The Singapore Land Authority has appointed Colliers International to lease and manage 183 heritage black-and-white bungalows located at various neighbourhoods in Singapore.
Ranging from 800 to 13,200 sq m, the restored bungalows feature colonial designs with clay pitched roofs, dark timber finishes, white-washed walls and columns as well as spacious interiors with well-ventilated rooms. The houses were designed and constructed by the British Administration – when the city-state was part of the British Colony – in such a way that they promote natural ventilation to combat the tropical climate.
They are spread across established neighbourhoods such as Holland Road, Adam Drive, King Albert Park, Watten Estate Road and Tanglin Road.
Of the 183 bungalows, fewer than 30 are currently vacant and available for lease.
The properties have varying lease terms, starting from a minimum of two years. Rental rates also differ, depending on the property’s location and site attributes.
“Colonial bungalows are highly sought-after properties owing to their iconic design, rich history, prestige factor, as well as generous land space and large private gardens. We have received many leasing enquiries for the black-and-white bungalows,” said Colliers International real estate management services director Andy Oon.
URA REALIS data shows that the median monthly rent for detached residential properties in the Core Central Region stood at $3.10 psf per month (psf pm) in Q3 2018, up from the $2.98 psf pm in the previous quarter, and $2.99 psf pm a year ago.
Barring unforeseen external shocks, Oon expects the leasing prospects for these heritage homes to remain “fairly positive amid the stable economic growth outlook for Singapore over the next year”.
“Singapore continues to be an attractive business destination for multinational corporations, and their setting up or expansion in operations here will present leasing opportunities for the black-and-white bungalows,” he added.
Source From: https://www.propertyguru.com.sg/property-management-news/2018/10/175814/colliers-appointed-to-lease-manage-183-heritage-black-and-white-bungalows