SRC raising funds in reduced levy plan to remain at Padang
The Singapore Recreation Club (SRC) has started a fund-raising drive to collect money from members so that it can remain at the Padang after its lease expires in July 2024.
It needs to pay a sum of $18,404,070 to the Singapore Land Authority (SLA) by Jan 28 next year. As at last Saturday, it had raised about $9 million.
The club began as the Straits Cricket Club in 1880 and was established as SRC in 1883. The current clubhouse in Connaught Drive was finished in 1997. It has a sports and recreation space of 5,631 sq m and a commercial space of 2,176 sq m.
The fund-raising drive was started after members voted down a proposal in October to extend the club's lease, which would require members to pay a $6,700 levy each.
After the hiccup, some members put up an alternative proposal for each member to pay $2,500, with the club footing the bill for the shortfall by dipping into its reserves.
The lower levy was proposed by its members at an extraordinary general meeting last month. It has since collected $8.955 million from 3,582 of its 7,000 active members. The payment exercise will end on Monday.
THANKFUL
SRC president Sarbjit Singh told The Straits Times last Wednesday that he was thankful to the members who had paid the levy. He said: "Whatever the amount raised, we will go to SLA and secure the lease. The club will use part of its reserves (while ensuring there are) sufficient club funds to maintain operations."
The club has some $13.8 million in its reserves. Dr Singh said the club sees an annual operating deficit and capital expenditure of about $1.2 million.
He added that the club's management committee is in talks with SLA to discuss its options if the club is left with insufficient funds in its reserves to maintain its operations. Some upgrading works will also be postponed.
Those who do not pay the levy will have their memberships ceased, but it has yet to be decided whether they will be able to use the club until July 2024.
Financial services manager Tang Whai Yih, 72, who has been an SRC member for 44 years, said she was glad the proposal for the new levy was passed. "The $2,500 amount is reasonable as it's about $7 a month (over 30 years). But I'm concerned about older members who may not check their e-mails and letters and don't know they have to pay," she said.
"Hopefully, the club will give them leeway to pay even after Dec 6. They are the pioneers of the club. We should not leave them out as they can still transfer the membership to their family."
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