After 180 years of horse racing, Singapore is closing its only racecourse to make way for public housing. The decision aims to optimize land usage for the benefit of the community and future generations. The government plans to reclaim the 120-hectare site in 2027, with the last race meeting scheduled for October 2024. As Singapore faces rising real estate prices, the closure comes as the government reviews land use policies to meet present needs and ensure sufficient land for the future. The site's potential uses include leisure and recreation, but housing, particularly public housing, will be the primary focus. The closure coincides with increasing demand for housing in Singapore, leading to rising resale prices and rental costs.
After more than 180 years of horse racing, Singapore is set to close its only racecourse to make way for public housing. The decision has been met with sadness by Niam Chiang Meng, the chairman of the Singapore Turf Club, who acknowledged the need for additional land space in Singapore. He emphasized that the 120-hectare site holds great importance and that this change will optimize land usage for the benefit of the community and future generations.
The 100th Grand Singapore Gold Cup, scheduled for October 5, 2024, will be the last race meeting held at the venue. The government will then reclaim the location for redevelopment in 2027. As a city-state with limited land availability, Singapore's ministries of finance and national development stated that the government continuously reviews its land use policies to meet present requirements while ensuring sufficient land for future generations.
The Singapore Sporting Club, which later became the Singapore Turf Club, was established in 1842 by Scottish businessman William Henry Macleod Read and other horse racing enthusiasts. Over the years, the sport gained popularity, prompting relocations from its original site to Bukit Timah in western Singapore and eventually to its current location, Kranji, in the northwestern part of the city-state, which can accommodate up to 30,000 spectators. The racecourse has attracted visitors from around the world, including royalty, celebrities, racing enthusiasts, and the curious.
The government has indicated that other potential uses, such as leisure and recreation, are being considered for the site. However, the primary purpose will be housing, including public housing. The closure of the racecourse comes at a time when real estate prices in Singapore are rising rapidly. The city-state has a public housing program that offers government-built apartments to residents at discounted prices, resulting in over 80% of residents owning their homes. However, there is significant demand for these apartments, and their resale prices have increased by more than 30% over the past three years.
According to a new analysis by the Urban Land Institute (ULI), prices in Singapore's private rental market, which is predominantly occupied by foreigners, increased by nearly 30% last year, with a typical monthly rent of US$2,600. The ULI report identified several factors contributing to the rise in home and rental prices, including increased immigration to Singapore, a growing trend among young professionals to stay in their family homes, a relatively limited supply of rental properties, and construction delays due to the pandemic. The government has implemented cooling measures and has announced plans to construct up to 100,000 private and public residences by 2025.
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