The Singapore Land Authority (SLA) has recently announced the awarding of tenders for two sites located on Henderson Road and Scotts Road. The first site, situated at 98 Henderson Road, was awarded to a joint venture between TS Group, a dormitory and accommodation provider, and The Assembly Place (TAP), a co-living operator. This joint venture will collaborate with Crawfurd Silver Care, the geriatric arm of Crawfurd Hospital, to develop the site into a senior co-living accommodation. The tender included an initial four-year lease with the option to extend for three more years.
The SLA had launched a price-quality tender in June for these state-owned properties, inviting proposals for senior co-living developments. The tender received six bids and closed in August. The winning bid of $102,888 per month was submitted by the TS Group and TAP joint venture, which was 25.5% higher than the second-highest bid of $82,000 per month from Eco Energy, a construction and property development company. The other bids came from ISG Marketplace, Red Crowns Senior Living, Viplas Engineering, and Samwoh Corporation.
Previously, the Henderson Road site was operated as a student hostel by Yo:ha, a Singapore-based operator. The property spans over 77,551 square feet and includes 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 recent LinkedIn post by SLA, the site will feature fitted apartment units, sports and recreational facilities, as well as specialized spaces and programs for different hobbies.
Additionally, the SLA is also exploring the adaptive reuse of other state-owned properties for unique co-living environments. This includes a potential site comprising of a cluster of heritage bungalows at Admiralty.
On the other hand, the site of three single-storey heritage bungalows 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 during the price-quality tender, which closed on August 7th. The tender, launched on June 14th in collaboration with the Singapore Tourism Board, was for a creative lifestyle concept, such as experiential retail, F&B, wellness, or beauty concepts.
Situated on a 36,670 square feet plot facing Scotts Road, the three bungalows have a total gross floor area of about 11,410 square feet and have a five-year tenure with the option to extend for another 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. Now, the bungalows at 31, 31A, and 33 Scotts Road will be combined to form a larger lifestyle enclave. The integrated compound will include a designated walkway connecting the different properties and landscaped social spaces.
When considering investing in condos in Singapore, it is important to take into account the government’s property cooling measures. In recent years, the Singaporean government has implemented a variety of measures aimed at curbing speculative buying and maintaining a stable real estate market. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), require higher taxes for foreign buyers and those purchasing multiple properties. While these measures may have an impact on the immediate profitability of condo investments, they ultimately contribute to the overall stability of the market, creating a safer investment environment in the long run. Keep this in mind when exploring new condo launches at The Belle Game.
Overall, the SLA is constantly seeking innovative proposals to revamp state-owned properties and create unique living options for different demographics. With the recent award of these tenders, we can expect to see more interesting and diverse co-living projects in the near future.