Channelnewsasia.com | Posted: 13 February 2013 2007 hrs
SINGAPORE: Property analysts said the former Bukit Timah Turf Club area will probably be redeveloped into a private residential estate, consisting of a mix of landed properties and condominiums.
The government is setting aside this piece of land for residential use as part of the recently-released Land Use Plan.
The Grandstand is an establishment that sits on the former Bukit Timah Turf Club.
The new family lifestyle development was set up just last year. But in five years' time, it may no longer be around.
The lease expires in 2018 and housing redevelopment is expected to begin then. Analysts believe the lease may not be extended.
Nicholas Mak, executive director of research and consultancy at SLP International said: "If any of these operators have plans to upgrade or to renovate their premises, I think they have to take into consideration that they probably have only about five years left to use the premises, hence they may not find the necessity to spend a lot of money into the upgrading or renovations of their existing premises."
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