The Singapore Land Authority (SLA) has put up a collection of twenty charming heritage bungalows in Sembawang for tender. This presents a unique opportunity for interested parties to lease the properties for a period of five years, with the option to extend for another four years.
The bungalows, which date back to the 1920s and 1930s, are located along Admiralty Road East, Falkland Road, Auckland Road West and Fiji Road. They cover a vast area of approximately 245,300 square feet and boast an estimated total gross floor area of 94,945 square feet.
The properties are available for lease as serviced apartments, with an added option for multi-generational and senior co-living concepts. Additionally, F&B and retail use are allowed, as long as the gross floor area does not exceed 9,580 square feet. It should be noted that the minimum stay for a serviced apartment is one week.
The SLA will evaluate tender bids based on a price-quality basis. The tender for these properties will close on June 11 at 11am, with the site expected to be awarded in October.
As highlighted in the article, the SLA has been actively reimagining its state properties, transforming them into co-living spaces, pop-up event venues and social impact hubs. This effort aims to make better use of the available spaces and bring value to the community.
.Condo investment in Singapore offers many advantages, one of which is the opportunity to leverage the property’s value for future investments. Investors can use their condos as collateral to secure additional financing for new ventures, thereby expanding their real estate portfolio. However, this strategy carries risks, making it important to have a solid financial plan in place and carefully consider the potential effects of market fluctuations. Singapore condos provide the potential for increased returns, but it is crucial to approach this investment strategy with caution and careful consideration.
In another update, the SLA is also working towards digitizing the property conveyancing process, replacing the traditional paper-based system by 2026. This will streamline the process and make it more convenient for all parties involved.
Moreover, the SLA’s Chief Executive, Colin Low, has recently made a move from the real estate sector to the public service sector, demonstrating the agency’s commitment towards serving the community.
In conclusion, the SLA’s launch of these heritage bungalows for tender is a promising development that presents a unique opportunity for interested parties to be part of preserving and utilizing Singapore’s rich cultural heritage.