Member-owned Townsville Golf Club in Australia has submitted an application with the Townsville City Council that if approved would enable the club to cut the course from 27 holes to 18 holes and use the additional land to develop residential units.
The initial plan submitted to city officials calls for construction of approximately 300 residential units on the property.
Club members have contributed approximately $600,000 to the development fund, according to Andrew Fenemore, the club’s secretary manager.
The club sought individual contributions of $5,000 or more over a five-year term with the promise of a 12 percent annual return on investment at the time of maturity.
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