The American Club 2023/2024 Annual Report

PAGE 42

MEMBERSHIP

FY2016 FY2015

FY2017

FY2021 FY2020 FY2019 FY2018

FY2023 FY2024 FY2022

364

362

309

337

422

259

365

455

515

450

Number of New Membership Entrance Fee (S$’000) Redevelopment Payments (S$’000)

4,983 0

8,003 1,191

4,230 1,422

3,225 12,005

4,132 29,917

2,855 17,509

4,618 1,994

7,710 156

7,445 42

7,498 326

3,569 3,100 3,150 3,200 3,250 3,300 3,350 3,400 3,450 3,500 3,550 3,600 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Entrance Fee (S$'000) & Closing Membership Closing Membership Entrance Fee (S$'000) 3,440 3,314 3,325 3,276 3,316 3,398 3,509 3,558 3,540 4,983 4,230 3,225 4,132 2,855 4,618 7,710 7,445 7,498 8,003

FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015

FY2023 FY2024 FY2022

As at end

101,113 3,569

34,158 3,540

Total Reserves (S$’000) No. of Closing Memberships

100,513 3,440

85,626 3,314

54,826 3,325

29,385 3,276

22,753 3,316

28,416 3,398

30,685 3,509

31,893 3,558

The Club experienced a slowdown in the demand for Ordinary membership. The Club also saw a higher than expected number of resignations of Corporate memberships as a result of layoffs in various industries. To align with the strategic vision of offering a world-class experience, the General Committee voted to close the Term membership intake in January 2023 and created a waitlist for potential Term Members in order to preserve the Club experience. The Club therefore attracted a total of 362 new Members in FY2024. This total is 88 lower than the 450 new Members who joined in FY2023 and two less than those who joined in FY2015, pre-redevelopment. The entrance fees for new membership generated a total revenue of $6.4 million in FY2024. Additionally, the Club successfully admitted 26 Non-transferable Associate Members, bringing the total entrance fees in FY2024 to $8 million.

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2023 / 2024