Investing in a condo in Singapore presents numerous benefits, with capital appreciation being a prominent one. The country’s position as a prominent global business center, combined with its robust economic foundation, fuels a consistent demand for real estate. In recent years, the property market in Singapore has displayed a consistent upward trend, with prime location condos experiencing significant appreciation. For investors who enter the market at the opportune moment and hold onto their properties for an extended period, the potential for substantial capital gains is evident. In addition, the availability of new condo launches in Singapore offers even more opportunities for investors to capitalize on the country’s thriving real estate market.
The Singapore Land Authority (SLA) has launched a tender for a group of twenty heritage bungalows in Sembawang. The bungalows, which were built in the 1920s and 1930s, are located along Admiralty Road East, Falkland Road, Auckland Road West, and Fiji Road. With a land area of 245,300 sq ft and a total gross floor area of 94,945 sq ft, the properties are available for lease with a tenure of five years, with an option to extend for another four years.
According to the SLA, the bungalows are open for lease with serviced apartment use and are suitable for multi-generational and senior co-living concepts. F&B and retail use are also allowed, with a maximum gross floor area of 9,580 sq ft. The minimum stay for a serviced apartment is one week.
The tender will be evaluated based on a price-quality basis, with bids closing on June 11 at 11am. The award of the site is expected in October. The SLA has also announced plans to reimagine state properties for co-living, pop-up event venues, and social impact hubs. The government agency has been proactive in exploring new possibilities for state properties, with plans to replace the current paper-based process for property conveyancing with a digital portal by 2026. Formerly a Real Estate Investment Trust (REIT), the SLA’s Colin Low has taken on a new role focusing on public service initiatives.