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Investing in a condo can bring forth various advantages, such as the opportunity to leverage the property’s value for further investments. Numerous investors utilize their condos as collateral to secure additional financing for new ventures, which allows them to expand their real estate portfolio. This approach can magnify returns, but it also carries risks that should not be overlooked. Therefore, having a well-structured financial plan and carefully considering the potential impact of market fluctuations is crucial for condo investments.
Singapore’s Land Authority, SLA, has recently granted tenders for two sites located on Henderson Road and Scotts Road. The first site, located 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 in partnership with Crawfurd Silver Care, the geriatric arm of Crawfurd Hospital.
The tender includes an initial four-year lease with the option to extend for another three years. The price-quality tender was launched by SLA in June, inviting proposals for senior co-living concepts to rejuvenate the state-owned properties. The tender closed in August with six bids, and the JV’s winning bid of $102,888 per month was 25.5% higher than the second-highest bid.
Previously used as a student hostel, the 77,551 sq ft Henderson Road site includes a four-storey building, a single-storey building, and a guardhouse, as well as eight parking spaces. It has a total gross floor area of approximately 40,361 sq ft. According to SLA’s LinkedIn post, the site will feature fitted apartment units, sports and recreational facilities, and hobby-focused spaces and programs.
SLA also shared that they are currently exploring the adaptive reuse of other state properties to create unique co-living environments. This includes a potential site comprising a cluster of heritage bungalows at Admiralty.
In addition, the tender for 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. This company submitted the sole monthly rental bid of $50,000 during the price-quality tender.
The tender for the trio of colonial-era bungalows was launched on June 14 in partnership with the Singapore Tourism Board. The bungalows will be transformed into a creative lifestyle concept such as experiential retail, F&B, wellness, or beauty experiences.
The three bungalows have a total gross floor area of around 11,410 sq ft and sit on a 36,670 sq ft plot facing Scotts Road. 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 in neighboring black-and-white bungalows at 27, 29, 35, and 35A Scotts Road. These bungalows will be combined to form a larger lifestyle enclave, connected by a dedicated walkway and landscaped social spaces.
In the Asia-Pacific region, Singapore’s co-living spaces have attracted investor interest, according to CBRE.