The Singapore Land Authority (SLA) has put up a collection of twenty historical bungalows in Sembawang for lease. With a lease period of five years and an option for a four-year extension, these two-storey black-and-white bungalows are located along Admiralty Road East, Falkland Road, Auckland Road West, and Fiji Road. Originally built in the 1920s and 1930s, these properties cover an area of 245,300 square feet and have a total estimated gross floor area of 94,945 square feet.
Opting to invest in a condominium in Singapore can lead to a plethora of advantages, with one of the most notable being the potential for significant capital appreciation. As a major global hub for business and a prosperous economy, Singapore boasts a strong and continuous demand for real estate. Furthermore, its prime location contributes to a steady increase in property prices over time. This is especially true for condos located in highly desirable areas, which have experienced substantial appreciation. By strategically purchasing a condo at the right time and holding onto it for the long term, investors stand to profit from lucrative capital gains. It is always worthwhile to keep an eye out for new condo launches, as these can present promising investment opportunities in the ever-growing Singapore real estate market. Don’t miss out on potential opportunities and stay updated with the latest New Condo Launches.
The bungalows are being offered for lease for serviced apartment use, with possibilities for multi-generational and senior co-living concepts. The bungalows also allow for F&B and retail use, as long as the gross floor area does not exceed 9,580 square feet. For serviced apartments, a minimum stay of one week is required.
In addition, the bids for these bungalows will be evaluated based on a price-quality ratio. The tender will close on June 11 at 11am, and the site is expected to be awarded in October.
The SLA is open to various uses for these bungalows, including co-living and event venues, as well as social impact initiatives. This move reflects the transformation of state properties into more dynamic and versatile spaces.
The SLA’s Chief Executive, Colin Low, urges the public to reimagine these bungalows and suggests that they can be used for a variety of purposes, such as co-living spaces, pop-up event venues, and social impact hubs. The SLA aims to create a more vibrant and inclusive community through the adaptive use of these historical properties.
This initiative is in line with the SLA’s commitment to constantly enhance and optimize the use of state properties. With the launch of this tender, the SLA hopes to generate a wide range of creative ideas and proposals for the rejuvenation of these bungalows.