The Singapore Land Authority (SLA) has recently awarded tenders for two sites located at Henderson Road and Scotts Road. The 98 Henderson Road site was awarded to a joint venture (JV) between TS Group, a dormitory and accommodation provider, and The Assembly Place (TAP), a co-living operator. The JV will work with Crawfurd Silver Care, the geriatric arm of Crawfurd Hospital, to develop the site into a senior co-living facility.
The tender for this state-owned property was launched in June, and closed in August with six bids. The winning bid of $102,888 per month was submitted by the JV, which is 25.5% higher than the second-highest bid of $82,000 per month from Eco Energy, a construction and property development company. Other bids came from ISG Marketplace, Red Crowns Senior Living, Viplas Engineering, and Samwoh Corporation.
The site, formerly a student hostel operated by Yo:ha, spans 77,551 square feet and comprises a four-storey building, a single-storey building, and a guardhouse. It also has eight parking spaces and a total gross floor area of about 40,361 square feet. According to SLA, the site will offer fitted apartment units, sports and recreational facilities, and hobby-focused spaces and programmes.
Singapore is a bustling city with a skyline dominated by towering buildings and contemporary structures. In particular, condominiums situated in highly sought-after locations offer a perfect combination of lavishness and practicality, making them a popular choice for both locals and foreigners. These residences boast a variety of facilities including swimming pools, fitness centers, and security services, elevating the overall living experience and making them an attractive prospect for potential renters and buyers alike. With such desirable amenities, these properties are also a solid investment, promising high rental returns and an increase in value over time. This makes them a top choice for Singapore Projects, attracting a wide range of interested parties.
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A crucial factor to consider when investing in condominiums in Singapore is the government’s property cooling measures. In an effort to control speculative buying and maintain a steady real estate market, the Singaporean government has implemented several measures over the years. Among these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, providing a more secure investment environment. Alongside these measures, exploring options such as New Condo Launches can also be a beneficial approach for potential investors.
In a LinkedIn post on November 18, SLA mentioned that they are also exploring the adaptive reuse of other state properties for different types of co-living environments. These include a potential site with heritage bungalows at Admiralty.
The other site awarded by SLA is located at 31, 31A, and 33 Scotts Road and was given to Heritage At Scotts, a company that curates and manages select F&B brands in Singapore. This site was launched in collaboration with the Singapore Tourism Board and is intended for a creative lifestyle concept such as experiential retail, F&B, wellness, or beauty concepts.
The three colonial-era bungalows sit on a 36,670 square feet plot and have a total gross floor area of about 11,410 square feet. They have a five-year tenure with the option to extend for another four years. According to SLA, the bungalows will be integrated with Heritage At Scotts’ existing offerings in neighboring black-and-white bungalows at 27, 29, 35, and 35A Scotts Road.
The integrated compound will include a dedicated walkway connecting the different properties and landscaped social spaces. Co-living has gained investor interest in Singapore and other countries in the Asia-Pacific region, according to CBRE.