The Singapore Land Authority (SLA) is addressing the rising demand for co-living spaces by converting state-owned buildings, and providing innovative housing solutions. A heritage shophouse on Hindoo Road has been the first conversion, with more tenders anticipated in the coming months. Additionally, a two-storey hostel near the Botanic Gardens is up for tender. These initiatives offer a five-year tenure, extendable by four years. Co-living's popularity is growing, appealing to singles and foreigners seeking affordable housing. Experts anticipate sustained demand, while a report by JLL highlights central areas as prime locations for co-living spaces, reshaping Singapore's housing landscape.
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In response to the growing demand for co-living spaces in Singapore, the Singapore Land Authority (SLA) has taken the initiative to convert more state-owned buildings into such accommodations. This strategic move addresses the increasing need for housing options in the city-state. As the first step in this endeavour, a heritage shophouse situated along Hindoo Road has been awarded for conversion, marking the beginning of a series of anticipated tenders to be launched over the coming months. Concurrently, a state-owned two-storey hostel located near the Botanic Gardens at 26 Evans Road has also been put up for tender. These initiatives offer an initial tenure of five years, extendable for an additional four years, providing an innovative solution to the evolving housing landscape in Singapore.
The Singapore Land Authority (SLA) is poised to revolutionise housing by repurposing state-owned buildings into co-living spaces, catering to the surging demand for flexible housing options. The selection process for these conversions will factor in pricing, quality, and environmental sustainability proposals. The initial success of this endeavour is evident in the awarding of a heritage shophouse on Hindoo Road to Eco Energy, a construction company. The converted co-living facility will provide tenants with private rooms, communal relaxation areas, and shared kitchens.
The phenomenon of co-living spaces is on the rise, reflecting the changing preferences of individuals who are opting to rent their first homes rather than own them. This trend, however, is still in its nascent stages in Singapore, as highlighted by Professor Sing Tien Foo from the National University of Singapore Business School. He anticipates a solid short to medium-term demand for these spaces, appealing to those seeking new living experiences.
Locals are intrigued by the idea of residing in such communal environments, while foreigners working in Singapore, drawn by affordability compared to the private rental market, also consider co-living as a practical choice. Petrina Yuen, a postgraduate student dwelling in a co-living space, emphasizes that such housing alternatives are essential in addressing Singapore's distinct housing challenges, particularly the restrictions on purchasing flats for those under 35 years old.
A recent report from real estate consultancy JLL underscores the concentration of co-living properties in Singapore's central regions. Areas like River Valley, Geylang, and Little India are popular due to their proximity to vital amenities, transportation links, workplaces, and vibrant cultural and entertainment scenes.
As Singapore's housing landscape continues to evolve, the transformation of state-owned buildings into co-living spaces could potentially reshape the way residents experience and engage with urban living, offering a dynamic solution to the changing demands of the modern housing market.
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