Maintaining a horse also does not come cheap, costing around S$4,000 each month.
Bukit Timah Saddle Club has 80 horses, while more than 30 others are privately owned in its liveries.
It is also planning to take in five former racing horses from the Singapore Turf Club, which will export its 700 horses to countries such as Malaysia before it shuts.
Meanwhile, Gallop Stable, which takes in retired horses, said it is willing to house the remaining ones that do not get exported.
But the company, which runs two stables in Bukit Timah and Pasir Ris, said it takes several months to rehabilitate a horse.