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SLA appoints Colliers to lease, manage 183 black-and-white heritage bungalows
COLLIERS International has been appointed by the Singapore Land Authority (SLA) to lease and manage 183 black-and-white heritage bungalows across various Singapore neighbourhoods.
The bungalows under Colliers' care range in land area from 800 to 13,200 square metres and are located at various exclusive residential neighbourhoods including Adam Drive, Holland Road, King Albert Park, Tanglin Road and Watten Estate Road.
Of the 183 properties - which were built in the late 19th century - less than 30 are vacant and available for lease, Colliers said in a press statement.
A minimum two-year lease applies to the bungalows, with varying lease terms thereafter. Rental rates will also differ among the properties depending on their location and site attributes, the real estate services firm 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-whitebungalows," said Colliers International's director of real estate management services Andy Oon.
The median monthly rent for Core Central Region detached residential properties in Singapore in Q3 2018 was S$3.10 per square foot per month (psf pm) – higher than the preceding quarter's S$2.98 psf pm, and more than the S$2.99 psf pm in Q3 2017, according to URA Realis data.
The 183 restored black-and-white colonial-design houses feature white-washed walls and columns, clay pitched roofs, dark timber finishes and spacious interiors with well-ventilated rooms.
Their design and construction by the British Administration - when Singapore was part of the British Colony - was meant to promote natural ventilation to combat Singapore's tropical climate, Colliers said.
Leasing prospects for these heritage houses "remain fairly positive" amid the stable economic growth outlook for Singapore over the next year, Mr Oon said.
"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," he said.