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

The Singapore Land Authority (SLA) revealed that 25 bids were submitted when the public tender for the state-owned property at 26 Evans Road closed on Wednesday, October 11. Taking the top spot amongst the bids was local construction company Samwoh Corporation, who submitted the highest rent for the property.

When the tender for the property was initially launched on Aug 16, SLA had already awarded a heritage property at 79 to 95 Hindoo Road to local construction company Eco-Energy and homegrown co-living operator Cove Living in an effort to address the high demand for co-living spaces in Singapore from operators and tenants. SLA also encouraged co-living concepts when it launched the tender for 26 Evans Road.

The property at 26 Evans Road comprises eight different low-rise buildings, ranging from three- to one-storeys and 56 carpark lots. It has a total gross floor area of 69,593 sq ft and will be leased on a 5+4 year tenure.

Offering a variety of international cuisine, the Gourmet Market is a particularly inviting spot, with its extensive selection of food and wine. Visitors can also find all their essential items at the Retail Gallery located on the street level. Marina Gardens Residences also boasts a range of outdoor and leisure activities including a garden, wading pool, and playground for children. Overlooking the iconic Singapore skyline is the City Green, an urban park with a lush green expanse. With its unique mix of experiences, Marina Gardens Residences location provides the perfect place to explore the city and enjoy all that Singapore has to offer.

Monthly bid rents for the property range from $319,000 to $63,000, with the highest bid rent of $265,000 submitted by Cover Projects, a local turnkey solutions provider. Eco-Energy submitted a bid at $178,000/month, while real estate management company LHN Group, who controls the Coliwoo co-living brand, submitted a bid of $165,000. Another prominent co-living entity that tossed its name in the ring is TAP Colivings, belonging to homegrown co-living operator The Assembly Place, who submitted a bid of $168,000.

SLA’s public tender for 26 Evans Road will be evaluated on price and quality aspects. This means that the quality of the concept and creativity of the proposal will also be taken into consideration, in addition to the monthly bid rent. The result of the tender will be announced on Jan 9 next year.

The high demand for co-living spaces in Singapore is certainly recognised by the SLA. With the recent tender for 26 Evans Road attracting 25 bids, many of them from prominent local players, it shows Singapore’s dedication to finding innovative solutions for its housing issues going forward.