5 things you need to know about the Jurong Country Club acquisition deal

By EdgeProp Singapore / EdgeProp | June 5, 2018 5:51 PM SGT
The rolling greens of the 42-year-old Jurong Country Club (JCC) was compulsorily acquired by the government in May 2015 to make way for the high-speed rail (HSR) terminus and new mixed-used developments for Singapore’s second CBD.
The HSR was to link Singapore and Kuala Lumpur, facilitating the cross flow between the two countries before Malaysian Prime Minister Mahathir Mohamad announced that his government intends to scrap the RM110 billion ($36.95 billion) project. Now, many are left wondering if its impending cancellation will dim the prospects for Singapore’s second CBD, its impact on the Jurong housing market, as well as the fate of the former country club.
In this article, we gathered 5 things you need to know about the JCC acquisition deal.
1) JCC was compensated $89.8 million, only about half of what it asked for
In December 2015, JCC was awarded $89.8 million in compensation, just slightly over half of what it asked for. JCC had earlier submitted its claim to the authorities for $168 million for the sale of the site, a valuation that was given by real estate firm Knight Frank.
In a statement, the club had expressed its concerns over the large disparity between the two figures and has lodged an appeal against the compensation amount that was awarded for its site.
It claimed that the amount awarded was a scant compensation for the many millions invested in the club over the years. This includes a $30 million sum that was paid upfront for the lease of the land until 2035 and the $23 million spent for its golf course revamp.
The appeal is still before the courts and the outcome of the case could have an implication on the compensation for Raffles Country Club (RCC), another site that was gazetted for land acquisition...