Annual Report 2020-2021

13 PAGE

INCREASED DEMAND FOR TERM MEMBERSHIP AND TRANSFERABLE ASSOCIATE MEMBERSHIP

We welcomed a record of 112 new TermMembers, +129% to Budget and prior year new TermMembers intake was 79. There were 37 Transferable Associate memberships, +236% to prior year transacted on the open market this year. The average open market value was $128,000 and closed on a high at $138,500 as of June 2021. TRANSFER OF MEMBERSHIP TO FAMILY MEMBERS AND FAMILY TRANSFER SCHEME The General Committee approved the Membership Committee’s recommendation to launch the Transfer of Membership to Family Members and Family Transfer Scheme with the key objective of rebuilding capital reserves as well as promoting membership legacy by encouraging members to ‘Keep it in The Family’. The Associate (non-transferable) members were invited to upgrade their membership to a Transferable status and transfer the membership to an immediate family member, subject to conditions. A limited number of slots were made available and all 25 were taken up within a week from launch.

THE AMERICAN CLUB SINGAPORE