The Singapore Land Authority appointed Colliers International to lead the leasing and property management of 183 heritage black-and-white bungalows in Singapore. The real estate consultancy was appointed from April this year and has closed more than 40 lease transactions among this portfolio of properties. Fewer than 30 of the houses are currently vacant and available for lease.
Lease terms start from a minimum of two years, and rental rates varies depending on each property’s location and site attributes. But according to URA Realis data, the median monthly rent for detached residential properties in the core central region in 3Q2018 was $3.10 psf per month.
The properties are also located at various residential neighbourhoods including Adam Drive, Holland Road, King Albert Park, Tanglin Road, and Watten Estate Road. The restored properties feature colonial designs with white-washed walls and columns, clay pitched roofs, dark timber finishes, and spacious well-ventilated interiors.
“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,” says Andy Oon, director of real estate management services at Colliers. He adds that they have already received “many leasing enquiries” for the remaining properties, and expects leasing opportunities for these types of houses to remain “fairly positive” over the next year.