The Singapore Land Authority (SLA) has recently awarded tenders for two sites located on Henderson Road and Scotts Road. One of the sites, at 98 Henderson Road, has been awarded to a joint venture between TS Group, a provider of dormitory and accommodation services, 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 for this site includes an initial four-year lease, with an option to extend for a second three-year term.
The SLA launched a price-quality tender for state-owned properties in June, inviting interested parties to submit senior co-living proposals to rejuvenate them. The tender received six bids and the winning bid from the JV was $102,888 per month (pm), which is 25.5% higher than the second-highest bid of $82,000 pm submitted by Eco Energy, a construction and property development company. Other bids came from ISG Marketplace ($73,000 pm), Red Crowns Senior Living ($56,000 pm), Viplas Engineering ($28,800 pm), and Samwoh Corporation ($21,889 pm).
The property was previously a student hostel operated by Yo:ha, a Singapore-based student hostel and accommodation operator. Located on a 77,551 sq ft plot, the Henderson Road site consists of a four-storey building, a single-storey building, and a guardhouse. It also has eight parking spaces and a total gross floor area of approximately 40,361 sq ft. According to a Nov 18 LinkedIn post by the SLA, the site will offer fitted apartment units, sports and recreational facilities, and hobby-focused spaces and programmes.
The SLA is currently exploring the adaptive reuse of more state properties to create differentiated co-living environments. This includes a potential site comprising a cluster of heritage bungalows at Admiralty. In the meantime, the tender for the site 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. The company submitted the sole monthly rental bid of $50,000 at the close of the price-quality tender on Aug 7.
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The three single-storey heritage bungalows sit on a 36,670 sq ft plot along Scotts Road with a total gross floor area of approximately 11,410 sq ft. The properties have a five-year tenure, with the option to extend for an additional four years. SLA further adds that Heritage At Scotts currently operates lifestyle offerings within neighbouring black-and-white bungalows at 27, 29, 35, and 35A Scotts Road. These bungalows will be combined with the three bungalows at 31, 31A and 33 Scotts Road to form a larger lifestyle enclave. The integrated compound will feature a dedicated walkway linking the various properties and landscaped social spaces.
It is evident that co-living spaces have been gaining investor interest in Singapore, with SLA awarding tenders for these properties to various companies. With these developments, it is clear that the co-living trend is here to stay, providing Singaporeans with a unique and differentiated living environment.