or course modifications due to non-renewal or partial renewal. Therefore, buyers should be aware of these potential risks and factor them into their decision-making process.
We keep track of each club’s current land lease here.
We encourage all golfers to continue enjoying the sport while they are able and to cherish the camaraderie and experiences it provides. Every day on the course is a new opportunity for enjoyment and connection.
]]>In the meantime, golfers, don’t let market fluctuations disrupt your love for the game! Continue to enjoy your golf outings and take advantage of the opportunity to travel to nearby countries for golfing adventures through pay-and-play options. Make new friends and cherish the experiences while waiting for prices to stabilize.
We continue to remind potential buyers that they should take note of when each club’s current land lease expires. One cannot assume that leases will be renewed as a matter of routine. History has shown clubs having to close after a lease was not renewed, and others where leases were only renewed for some of the land, causing courses to have to be modified or closed down. As such, buyers should always be prepared for either of these outcomes when choosing a club.
]]>The building structure is expected to be completed up to the roof level by August 2022, along with other architectural, mechanical and electrical works. The interior fittings will then progress from August onwards. Barring unforeseen circumstances, SICC expects to welcome guests early next year.
]]>As a result of this demand for golf, the price for memberships at most clubs is likely to rise in 2022. The club with the highest interest continues to be Sentosa Golf Club, where memberships keep appreciating due to a shortage of sellers.
SICC also saw high membership price increases, peaking at $300K last year. With Keppel taking over the SICC Sime course, we can anticipate disruptions as more golfers compete for parking, the driving range and F&B. This crowding is expected to continue until SICC’s new social club house opens at the end of 2022 or 2023. However, those facilities and the newly opened three 9-hole courses at the New Course, should help the value of these memberships to rise.
TMCC is gradually appreciating in value as well. It is a club which offers good value for golfers seeking new memberships. Laguna Golf Club memberships are also in demand due to its immaculate courses, country club facilities and luxurious hotel accommodations. Seletar, Warren and OCC continue to experience high interest, with a steady exchange of memberships sales.
For those seeking to purchase memberships in 2022, prices will continue to be much higher than in pre-pandemic times due to limited availability. We recommend that individuals consider carefully before purchasing new memberships due to the inflated prices. Golfers can pay to play at public courses and with friends who are members at the various clubs, allowing for time to evaluate the pros and cons of membership. We anticipate prices of memberships will stabilize if borders stay open and restrictions are eased. Also, as golfers venture overseas to play, demand for local golfing flights should ease, making it easier for everyone to play more games.
Please visit the various club websites for more detailed information on their courses and facilities.
Singolf wishes everyone good golfing in the year ahead. Enjoy your friendships, take care and keep your masks on!
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