More Singapore land leased out to hostel tenants to meet demand from int’l students

More Singapore land leased out to hostel tenants to meet demand from int’l students

By Lee Khai Yan,
SINGAPORE : International students in Singapore will soon have more housing options.

With more students from overseas studying here, demand for hostels has increased. So the Singapore Land Authority (SLA) doubled the tenders awarded to hostel tenants between 2006 and 2007.

The camp site at Jalan Bahar in Jurong used to belong to the Singapore Civil Defence Force. It now has a new lease of life - as apartments for students, particularly those from the nearby Nanyang Technological University (NTU).

Those unable to get a room on campus can rent one for between S$250 and S$400 a month. This is slightly more than the cost of a room at NTU, which ranges from S$160 to S$280. The apartments come with attached toilets and kitchens.

The SLA awarded the site to a local company last year for a monthly fee of S$77,000. The lease is for three years.

The latest land leased out for hostel use is in Ulu Pandan. It was awarded in February this year to EM Services, fetching a bid of S$122,725, about 60 percent more than the guide rental.

“The students we are targeting at are from NTU and NUS… We managed to hit 90 percent of the occupancy rates in six months. There are also many private schools that have approached us,” said Yang Tse Pin, Managing Director of Jian Yu Construction. - CNA /ls

Source : Channel NewsAsia  - 09 May 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

1 Tay Lian Teck Road@East Bay for sale »« 8 Mar Thoma Road@Beacon Heights for sale