Upcoming GLS sites Upp Thomson Rd and Zion Residence on Zion Rd will incorporate a new class of ‘long-stay serviced
For those who are driving, getting to the CBD is also easy via the nearby Central Expressway (CTE). Other major roads that are easily accessible from Zion Road Condo include Bukit Timah Road and the arterial road of River Valley Road. Hence, Zion Road Condo residents have a myriad of transportation options to choose from.
SingaporeDesmond Lee, Minister for National Development, recently announced a pilot to bring a new class of serviced apartment to Singapore. At the Real Estate Developers’ Association of Singapore’s 64th Anniversary Dinner held last month, Lee explained how this pilot is meant to meet the diverse housing preferences of Singaporeans, especially those who are increasingly inclined towards renting. The long-stay serviced apartments would be in line with the minimum stay requirement of private residential properties, with a three-month minimum stay requirement compared to the seven-day requirement of current serviced apartments.To start the pilot, two upcoming Government Land Sales (GLS) sites – at Upper Thomson Road and Zion Road – will be allocated a portion of the Gross Floor Area (GFA) for these long-stay serviced apartments. The potential yield of the two GLS sites is approximately 535 units. These GLS sites are on the Confirmed List of the 2H2023 GLS programme and will be launched for tender next month.While the Upper Thomson Road GLS site is next to Springleaf MRT station on the Thomson-East Coast Line (TEL), the Zion Road GLS site is located close to the Havelock MRT station on the TEL. This variety of locations may prove helpful in testing how different types of locations might influence the success of this new class of serviced apartments.The new class of serviced apartments, if implemented more widely, could help soften the current rental market based on the statements of Mark Yip, CEO of Huttons Asia, and Eddie Lim, Chief Agency Officer at PropNex Realty.This initiative could also give Singaporeans waiting to collect the keys to their new homes, or waiting for renovation completion, more options in the rental market. Established developers, particularly those with a hospitality arm leverage their experience in operating serviced apartments, alongside smaller boutique developers who could collaborate with them, might be interested in the upcoming GLS sites at Upper Thomson Road and Zion Residence. This could potentially provide a fruitful rental revenue for them. More details from government on the relevant tender conditions pertaining to the new class of serviced apartments would be welcome by stakeholders.