Colliers takes over leasing and management of 183 heritage bungalows

The Singapore Land Authority (SLA) has appointed Colliers International to the task of leasing and managing 183 heritage bungalows in Singapore. The real estate consultancy was appointed from the second quarter of this year and has closed more than 40 lease transactions for this portfolio of properties. So far, fewer than 30 of the blackand- white houses are still available for lease.
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 International.
Colliers International will manage and lease SLA’s portfolio of black-and-white bungalows, such as this one on Adam Park (Pictures: SLA)
The properties, ranging from 8,611 to 142,083 sq ft, are located in various landed residential neighbourhoods, including those at Adam Drive, Holland Road, King Albert Park, Tanglin Road and Watten Estate Road. “The properties Colliers manages are largely located in the Core Central Region,” says Tang Chee Charn, head of real estate management services at Colliers International. Tenants are usually a mix of locals and expatriates drawn to these properties because of the large land area, heritage value and prime locations in prestigious residential areas, he adds.
Lease terms start from a minimum of two years. Most of the 40 bungalows already leased by Colliers have rental periods of two to three years, says Oon. Rental rates vary, depending on each property’s location and site attributes. Most of the bungalows leased by Colliers have monthly rents averaging $2.8 psf per month (pm), says Oon.
This is comparable to rental rates of detached houses in the Central Region this year, says Tang. According to URA Realis data, the average monthly median rent for detached residential properties in the Central Region was $2.97 psf pm in 3Q2018, compared with $2.95 psf in the same period last year.
One of the bungalows located in Watten Estate