Samwoh Corp submits top bid rent of $319,000month for SLA tender 26 Evans Rd

Local construction company Samwoh Corporation has emerged as the highest bidder for a state-owned property at 26 Evans Road after submitting a bid rent for the premises. The public tender for the property was launched on August 16th and closed on Wednesday, October 11th with a total of 25 bids thrown into the mix.

Singapore Land Authority (SLA) had previously awarded 79 to 95 Hindoo Road to local construction company Eco-Energy, in partnership with homegrown co-living operator Cove Living. This was part of SLA’s efforts to address the increasing demand for co-living spaces in Singapore.

Similarly, when it launched the tender for 26 Evans Road, SLA encouraged co-living concepts by evaluating candidates based on not just rent prices, but also the quality of the concept and creativity of the proposal. The property at 26 Evans Road comprises eight different low-rise buildings of three to one-storeys, and a total gross floor area of 69,593 sq ft. It also contains 56 carpark lots and carries a 5+4 year tenure.

The range of monthly bid rents for the property was between $319,000 to $63,000. Cover Projects, a local turnkey solutions provider, was the second highest bidder with a rent of $265,000. Eco-Energy, who were the winners of the previous Hindoo Road tender, submitted a bid of $178,000/month. Meanwhile, real estate management company LHN Group and their Coliwoo brand submitted a bid of $165,000, and TAP Colivings, an entity belonging to homegrown co-living operator The Assembly Place, submitted a bid of $168,000.

The results of the tender for 26 Evans Road will be announced on Jan 9 next year.

It averaged out to roughly $1,405-$1,485 psf after the 10% Bonus Scheme.

Lumina Grand EC CDL, developed by CEL Development Pte Ltd, is located at Bukit Batok West Avenue 5. With the 10% Bonus Scheme, the price of each unit is estimated to cost roughly $1,405-$1,485 psf. This Lumina Grand EC CDL residential project provides easy access to major expressways such as PIE, AYE, and BKE. Residents can also enjoy the ample amenities and facilities within the vicinity.

SLA has taken proactive steps to attract co-living operators with the tenders for both Hindoo Road and 26 Evans Road, and this reveals a trend of rising interest in co-living in the country. Flexible housing provider Habyt recently raised EUR40 million series C funding, showing that there is an ever-growing demand for co-living spaces in the Asian region.