The Singapore Land Authority (SLA) has launched a tender for the master tenancy of 33 black and white bungalows at Mount Pleasant.
The bungalows are rich in historical value.
The leases of majority of the existing occupants expire in December 2010.
SLA’s newly launched tender has attracted some 30 companies.
Property analysts said Mount Pleasant is centrally located, but lacks basic amenities like eating places.
This means it may only attract a niche group.
SLA has also restricted the bungalows for residential use only.
They cannot be converted for uses such as hotels, resorts or boarding houses – so as to preserve the area’s character.
Even so, property agents see potential – saying the monthly rental should be between $20,000 and $40,000.
Although the guide rent for master tenancy of all 33 bungalows is $488,300 per month, agents say there is still ample room for profit.
Source : Channel NewsAsia – 6 Sep 2010