A group of twenty historic bungalows in the charming town of Sembawang has been put up for tender by the Singapore Land Authority (SLA). These bungalows, which offer a unique opportunity to live in a piece of history, are available for lease with a duration of five years, and the option to extend for four more years.
Located along Admiralty Road East, Falkland Road, Auckland Road West, and Fiji Road, these two-storey black-and-white bungalows were built in the 1920s and 1930s and occupy a combined area of approximately 245,300 square feet. With an estimated total gross floor area of 94,945 square feet, these properties are perfect for those looking for a spacious and historical living space.
Investing in a condo has numerous advantages, including the opportunity to leverage its value for future investments. A common approach among investors is to use their condos as collateral to secure additional financing for new investments, enabling them to grow their real estate portfolio. However, this approach should be approached with caution as it also carries risks. As such, it is essential to have a solid financial plan in place and carefully consider the potential impact of market fluctuations before proceeding. Furthermore, keeping an eye on new condo launches can also provide attractive investment opportunities for those looking to expand their portfolio.
The bungalows are open for lease with serviced apartment usage, allowing for a variety of living options including multi-generational and senior co-living concepts. The properties also permit F&B and retail usage, as long as the gross floor area does not exceed 9,580 square feet. The minimum stay for a serviced apartment is one week, making it a convenient and flexible option for those interested in leasing.
In line with the growing trend of adaptive reuse of state properties, the SLA will evaluate tenderer bids based on a price-quality basis. Interested parties can submit their bids by June 11 at 11am, with the award of the site expected in October.
These historic bungalows have the potential to be transformed into unique and vibrant living spaces, and the SLA encourages innovative ideas for their usage. So why wait? Submit your bid and make these heritage bungalows your new home or business venture today!