JTC should redeem JCC notes at par

I REFER to "JTC makes early-buyback offer for Jurong Country Club notes" (BT, Aug 26).

I am a noteholder and wish to say that JTC's offer to repurchase my S$120,000 note at only S$84,200 is totally unsatisfactory and unfair.

If JTC had made this offer when there was no impending land acquisition, I would be very thankful to JTC for offering me this "option to monitise my note early". However, as the land acquisition has already been announced and will be completed before this year-end, JTC should be redeeming my note at par value of S$120,000 at the same time as the closure of the club facilities.