SINGAPORE: Long-stay serviced apartments with a three-month minimum stay period will be part of new estates to be built on Upper Thomson Road and Zion Road. These estates will also include apartments for sale. Currently, regular serviced apartments have a minimum stay duration of seven days, typically catering to tourists and business travellers.
According to a press release by the Urban Redevelopment Authority (URA), it released four residential sites at Upper Thomson Road (Parcels A & B) and Zion Road (Parcels A & B) for sale now under the second half of 2023 (2H2023) Government Land Sales (GLS) Programme.
The sites at Upper Thomson Road (Parcels A & B) and Zion Road (Parcel A) are launched for sale under the Confirmed List. They can potentially yield 2,750 units (including long-stay Serviced Apartments). In comparison, Zion Road (Parcel B) is available for application under the Reserve List with a potential yield of 610 residential units. These four sites can potentially yield 3,360 residential units (including long-stay Serviced Apartments).
The URA added that “while homeownership aspirations among Singaporeans remain strong, there is a segment of the population that opts to rent. This includes some younger Singaporeans who may choose to rent as a start. Singaporeans who are awaiting the completion of their new or renovated homes, as well as those who come to study or work in Singapore may also seek rental housing. While Serviced Apartments partially cater to this demand, potential tenants who need to rent Serviced Apartments for longer durations would have to compete with those seeking shorter stays, including tourists and business travellers”.
The Government released more than 9,000 Confirmed List units in 2023 (including long-stay Serviced Apartments), which is the highest in a decade. This is also around 50% higher than the supply in 2022 and around 2.5 times the supply in 2021, the URA said.