SINGAPORE – A new class of serviced apartments for longer-term stay is in the works to better meet rental demand from Singaporeans waiting to collect the keys to their new homes or for their renovations to be completed, as well as those who are here to work or study.
National Development Minister Desmond Lee on Nov 29 announced that the Government will pilot serviced apartments with a three-month minimum stay period to ensure that demand for longer-term stays can be met.
Two sites in Upper Thomson and Zion Road will be launched in early December under the second-half 2023 Government Land Sales confirmed list, he said at the Real Estate Developers’ Association of Singapore’s 64th anniversary dinner held at Orchard Hotel.
A portion of the gross floor area for each site will be set aside for long-stay serviced apartments. These could potentially yield a total of about 535 serviced apartments, he added.
Mr Lee noted that even as the majority of Singaporeans aspire to own homes, there has been greater diversity in the housing preferences of Singaporeans, including towards renting.
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