A Singapore private club known for catering to wealthy Chinese clients has shut down as ultra-rich residents of the Asian financial hub increasingly opt for discretion over conspicuous displays of wealth.
Circle 33, located inside a former colonial residence on Scotts Road in the swish suburb of Orchard, has closed its doors after failing to renew its lease last year, according to three people familiar with the wine club’s situation.
The closure of the club, which was launched in 2021, comes as sales of luxury goods such as watches, cars, high-end apartments and golf memberships have tumbled in the city-state, according to industry experts, and as Singapore authorities are increasing scrutiny of family offices in the wake of a record money-laundering scandal.