Jurong Country Club (JCC) is appealing against the compensation amount the Government had awarded for its site.
In December last year, the Singapore Land Authority (SLA) awarded compensation of $89.8 million for JCC's 67ha site, a little over half of JCC's claim of $168.1 million.
JCC said in a press statement yesterday that it notified the SLA of its intention to lodge an appeal on Dec 23. The SLA has not yet disclosed the grounds for arriving at its compensation amount, it said.
The club is being acquired as a site for the terminal of the high- speed Singapore-Malaysia rail link.
At an extraordinary general meeting (EGM) on Jan 20, the general committee explained to members that the club's claim was calculated using the income approach.
This is based on the value of existing memberships plus the loss of future revenues.
"The club believes its claim for a higher valuation is strongly justified for a number of reasons which will be tabled when the appeal is heard," JCC said yesterday.
ENSURING FAIR COMPENSATION
Our concern is simply to ensure that our members are fairly compensated for their losses.
MR BOBBY WEE, Jurong Country Club president on appealing against the compensation amount from the Singapore Land Authority in December.
At the EGM, the club's members also authorised the general committee to retain the services of real estate consultancy Knight Frank and law firm Rajah & Tann for the appeal.
Club president Bobby Wee said in the press statement that JCC has always made it clear that it understands and accepts the issue of national priorities involving, in this case, giving up its land and facilities for the high-speed rail.
"Our concern is simply to ensure that our members are fairly compensated for their losses," he said.
The club has not yet addressed how any award will be distributed to members and will wait until the amount is finalised before deciding.