Horses being ridden by work riders during a Singapore Turf Club trackwork session on May 15, 2014 in Singapore.
The Singapore Turf Club on Monday announced that it will hold its final race on October 2024, closing a 180-year-old chapter on horse racing in the city state.
At the same time, we understand the land needs of Singapore, including housing and other potential uses such as leisure and recreation," Turf Club Chairman Niam Chiang Meng said in a press release.
Demand for housing in Singapore has been soaring, pushing 2023's first-quarter private residential property price index up 11% compared to the same period last year.
"Young people don't bet on horses, they go to casinos now," Jimmy, a 67-year-old avid horserace bettor from Singapore told CNBC, adding that racing takes place only once a week on Saturdays and at 30-minute intervals.
Persons:
Niam Chiang Meng, Jimmy
Organizations:
Singapore Turf Club, Monday, Government, Turf, CNBC
Locations:
Singapore