>

Dormitory company submits top rental bid of $160,000 for State property at 5 Kadayanallur St

/ EdgeProp Singapore |

December 8, 2023 3:07 PM SGT

The property at 5 Kadayanallur Street is in a prime central location in the Downtown area. It is next to Maxwell Food Centre and Maxwell MRT station. (Picture: SLA)

A state property at 5 Kadayanallur Street, managed by the Singapore Land Authority (SLA), received 14 bids when the tender for the property closed on Dec 6.

SLA had launched the tender for the three-storey property in September and was welcoming bids to reposition the property for ‘creative lifestyle’ use. To sweeten the deal, F&B use was approved for the ground floor and the rooftop of the building, capped at 11,840 sq ft.

The property at 5 Kadayanallur Street is in a prime central location in the Downtown area. It is next to Maxwell Food Centre and Maxwell MRT station on the Thomson-East Coast Line. The property is adjacent to the headquarters of URA and MND, as well as the shophouses along Ann Siang Road.

The top bid was submitted by Wan Dormitory which put in a monthly bid of $160,000 for the three-storey property. Wan Dormitory is an industrial property management company, and its principal asset is a three-storey workers dormitory in Woodlands.

The property will be awarded based on a concept and price tender approach, and SLA will announce the result of the tender next March. It is unlikely that the property will be approved as a worker’s dormitory, other restricted uses for the property include pub/night club, warehouse, cloud kitchen, showroom, and massage establishment.

The tender for the property was launched in September, and SLA was welcoming bids to reposition the property for ‘creative lifestyle’ use. (Picture: SLA)

The next highest bid was submitted by The Working Capital (Keong Saik), a local co-working and lifestyle operator. The company submitted a bid of $108,240 per month (pm) for the property at 5 Kadayanallur Street. In 2021, The Working Capitol (TWC) filed for restructuring to protect its business while it was negotiating terms with two of its largest landlords. TWC manages its flagship co-working space at 1 Keong Saik Road, as well as 15 more shophouses along the row.

Other noteworthy bidders who are vying of the state property ar 5 Kadayanallur Street include Bethesda Medical ($103,000 pm), Cover Projects ($80,889 pm) a local turnkey provider, and furniture retailer Commune Lifestyle ($48,500 pm).