Jurong Country Club noteholders demand early redemption from JTC

Almost 200 members holding S$23.5m in notes due 2033 say no justification for JTC to hold back funds beyond club's closure

Published Thu, Jun 30, 2016 · 09:50 PM

Golf

Singapore

THE 196 members of Jurong Country Club (JCC) holding notes totalling S$23.5 million want JTC Corporation to redeem the debt when the club closes this year - not when the notes mature in 2033.

The debenture holders, out of a total membership of about 2,500, had each subscribed to non-interest-bearing unsecured notes of S$120,000 when they registered as members in 1993, the year the club was built. This was a condition of membership at the time. The notes mature on Sept 1, 2033.

JTC had in May assured the members that it would honour its obligation to redeem the notes in 2033.

With the club expected to hand over the land in November to make way for a high-speed rail t…