Government to pilot long-stay serviced apartments
The minimum stay for the new type of serviced apartments will be three months.
The government plans to introduce a new class of serviced apartments to meet demand for longer-term stays.
In a speech at the 64th Real Estate Developers' Association of Singapore (REDAS) Anniversary Dinner, Minister of State for National Development Desmond Lee said potential tenants of serviced apartments face competition with those in Singapore for short stays, including tourists and business travellers.
Serviced apartments have a seven-day minimum stay requirement, whilst long-stay serviced apartments will have a three-month minimum stay period.
“These long-stay serviced apartments will coexist alongside shorter-stay serviced apartments with the existing seven-day minimum stay requirements, and similarly, cannot be strata subdivided for sale,” Lee said.
The government will pilot the long-stay serviced apartments on two sites at Upper Thomson Road and Zion Road under the 2H 2023 Government Land Sales Confirmed List.
Doing so will allow the government “to gauge market demand before studying if this can be implemented more widely,” said Lee.
The government will launch the sites in early December.
"A proportion of the GFA for each of these sites will be set aside for long-stay serviced apartments, with a total potential yield of around 535 Serviced Apartment units,” Lee added.