More state-owned buildings in Singapore will be converted to co-living spaces, to meet the rising demand for such housing here.
The awarding of a tender at a heritage shophouse along Hindoo Road is the first of multiple expected to be launched over the next few months, the Singapore Land Authority (SLA) said.
On the same day, a state-owned two-storey hostel at 26 Evans Road, near the Botanic Gardens, was also put up for tender. Similar to the Hindoo Road property, the tender offers an upfront tenure of five years, and can later be renewed for four more years.
The SLA said it will take into consideration the price, quality and green initiatives proposed. The tender for the new co-living facility along Hindoo Road, located near Little India, was awarded to construction company Eco Energy.
Tenants will get their own rooms, along with a communal space to unwind and a shared kitchen. The increasing popularity of co-living spaces follows a growing trend of singles renting their first homes instead of owning them.
Professor Sing Tien Foo, Provost's Chair at the Department of Real Estate at the National University of Singapore Business School, said the co-living concept is still quite new in Singapore. It may take a while before its impact on the local property landscape can be felt, he added. He expects short to medium-term demand to continue strongly and attract people who seek to
Another source of demand is more permanent, from locals who are interested in experiencing what it is like living in such an environment. This segment may still buy their own houses eventually, noted Lee.
Foreigners working in Singapore, especially those affected by increasing rental prices in the private market, are also likely to look towards co-living spaces as a viable option, he added.
Petrina Yuen, a postgraduate student who lives in a co-living space, emphasised that such alternative housing options are necessary to address Singapore's unique housing challenges.
This includes policies where people below 35 years old are not eligible to purchase Build-to-Order (BTO) and resale flats, she told CNA’s Singapore Tonight on Wednesday.
A report by real estate consultancy JLL recently showed that many co-living properties are found in the central part of Singapore, which is well connected and offers easy access to amenities, transport links and workplaces. In particular, River Valley, Geylang and Little India are popular due to their proximity to the central business district, and they also feature vibrant local culture, food and entertainment scenes.
