Two sites along Henderson Road and Scotts Road have recently been awarded tenders by the Singapore Land Authority (SLA). One site is at 98 Henderson Road and the other is a trio of colonial-era bungalows at 31, 31A, and 33 Scotts Road. The former will be developed into a senior co-living accommodation in partnership with Crawfurd Silver Care, while the latter will be managed by Heritage At Scotts, a company curating and managing select F&B brands in Singapore.
The tender for the Henderson Road site was awarded to a joint venture (JV) between dormitory and accommodation provider TS Group and co-living operator The Assembly Place (TAP). Their winning bid of $102,888 per month (pm) was 25.5% higher than the next highest bid. The tender included an initial four-year lease with the option to extend for a second three-year term. SLA launched the price-quality tender in June, inviting proposals for rejuvenating the state-owned properties into senior co-living spaces. The tender closed in August with six bids.
Meanwhile, Heritage At Scotts was the sole bidder for the trio of bungalows at Scotts Road. Their bid of $50,000 pm was accepted for a five-year tenure, with the option to extend for another four years. The bungalows, sitting on a 36,670 sq ft plot, will be used for a creative lifestyle concept, such as experiential retail, F&B, wellness, or beauty concepts. SLA and the Singapore Tourism Board collaborated on this tender, looking for a concept that would enhance the area.
In Singapore, skyscrapers and modern structures dominate the cityscape, creating a bustling urban environment. Among these, one can find condos situated in prime locations, offering a combination of opulence and convenience that appeals to both locals and foreigners. These lavish residences are equipped with a range of top-notch facilities, including pools, fitness centers, and security services, elevating the overall standard of living and making them a highly sought-after option for potential tenants and buyers alike. For investors, these alluring features translate into attractive rental yields and steady appreciation of property values over time. Additionally, the recent influx of New Condo Launches only adds to the appeal and potential of these luxurious properties.
SLA also mentioned that they are currently exploring the adaptive reuse of other state-owned properties, including a potential site comprising a cluster of heritage bungalows at Admiralty, for differentiated co-living environments. The bungalows at 31, 31A, and 33 Scotts Road will be integrated into Heritage At Scotts’ existing lifestyle offerings at 27, 29, 35, and 35A Scotts Road. The compound will include a dedicated walkway and landscaped social spaces to enhance the overall experience for visitors.