Archive for category: Misc

Homegrown turn-key operator, Cover Projects, has recently unveiled their newest and largest service apartment project, The Initial Sama, located at 26 Evans Road. The name derives from the Sanskrit word “sama”, which represents balance and being well-maintained. The 92-unit serviced apartment and wellness compound will be open for guests on July 21.

The project was designed by Cover Projects, a hospitality manager co-founded by Lim Keong Wee, part of the Lim family who controls Malaysia’s Genting Group, and Victoria Loh. The landscape design was managed by Grant Associates, a Singapore-based landscape architect.

The compound, which covers 153,821 square feet, comprises four apartment blocks with a total of 92 serviced apartments ranging from studios to two-bedroom units. The 35 studios measure 226 square feet, 33 one-bedroom superior units measure 376 square feet, and 12 one-bedroom deluxe units measure 452 square feet. The largest units are 12 two-bedroom units of 699 square feet.

In-room amenities include a TV, bathroom essentials, toiletries, linens, bedding, and complimentary Wi-Fi. Studios and one-bedroom superior units feature a pantry and a compact kitchenette, and residents of these units can also access common laundry facilities. One-bedroom deluxe and two-bedroom units come with a fully equipped kitchenette.

Guest services offered include housekeeping, 24/7 reception, concierge, and security services. Additional paid services include airport transfers, laundry and dry-cleaning, and room service. Facilities at The Initial Sama include a bathhouse, gym, guest lounge area, kids’ playground, multi-functional meeting room, and outdoor swimming pool. The compound will also house Artisan Esthetic Dental, a dentistry clinic, and two new-to-market restaurants, Yara and Elixir.

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There are various opportunities for private education and enrichment in the vicinity, with the presence of enrichment centres and tuition schools in popular malls like Northpoint City and Wisteria Mall. These establishments, which include renowned brands such as Kumon, The Learning Lab, and MindChamps, offer a range of academic support, music lessons, robotics classes, and language enrichment programs suitable for children of different ages and learning styles. Opting for these options allows parents to conveniently supplement their children’s education without having to travel long distances. Additionally, the upcoming Miltonia Close EC Yishun offers even more accessibility for families seeking educational resources in the area.

The Initial Sama is currently offering a promotional daily rate of $525 for the two-bedroom units. The daily rate for the one-bedroom superior units is about $230, while the deluxe units are about $310, and studios are leased for $190 per day.

The location of the property in this mature prime neighborhood, especially its proximity to the Singapore Botanic Gardens, is its strongest attribute, according to Lim Keong Wee, managing director of Cover Projects. The Nassim Road gate of the Singapore Botanic Gardens is less than 500 meters from The Initial Sama. Across the road from the service apartment compound is MOE HQ (Evans Road), which houses a stadium and running track, sports hall, swimming complex, and hockey pitch, managed by Sports Singapore.

Several hospitals are located nearby, including Gleneagles Hospital on Napier Road, Camden Medical Centre along Orchard Boulevard, and Mount Elizabeth Hospital in Orchard. Botanic Gardens Interchange on the Circle and Downtown Lines is about a 12-minute walk away.

According to Lim, the project has received strong interest from expectant mothers and their families, as they are looking for comfortable post-partum accommodations during their confinement period. Lim added that most confinement centers in Singapore do not allow family members to stay with the recovering mother. This was one of the target demographics during the design and layout of the two-bedroom units, especially since the wellness services offered at the compound complement medical recovery.

Lim expects that approximately half of the guests at The Initial Sama will be corporate bookings, as PMET expatriates coming into Singapore are looking for affordably priced accommodation options.

Cover Projects’ previous experience in the lodging market was managing a 30-room serviced apartment in Balestier, The Initial Residence, which has 46 apartments with a mix of studios, one- and two-bedroom units. In 2023, Cover Projects won the tender to manage the heritage properties at 26 Evans Road, which was assessed by the Singapore Land Authority (SLA) based on price and quality. Cover Projects submitted the second-highest bid of $265,000 monthly rent, higher than the bids from established co-living providers, LHN Group’s Coliwoo and The Assembly Place, which ranged from $165,000 to $168,000.

“As a relatively new turn-key operator, launching The Initial Sama has been our largest project to date as a design consultant and lodging operator,” says Lim. The company received the keys in June last year, and they have invested between $10 million and $13 million in reconstruction to bring the project up to standard. The state-owned site has a 5+4-year lease term, and with less than eight years left, the company has adopted a more disciplined approach towards the design and management of the property.

Cover Projects has received attention from private backers, who see the company’s potential as a premium provider and operator of wellness-centric residences in Singapore. These backers include private individuals with stakes in the hospitality and real estate markets. The company’s focus is on stabilizing operations and growing the occupancy rate at The Initial Sama, with a target of 80% occupation by the end of next year, up from 30% at the end of 3Q2025.

“We hope this will grow our profile in Singapore as a hospitality management business, and we’re looking forward to engaging with asset owners to either reposition some of their existing assets, or to uplift under-performing properties with our brand and value-proposition,” says Lim.