Understanding the regulations and restrictions surrounding property ownership in Singapore is crucial for foreign investors. The rules differ depending on the type of property, with condos being more accessible to non-residents compared to landed properties which have stricter ownership regulations. However, it’s worth noting that foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD) which currently stands at 20% for their initial condo purchase. Despite this additional cost, the consistent stability and promising growth of the Singapore real estate market continue to attract foreign investment, making Singapore Condo a desirable investment option.
The Singapore Land Authority (SLA) has recently awarded tenders for two sites located on Henderson Road and Scotts Road. The first site, located at 98 Henderson Road, was awarded to a joint venture between residential accommodation provider TS Group and co-living operator The Assembly Place (TAP). This site will be developed 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 the option to extend for another three years.
SLA launched a price-quality tender in June for these state-owned properties, inviting interested parties to submit senior co-living proposals to revitalize them. After receiving six bids, the JV’s winning bid of $102,888 per month was 25.5% higher than the second-highest bid submitted by Eco Energy, a construction and property development company. Other bids came from ISG Marketplace, Red Crowns Senior Living, Viplas Engineering, and Samwoh Corporation. The 77,551 sq ft site at Henderson Road was formerly a student hostel operated by Yo:ha, a student hostel operator based in Singapore. It comprises a four-storey building, a single-storey building, and a guardhouse, with a total gross floor area of about 40,361 sq ft.
In a LinkedIn post on November 18, SLA announced that the Henderson Road site will have fitted apartment units, sports and recreational facilities, and hobby-focused spaces and programs. The authority also mentioned that it is looking into adapting more categories of state properties for unique co-living environments, including a potential site comprising of heritage bungalows at Admiralty.
The second site awarded by SLA is the trio of colonial-era bungalows situated at 31, 31A, and 33 Scotts Road. It was awarded to Heritage At Scotts, a company that manages and curates 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 August 7. Launched in collaboration with the Singapore Tourism Board, the tender was seeking a creative lifestyle concept for these bungalows, such as experiential retail, F&B, wellness, or beauty concepts. These bungalows sit on a 36,670 sq ft plot facing Scotts Road, with a total gross floor area of about 11,410 sq ft. They have a five-year tenure, with the option to extend for another four years.
According to SLA, Heritage At Scotts already operates lifestyle offerings within neighboring black-and-white bungalows at 27, 29, 35, and 35A Scotts Road. The three bungalows at 31, 31A, and 33 Scotts Road will be combined with Heritage At Scotts’ current offerings to form a larger lifestyle enclave. This integrated compound will include a dedicated walkway connecting the different properties and landscaped social spaces. In the Asia Pacific region, co-living investments in Singapore have gained significant interest from investors, according to CBRE.