(Bloomberg) -- Singapore will host its last horse race next year as the government reclaims land for urban development, bringing an end to a sports club that traces its history back to 1842. 

The last race meeting at the Singapore Turf Club will take place in October 2024 and the facility will close by March 2027, the Ministry of Finance and the Ministry of National Development said in a joint statement Monday. About 120 hectares (297 acres) of land will be redeveloped to meet the country’s future needs for housing and potentially include venues for leisure and recreation.

Declining in-person attendance over the past decade contributed to the decision, the Turf Club said in a statement on its website.

“Horse racing has a long and distinguished history in Singapore,” the club said. Races will continue until the 100th Grand Singapore Gold Cup on Oct. 5, 2024. Racehorse owners and trainers will be offered support for “horse maintenance and exportation,” it said. Employees will receive support during the transition with a retrenchment package, personal career guidance, skills-training courses and counseling.

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