As the year of the horse gets underway, horse racing in Singapore is taking off. The number of race horses in the city state has doubled since 2007 to 1,400 and the market is now starting to attract more international patrons, according to Wade Burridge, managing director of PremierRacingPartnerships.com. "Ownership used to be dominated by the locals but due to incentives from the turf clubs and prize money increases, all of a sudden, Singapore has become a lot more affordable. It gives [owners] a bit more of an outlet from markets like Australia, New Zealand and South Africa to own horses in Singapore. Now, I would say it would be a 60 to 40 ratio, 60 percent local, 40 percent international." (Read more: Nobu in Singapore: Founder De Niro dishes out plans)

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As an Australian expat in Singapore, Mr. Burridge has worked in both markets and says when it comes to cost, Singapore is the better place to race. "In Australia most training bills are between $5,000 and $10,000 a month, per horse. In Singapore, they are between $1,500 and $3,500." Singapore worked hard to cultivate its racing scene. Yet, while the Singapore Turf Club has been in existence decades longer than the Hong Kong Jockey Club, and similar centers in Australia and Japan, it still lags in fourth place when it comes to betting turnover and the number of races. Debra Hawkins, senior manager of horse ownership at the Singapore Turf Club says recent success stories are starting to help lift its standing. (Read more: ) "I think with the emergence of stars like Rocket Man and our exposure over in Dubai and the fact that our racing gets telecast to many countries in the world, it has put Singapore on the map," she said. Incentives and rebates from the Turf Club, along with an increase in prize money also makes Singapore a more attractive destination for race horse owners.