Kenwa Corp Wins Sla Tender Co Living Properties Hindoo Road Top Bid 52000
The Elta Condo residential government land sale (GLS) site at Clementi Avenue 1 saw its tender close on November 7, along with the tenders for the Lorong 1 Toa Payoh and Pine Grove (Parcel B) sites. Interestingly, the Clementi Avenue 1 site garnered the highest number of bids out of the three, showcasing its strong appeal to developers. This prime location has attracted a wide range of bidders, all vying for the opportunity to develop the site. For more information on Elta Condo, please visit their website at http://www.the-elta.com.sg/.
Kenwa Corporation has emerged as the successful bidder for a series of two-storey heritage properties located at 15-31 Hindoo Road in Little India. Outbidding five other competitors, the local contractor secured the dual envelope Price-Quality tender with a top monthly rental bid of $52,000.
The lease for the tender spans an initial five-year period, with the option to extend for an additional four years. The Singapore Land Authority (SLA) had commenced the tender process for this group of State-owned properties in January, calling for proposals from interested parties to revitalize the heritage structures for co-living purposes. After a competitive bidding process, the tender came to a close on March 27 and received a total of six bids.
The row of nine red-bricked colonial-era residential terraces occupy a land area of 15,685 square feet, with each terrace boasting a backyard and a balcony. The combined gross floor area (GFA) of these properties comes up to 19,698 square feet. According to SLA, these nine terrace houses have the potential to accommodate two-bedroom units as well as larger five- to seven-bedroom units, catering to a diverse range of co-living needs.
Kenwa’s successful bid of $52,000 per month reflects a premium of 23.8% over the next highest bid of $42,000 per month submitted by SCB Building Construction. Other bidders in the running included TAP Co-Livings ($30,000 per month), Prime Residence Home ($22,800 per month), Knowledge Production ($22,566 per month), and Keystone Accommodation B ($22,000 per month).
This is the second co-living site along Hindoo Road that SLA has launched to attract co-living concepts. Last year, a similar row of terrace houses at 79 to 95 Hindoo Road was also put up for co-living use, receiving 16 bids before being awarded to Cove Living and its partner, construction and development company Eco-Energy. Cove plans to develop the site into “1925 Quarters”, an 18-key co-living complex spanning a gross floor area of 18,299 square feet.
In recent news, LHN’s Coliwoo is set to launch two new co-living properties in River Valley, showcasing the growing popularity and demand for such living arrangements. It seems that co-living is gaining traction in Singapore, and the success of these tenders is indicative of the potential for the co-living market in the country.