FOR Miss C. Chan, selling her Singapore Island Country Club (SICC) membership in December 2006 for $153,000 was a case of bad timing.

Had the 31-year-old assistant marketing manager waited till December last year or February this year, she would have pocketed a hefty $250,000 or $210,000 respectively.

She said: "I'm kicking myself like crazy when I see the prices now."

Country club membership fees have been on a rollercoaster in recent years. Prices for top end clubs peaked last year, such as Sentosa ($300,000) and SIIC ($225,000).

The Singapore Recreation Club (SRC)'s membership soared from $8,000 to $18,000 in May 2007, because it offers a prime view of the F1 race.

However, transactions are falling back to earth this year.

Many of the estimated 11 golf clubs and 18 social clubs in Singapore have seen a fall in their membership prices.

Only six, including the Singapore Cricket Club and the Japanese Association, have managed to hold prices steady.

The relatively smaller membership numbers at these clubs could be partly responsible.

Memberships which are exchanging hands at premier clubs are 10 to 20 per cent lower this year compared to last year.

For example, transactions for the American Club are averaging $100,000, compared to $116,000 last year.

A doctor, who does not want to be named, is keen to let go of his American Club membership for $120,000 - about $20,000 higher than the current rate.

He said: "I don't use the membership, so I may as well sell it."

Two clubs my paper spoke to - SRC and SICC - all say that prices are heading south because of the uncertain economic situation.

As Ms Fion Phua, club membership broker and director of Tee Up Marketing Enterprises, explained: "Prices are a reflection of the economy. These exclusive clubs are symbols of one's social status, so more people would want to join when times are good."

Conversely, when times are less rosy, people are more likely to relinquish their memberships.

kohht@sph.com.sg