Archive for category: Misc

Cover Projects, a homegrown turn-key operator, has recently launched its largest service apartment project to date, The Initial Sama, at 26 Evans Road. The 92-unit serviced apartment and wellness compound, named after the Sanskrit word “sama” meaning “balanced” or “well-maintained”, will welcome its first guests on July 21.

The project, which took its name from Sanskrit word ‘sama’, has been launched by Cover Projects a hospitality manager founded by Lim Keong Wee, part of the Lim family that controls Malaysia’s Genting Group, in 2015. The landscape design was managed by Singapore-based landscape architect Grant Associates.

The 153,821 square feet site comprises of four heritage low-rise blocks with a total of 92 serviced apartments, ranging from studios to two-bedroom units. These include 35 studios of 226 square feet, 33 one-bedroom superior units of 376 square feet, 12 one-bedroom deluxe units of 452 square feet, and 12 two-bedroom units of 699 square feet.

In-room amenities at The Initial Sama include a TV, bathroom essentials and toiletries, linens and bedding, as well as complimentary Wi-Fi. Studios and one-bedroom superior units feature a pantry and a compact kitchenette, with common laundry facilities accessible to residents. One-bedroom deluxe and two-bedroom units come with a fully equipped kitchenette.

Guest services at The Initial Sama include housekeeping and 24/7 reception, concierge, and security services. Additional paid services include airport transfers, laundry and dry-cleaning, as well as room service.

Facilities at the compound include a bathhouse, gym, guest lounge area, kids’ playground, multi-functional meeting room, and outdoor swimming pool. External healthcare providers signed to open outlets at The Initial Sama include Artisan Esthetic Dental, a dentistry clinic, while two new-to-market restaurants Yara and Elixir are also set to open.

The two-bedroom units at The Initial Sama are currently being offered at a promotional daily rate of $525, while the one-bedroom superior units are priced at approximately $230 per day and the deluxe units at $310 per day. The studios are available for lease at $190 per day.

The location of The Initial Sama in this mature prime neighbourhood, particularly its proximity to the Singapore Botanic Gardens, has been touted as its strongest locational attribute by Lim Keong Wee, managing director of Cover Projects. The Nassim Road gate of the Botanic Gardens is less than 500m from The Initial Sama, while MOE HQ (Evans Road), which includes a stadium, running track, sports hall, swimming complex, and hockey pitch, is located just across the road. In addition, several hospitals, including Gleneagles Hospital, Camden Medical Centre and Mount Elizabeth Hospital, are in the vicinity. The Botanic Gardens Interchange on the Circle and Downtown Lines is also within a 12-minute walk away.

The project has attracted strong interest from expectant mothers and their families who are looking for comfortable post-partum accommodations during their confinement period, as most confinement centres in Singapore do not allow family members to stay with the recuperating mother. This niche market was kept in mind during the design and layout of the two-bedroom units, with the wellness services in the compound complementing medical recovery.

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According to Lim, there is an upward trend in the Singapore lodging market for properties that merge high-quality accommodation with wellness, which presents a lucrative submarket that Cover Projects aims to dominate. He adds that the competitive launch prices of the apartments, as well as the range of wellness services provided, offer value for money to prospective guests.

In terms of expatriates in the PMET (professionals, managers, executives and technicians) category coming into Singapore, Lim observes that most companies are focusing on more affordable accommodation options and cutting down on overall expat packages. As such, the compactly designed units and competitive launch prices of The Initial Sama make it an attractive option for these expats, while the range of wellness services provided adds value to the overall package.

Lim expects corporate bookings to make up about half of the guests at The Initial Sama.

Cover Projects’ previous experience in the lodging market was managing a 30-room serviced apartment in Balestier, The Initial Residence, at 355 Balestier Road. This project has 46 apartments, consisting of studios, one- and two-bedroom units.

In 2013, Cover Projects came under the spotlight when it won the tender to manage the heritage properties at 26 Evans Road. The tender, which was assessed by the Singapore Land Authority (SLA), saw Cover Projects submitting the second-highest bid of $265,000 per month, well above the bids of $165,000 to $168,000 submitted by established co-living providers LHN Group’s Coliwoo and The Assembly Place.

Lim reveals that the company’s relatively new status as a turn-key operator, the launch of The Initial Sama is their largest project to date as a design consultant and lodging operator. He adds that Cover Projects has managed to attract 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.

Looking ahead, the company’s focus will be on stabilising operations and increasing the occupancy rate at The Initial Sama. Cover Projects is targeting an 80% occupancy rate by the end of next year, up from the current occupancy rate of 30% at the end of 3Q2025.

Lim concludes that the launch of The Initial Sama demonstrates the company’s ability to deliver premium products to the market, and they are looking forward to working with asset owners to either reposition their existing assets or uplift under-performing properties with their brand and value-proposition.