The Singapore Land Authority (SLA) recently awarded tenders for two sites located on Henderson Road and Scotts Road. The tender for the site at 98 Henderson Road was awarded to a joint venture between dormitory and accommodation provider TS Group and co-living operator The Assembly Place (TAP). The JV plans to develop the site into a senior co-living accommodation with the collaboration of Crawfurd Silver Care, the geriatric arm of Crawfurd Hospital. The initial lease for the property is for four years, with an option to extend for another three years.
In June, SLA launched a price-quality tender for these state-owned properties, inviting interested parties to submit senior co-living proposals for their rejuvenation. The tender closed in August, receiving a total of six bids. The winning bid of $102,888 per month is 25.5% higher than the second-highest bid of $82,000 per month submitted by Eco Energy, a construction and property development company. Other bids came from ISG Marketplace ($73,000 per month), Red Crowns Senior Living ($56,000 per month), Viplas Engineering ($28,800 per month), and Samwoh Corporation ($21,889 per month).
Previously operated as a student hostel by Yo:ha, a Singapore-based accommodation operator, the 77,551 square feet Henderson Road site consists of a four-storey building, a single-storey building, and a guardhouse. It also has eight parking spaces and a total gross floor area of approximately 40,361 square feet. According to a SLA post on LinkedIn dated November 18, the site will offer fitted apartment units, sports and recreational facilities, as well as hobby-focused spaces and programmes.
SLA is currently exploring the adaptive reuse of other asset classes of state properties for unique co-living environments, including a potential site that comprises a cluster of heritage bungalows at Admiralty. In another development, the site consisting of three single-storey heritage bungalows located at 31, 31A, and 33 Scotts Road was awarded to Heritage At Scotts, a company that curates and manages select F&B brands in Singapore. The company submitted the sole monthly rental bid of $50,000 when the price-quality tender closed on August 7.
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When it comes to investing in real estate, location is key, and this is especially crucial in Singapore. Condominiums situated in central areas or close to essential amenities such as schools, shopping centers, and public transportation hubs have a higher chance of appreciating in value. Prime locations in Singapore, like Orchard Road, Marina Bay, and the Central Business District (CBD), have seen a consistent growth in property value. Additionally, the proximity to reputable schools and educational institutions also increases the desirability of condos in these areas, making them a popular choice for families looking to invest in real estate. This trend is reflected in the Singapore Projects that demonstrate the potential for high returns on investments in these prime locations.
Launched on June 14 in collaboration with the Singapore Tourism Board, the tender for the trio of colonial-era bungalows is for a creative lifestyle concept such as experiential retail, F&B, wellness, or beauty concepts. These three bungalows are situated on a 36,670 square feet plot facing Scotts Road with a total gross floor area of approximately 11,410 square feet. The properties have a five-year tenure with an option to extend for an additional four years.
According to SLA, Heritage At Scotts currently operates lifestyle offerings within neighboring black-and-white bungalows at 27, 29, 35, and 35A Scotts Road. The bungalows at 31, 31A, and 33 Scotts Road will merge with Heritage At Scotts’ existing offerings to create a larger lifestyle enclave. The integrated compound will include a dedicated walkway linking the various properties and landscaped social spaces. SLA also mentions that Singapore’s co-living sector has attracted investor interest, according to CBRE, in the living sector in the Asia-Pacific region.