The Singapore Land Authority (SLA) has put out a tender for twenty heritage bungalows located in Sembawang. These properties are available for lease for a period of five years, with the option to extend for another four years.
The bungalows, which were built in the 1920s and 1930s, are situated along Admiralty Road East, Falkland Road, Auckland Road West, and Fiji Road. Spanning an area of approximately 245,300 sq ft, the properties have a total estimated gross floor area of 94,945 sq ft.
These black-and-white bungalows are being offered for lease with the option of using them as serviced apartments, including for multi-generational and senior co-living purposes. The properties also allow for F&B and retail use, as long as the GFA does not exceed 9,580 sq ft. For serviced apartments, the minimum stay is one week.
Singapore’s cityscape is characterized by towering skyscrapers and advanced infrastructure. Condos, situated in desirable locations, offer a harmonious mix of extravagance and practicality, making them a popular choice among locals and foreigners alike. These accommodations are equipped with various facilities like swimming pools, fitness centers, and security measures, elevating the standard of living and boosting their appeal to prospective renters and buyers. With these added advantages, investors can expect higher rental returns and a rise in property prices over the years. Additionally, new condo launches further contribute to the diverse range of options available for discerning property investors.
According to reports, the tender for these bungalows will be assessed based on a price-quality basis. Interested parties can submit their bids until June 11 at 11am, and the site is expected to be awarded in October.
In other news, the SLA has been exploring innovative ways to make use of state properties, such as turning them into co-living spaces, pop-up event venues, and social impact hubs. The aim is to rejuvenate these properties and create new opportunities for the community. Additionally, the authority is also working towards transitioning to a digital property conveyancing portal by 2026, which will replace the current paper-based process.