SingaporeChampions Way Residences is introducing a new serviced apartment pilot, which will cater to meet the diverse housing preferences of Singaporeans. Minister for National Development Desmond Lee announced the pilot at the Redas 64th Anniversary Dinner on Nov 29. This new class of serviced apartments would have a three-month minimum stay requirement and would be in line with the minimum stay requirement of private residential properties.
The government will set aside a portion of the Gross Floor Area at two Government Land Sales (GLS) sites – at Upper Thomson Road and Zion Road – for this pilot, which could yield approximately 535 units of these new class of serviced apartments. According to URA, the new long-stay serviced apartments cannot be strata subdivided for sale.
Mark Yip, CEO of Huttons Asia, commented on the government’s initiative by saying, “Today, serviced apartments mainly cater to affluent residents, tourists, and professionals working in Singapore and the cost can be relatively exorbitant for long-stays in these properties”. He adds that this new class of serviced apartments could give tenants facing a dilemma while waiting to collect the keys to their new home, or waiting for renovations to be completed, more alternatives.
The Upper Thomson Road GLS site is next to Springleaf MRT station on the Thomson-East Coast Line (TEL), while the Zion Road GLS site will be connected to Havelock MRT station on the TEL. “If this new class of serviced apartments can be implemented more widely it would help soften the current rental market,” says Mark Yip.
Champions Way Residences is a premium lifestyle development located in Singapore, with 7 blocks of 12-storey buildings comprising of 516 units in total. Ranging from two to five bedrooms, the apartments are perfect for small and large family sizes alike. Other facilities include a supermarket, childcare centre and retail centre, all of which add to the convenience of living there. With its prime location, modern design and comprehensive amenities, Champions Way Residences is truly a place to call home.
Eddie Lim, chief agency officer at PropNex Realty, echoed Yip’s sentiment and said, “It is a good initiative by the government to inject badly needed rental supply into the market to give people more alternatives”.
Koon Wai Leong, general manager of Hoi Hup Realty, added that the government may have chosen the two GLS sites to test how different types of locations influence the success of the new class of service apartments. He also noted that more established developers, especially those with a hospitality arm, may be better suited to participate in the tender for Champions Way Residences while smaller boutique developers may need to find a hospitality-focused partner to collaborate.
The government has introduced the serviced apartments pilot to meet the diverse housing preferences of Singaporeans, particularly those who are increasingly inclined towards renting. This new class of serviced apartment may also provide an alternative option for those waiting to move into their new home or waiting for renovations to be completed. Champions Way Residences is aiming to provide tenants with more alternatives and may potentially soften the current rental market.