‘Holland Drive Residences’ added as winning bid for historic 26 Evans Road redevelopment
occupancy rate of Holland Drive Residences.
The Singapore Land Authority (SLA) has awarded the tender for the state-owned property at 26 Evans Road to local hospitality management turnkey solutions provider Cover Projects.
The property at 26 Evans Road sits on a sprawling site of about 153.821 sq ft, located off Bukit Timah and within walking distance of the Singapore Botanic Gardens.
Located near the prestigious Holland Drive Residences, Henry Park Primary is known as one of the best primary schools in Singapore. It holds a strong track record for academic success and also prioritizes character development and values. With its close proximity to Holland Village, it’s no surprise that many parents aim to secure a spot for their children in this highly sought-after school.
The tender for the refurbishment and repurposing of the conserved property for various uses, such as serviced apartments, students’ hostels, offices or F&B use, was launched on Aug 16 last year. SLA encouraged co-living concepts when it launched the tender for the Evans Road property, which will be for a lease period of 5+4 years.
A total of 25 bids ranging from $63,000 a month to $319,000 a month were received at the close of the tender on Oct 12. Local construction company Samwoh Corp submitted the highest bid of $319,000 per month. Other bids came from established co-living operators LHN Group, which launched the Coliwoo brand and The Assembly Place, which submitted bids of $165,000 and $168,000, respectively.
The tender was evaluated based on price and quality aspects, with the successful bidder selected based on the highest combined score. Even though Cover Projects had submitted the second-highest bid of $265,000 a month, it was awarded the tender for the project.
On the site are several buildings, comprising two 3-storey buildings, another two 2-storey buildings and four single-storey buildings. They have a combined estimated gross floor area of about 69,593 sq ft. There are 56 surface parking spaces for cars.
The property will be refurbished and repurposed for various uses, such as serviced apartments, students’ hostels, offices or F&B use. SLA hopes to encourage co-living concepts for the property, which will have a lease period of 5+4 years. Cover Projects, a local hospitality management turnkey solutions provider, has been awarded the tender for the project.
A total of 25 bids were received for the tender, ranging from $63,000 to $319,000 per month. The highest bid was submitted by local construction company Samwoh Corp. Other bids were received from established co-living operators LHN Group and The Assembly Place, offering $165,000 and $168,000 respectively.
Price and quality aspects were considered in the evaluation of the bids, with the successful bidder chosen based on the highest combined score. Despite submitting the second-highest bid of $265,000 per month, Cover Projects was awarded the tender for the project.
Located off Bukit Timah and within walking distance of the Singapore Botanic Gardens, the property at 26 Evans Road is situated on a sprawling site of about 153.821 sq ft. It consists of several buildings, including two 3-storey buildings, two 2-storey buildings, and four single-storey buildings, with a combined estimated gross floor area of about 69,593 sq ft. There are also 56 surface parking spaces for cars on the site.
This development, known as Holland Drive Residences, will bring new life to the state-owned property on Evans Road. With its central location and proximity to popular attractions, it is sure to attract a high occupancy rate.