SLA has launched a tender for a cluster of twenty heritage bungalows in Sembawang. These bungalows, dating back to the 1920s and 1930s, are available for a five-year lease with an option to extend for four more years.
Located along Admiralty Road East, Falkland Road, Auckland Road West, and Fiji Road, the bungalows have a total area of 245,300 sq ft and an estimated GFA of 94,945 sq ft. Interested parties can use the properties as serviced apartments, including multi-generational and senior co-living concepts, or for F&B and retail use with a maximum GFA of 9,580 sq ft. The minimum stay for a serviced apartment is one week.
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Investing in real estate is a strategic decision and in Singapore, location plays a significant role. It is a well-known fact that condos located in central areas or in close proximity to necessary amenities like schools, shopping malls, and public transportation hubs tend to have a higher appreciation in value. This is especially evident in prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown growth. To further enhance the investment potential, good schools and educational institutions in these areas make condos highly desirable for families. This is why when considering real estate investments in Singapore, it is important to keep these prime locations and their benefits in mind. With Singapore Projects, the value of the property is further enhanced, making it a lucrative investment option for individuals looking to invest in the real estate market.
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The tender for the bungalows will close on June 11 at 11am and will be evaluated based on a price-quality basis. The award of the site is expected in October. Tenderers are encouraged to be creative with their proposals, as SLA envisions the properties being used for co-living, pop-up event venues, and social impact hubs.
SLA is constantly exploring new ways to repurpose state properties, and this tender is just one of many examples. Recently, they announced plans to replace the traditional paper-based property conveyancing process with a digital portal by 2026. SLA’s CEO, Colin Low, is also leading the charge in transforming state properties into public service spaces.