Dec/Jan 10 - Singapore Swimming Club

EOGM – 15 November 2009
Green Light for $24.4m
Development Masterplan
by Vincent Especkerman
Members who attended the EOGM voted overwhelmingly
to go ahead with the plans for Club Development and Upgrading. That
capped months of discussions and debate to crystallize the aspirations
of members for the Club.
President Freddie Koh reiterated that the Development Masterplan was
a move to ensure the future well-being of the Club. To stagnate is to
regress since all the other Clubs are moving forward to upgrade their
facilities. We plan to convert some of our unused and underutilized
covered space and add new areas to cater to the growing demands of
the changing membership demographics. Besides providing members
with better Club facilities, the development project would also raise
the value of the Club property and in doing so add value to our Club
membership.
Over the coming months, the Club will be spending $18.6m on a slew
of development projects including new spa facilities, an expanded
Jackpot Room, commercial spaces, additional car-park lots and possibly
new F&B outlets. We will also be spending $5.8m to upgrade the
Grand Ballroom and Changing Rooms; and expand the present kitchen.
The Club plans to recoup some of this capital expenditure from the
rental of commercial space, increased revenue from the expanded F&B
outlets, and the higher membership price commanded on the open
market.
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