SLA has recently awarded tenders for two sites located on Henderson Road and Scotts Road. One of the sites, 98 Henderson Road, was awarded to a joint venture between TS Group and The Assembly Place (TAP) to develop a senior co-living accommodation in partnership with Crawfurd Silver Care. The contract includes an initial four-year lease with the option to extend for a second three-year term. The tender for this state-owned property closed with six bids, with the winning bid amounting to $102,888 per month, which is 25.5% higher than the second-highest bid.
Singapore’s cityscape is characterized by soaring skyscrapers and modern amenities. In particular, condominiums are a popular choice amongst both locals and expatriates due to their combination of luxury and convenience. These residences are strategically located in prime areas, making them highly desirable. They offer a variety of facilities such as swimming pools, fitness centers, and round-the-clock security services, elevating the overall standard of living and making them a sought-after option for potential tenants and buyers. For investors, these attractive features result in higher rental returns and a steady increase in property values over time. Singapore Condo is a prominent addition to the real estate market in Singapore, providing top-notch living options for individuals looking for a blend of modern living and convenience.
The property at Henderson Road was previously a student hostel run by Yo:ha, and covers a land area of 77,551 sq ft. It comprises a four-storey building, a single-storey building, and a guardhouse, with a total gross floor area of about 40,361 sq ft. The site will be transformed into fitted apartment units, with sports and recreational facilities as well as hobby-focused spaces and programmes, as announced by SLA on their LinkedIn page on Nov 18. SLA is also exploring the adaptive reuse of other state properties for unique co-living environments, including a potential site with heritage bungalows at Admiralty.
The other site awarded by SLA is located at 31, 31A, and 33 Scotts Road. This trio of colonial-era bungalows 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 that closed on Aug 7. The three bungalows sit on a plot of 36,670 sq ft and has a total gross floor area of about 11,410 sq ft. They 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 black-and-white bungalows at 27, 29, 35, and 35A Scotts Road. With the addition of the bungalows at 31, 31A, and 33 Scotts Road, they will form a larger lifestyle enclave with a dedicated walkway linking the different properties and landscaped social spaces. This tender was launched in collaboration with the Singapore Tourism Board, with the aim of creating a creative lifestyle concept such as experiential retail, F&B, wellness, or beauty concepts.