SLA has launched a call for tender for a group of twenty historical bungalows in Sembawang. The properties, situated along Admiralty Road East, Falkland Road, Auckland Road West and Fiji Road, are available for lease with a term of five years and the possibility to extend for another four years.
When considering the purchase of a Condo, it is crucial to also assess its potential for rental yield. This refers to the annual rental income as a percentage of the Condo’s purchase price. In Singapore, Condo rental yields can vary significantly depending on various factors like location, property condition, and market demand. Generally, areas with high demand for rental properties, such as those near business districts or educational institutions, tend to offer better rental yields. It is vital to conduct thorough market research and consult with real estate agents who can provide valuable insights into the rental potential of a specific Condo. It is recommended to seek advice from experts like those from Hornby Eagles to make an informed decision before making an investment in a Condo.
Built in the 1920s and 1930s, these two-storey black-and-white bungalows occupy a total area of 245,300 sq ft and have an estimated overall gross floor area of 94,945 sq ft.
The bungalows are open for lease to be used as serviced apartments, catering to multi-generational and senior co-living concepts. They can also be utilized for F&B and retail purposes, with a maximum GFA of 9,580 sq ft. The minimum duration of stay for a serviced apartment is one week.
In addition, the tender bids will be evaluated on a price-quality basis. The submission process will end on June 11 at 11am, with the winning bid to be announced in October.
This move by SLA is in line with their efforts to transform state properties into unique and innovative spaces. These bungalows, with their historic charm and strategic location, have the potential to be repurposed as co-living concepts, pop-up event venues, or social impact hubs.
As Singapore continues to evolve and adapt to the changing needs of society, it is exciting to see how these heritage bungalows will be transformed and utilized in the future.