The decision to invest in a condo in Singapore has gained significant traction among local and foreign investors, thanks to the country’s thriving economy, stable political climate, and desirable quality of life. Singapore’s real estate market is brimming with potential, and condos are particularly attractive for their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, factors to consider, and necessary steps involved in investing in a condo in Singapore, such as Singapore Condo.
The Singapore Land Authority (SLA) has recently awarded tenders for two sites located on Henderson Road and Scotts Road. The site 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. 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 for this site includes an initial four-year lease with the option to extend for another three years.
SLA launched a price-quality tender in June to invite proposals for senior co-living developments to revitalize state-owned properties. The tender closed in August with a total of 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 were submitted by ISG Marketplace, Red Crowns Senior Living, Viplas Engineering, and Samwoh Corporation.
This 77,551 sq ft site on Henderson Road was formerly a student hostel operated by Yo:ha, a Singapore-based student hostel and accommodation provider. It includes a four-storey building, a single-storey building, and a guardhouse, as well as eight parking spaces. The total gross floor area of the site is approximately 40,361 sq ft.
According to a recent LinkedIn post by SLA, the development on Henderson Road will include fitted apartment units, sports and recreational facilities, and hobby-focused spaces and programs. The organization is also exploring the adaptive reuse of other state properties, including a potential cluster of heritage bungalows at Admiralty, to create unique co-living spaces.
In addition, SLA has awarded the tender for three single-storey heritage bungalows located at 31, 31A, and 33 Scotts Road to Heritage at Scotts, a company that curates and manages select F&B brands in Singapore. This company was the sole bidder at the close of the price-quality tender on August 7, with a monthly rental bid of $50,000.
These three bungalows, which were launched for tender on June 14 in collaboration with the Singapore Tourism Board, are intended for a creative lifestyle concept such as experiential retail, F&B, wellness, or beauty. The bungalows sit on a 36,670 sq ft plot of land and have a total gross floor area of about 11,410 sq ft. The properties 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. The three bungalows at 31, 31A, and 33 Scotts Road will be combined with the existing offerings to form a larger lifestyle enclave. This integrated compound will include a dedicated walkway linking the various properties and landscaped social spaces.