SINGAPORE, 29 October 2018
– Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services has been appointed by the Singapore Land Authority (SLA) to lead the leasing and property management of 183 heritage black-and-white bungalows in Singapore.
Built in the late 19th century, the 183 heritage bungalows – with land area ranging from 800 to 13,200 square metres - are located at various exclusive residential neighbourhoods, including Adam Drive, Holland Road, King Albert Park, Tanglin Road and Watten Estate Road (see Annex
for the full list).
Since its appointment in Q2 2018, Colliers has successfully closed over 40 lease transactions. Of the 183 properties, fewer than 30 homes are currently vacant and available for lease.
Mr. Andy Oon, Director, Real Estate Management Services at Colliers International, said, “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. We have received many leasing enquiries for the black-and-white bungalows.”
The 183 restored black-and-white houses feature colonial design with white-washed walls and columns, clay pitched roofs, dark timber finishes and spacious interiors with well-ventilated rooms. They were originally designed and constructed by the British Administration - when Singapore was part of the British Colony - to promote natural ventilation to combat the tropical climate in Singapore.
Lease terms for the bungalows vary, starting from a minimum of two years. Rental rate would also differ from property to property depending on its location and site attributes. Based on URA REALIS data, the median monthly rent for Core Central Region Detached residential properties in Singapore in Q3 2018 was SGD3.10 per square foot per month (psf pm) – this was higher than the SGD2.98 psf pm in Q2 2018, as well as SGD2.99 psf pm in Q3 2017.
Mr. Oon added: “Barring any unforeseen external shocks, the leasing prospects for these heritage houses remain fairly positive amid the stable economic growth outlook for Singapore over the next year. Singapore continues to be an attractive business destination for multinational corporations, and their setting up or expansion in operations here will present leasing opportunities for the black-and-white bungalows.”
Apart from the slate of black-and-white houses, Colliers’ Real Estate Management Services also undertakes the tenancy and leasing of several retail and industrial properties, as well as provides a holistic suite of offerings including facilities/portfolio management and asset enhancement management for condominium developments, commercial, industrial and retail buildings.