Mount Pleasant Seeks More Tenants As Tenders Open
Mount Pleasant Seeks More Tenants As Tenders Open
With the recent wave of good news about the economic backdrop, it is a natural outcome that the residential property is looking good too. Sources have said that the economy is making an almost V-shaped recovery. The property analysts are also awaiting the launch of a new tender for the tenancy for 33 bungalows situated at Mount Pleasant.
The 33 black and white bungalows set amidst the tropical setting of the island, have been built in a colonial style. Their gross floor area ranges from about 210-1,140 square meters. The forecast rent for the collective 33 bungalows is approx. $488,300 per month.
The Singapore Land Authority (SLA) has banned any commercial use of the property, restricting its purpose to be only residential so as to preserve the historical ambience. Although of these bungalows have a prime location, it still lacks some basic amenities especially the outside eateries. This means that anybody who wants to have a bite will have to go somewhere else which is not nearby. Therefore Mount Pleasant still expects to attract tenants from niche class alone.
The black and white bungalows have generally been divided into 3 types depending upon the size of the area they have been constructed upon. They are all two-storey 3-4 bedroom bungalows which are a nest of rich colonial heritage. The very road on which it is situated has been named as the Heritage Road by the National Parks Board. Set in a tranquil background these bungalows are actually black and white from their exterior. Being painted white on the exterior and supported with black wooden beams.
It is said that they were once made for the colonial families that belonged to the British Empire. Since they belonged to the colonial families they could easily be a hundred years old. This means a good level of maintenance required. However, extensive renovations have had been done to the bungalows. But the nostalgic aura prevalent in these bungalows is unusual and craved for by a special class and if you have around 20 K at hand then, why not.
Therefore, the property analysts are optimistic, as the leases are about to expire for the existing occupants around December 2010. Sources have revealed that SLA has opened the tender for these colonial-era black and white bungalows on 31 August 2010 and foresees to close on 21 September 2010. The initial tenancy period allotted for these residential bungalows is 3 years with an alternate option to renew it for two more 3-year terms.
Although the guide rent has been delivered agents believe that there is still room for attainable rent. They expect the rent of a single unit to reach between $20,000 and $40,000.
Reports have said that the tender notice is likely to attract more than 30 company representatives. SLA has however issued some criteria to fulfil by interested parties if they wish to participate – like a recent history of steady cash flow record and a good track record in residential or other business for consecutive 5 years.
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Mindy Yong
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Mindy@MindyYong.com
www.hotvictory.com
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