Cover Projects Launches Initial Sama Boutique Serviced Apartment Heritage Building 26 Evans Road
Cover Projects, a premier homegrown turn-key operator, has recently unveiled its latest and largest service apartment project to date, The Initial Sama. Located at 26 Evans Road, the 92-unit serviced apartment and wellness compound takes its name from the Sanskrit word “sama”, which translates to “balanced” or “well-maintained”. The Initial Sama will welcome its first guests on July 21.
The 153,821 square feet site, consisting of four apartment blocks, was reconstructed and designed by Cover Projects. The landscape design is handled by Grant Associates, a Singapore-based landscape architect. The property, which is a state-owned compound, offers a variety of apartment sizes, ranging from studios to two-bedroom units. Among the 92 units, there are 35 studios measuring at 226 square feet, 33 one-bedroom superior units at 376 square feet, 12 one-bedroom deluxe units at 452 square feet and 12 two-bedroom units at 699 square feet.
The apartment units come equipped with amenities such as a TV, bathroom essentials and toiletries, linens and bedding, and complimentary Wi-Fi. Studios and one-bedroom superior units also have access to common laundry facilities, while one-bedroom deluxe and two-bedroom units have a fully equipped kitchenette. The property also offers various guest services, including housekeeping, 24/7 reception, concierge, and security services. Additional services, such as airport transfers, laundry and dry-cleaning, and room service, are available at an extra cost.
The Initial Sama also boasts a range of facilities, including a bathhouse, gym, guest lounge, kids’ playground, multi-functional meeting room, and outdoor swimming pool. Artisan Esthetic Dental, a dentistry clinic, and two new-to-market restaurants, Yara and Elixir, are set to open within the compound.
Currently, Cover Projects is offering promotional rates for the two-bedroom units at $525 per day. The daily rate for one-bedroom superior units is approximately $230, while the deluxe units are priced at around $310. Studios can be leased at $190 per day.
The location of the property, situated in a mature and prime neighborhood, is one of its strongest selling points. The Initial Sama is within walking distance of the Singapore Botanic Gardens, a renowned UNESCO World Heritage Site, and MOE HQ (Evans Road), which includes various sports facilities. This, coupled with its close proximity to several hospitals, such as Gleneagles Hospital, Camden Medical Centre, and Mount Elizabeth Hospital, makes it an ideal location for guests seeking recovery-focused care.
According to Lim Keong Wee, managing director of Cover Projects, The Initial Sama has received significant interest from expectant mothers and their families. The property offers comfortable post-partum accommodation, a niche market that most confinement centers in Singapore do not cater to, as they do not allow family members to stay with the recuperating mother. The two-bedroom units, specifically designed to cater to this target demographic, are equipped with wellness services that complement medical recovery.
Lim also notes that the serviced apartment market in Singapore is currently trending towards properties that merge high-quality accommodation with wellness services. Cover Projects aims to establish itself as a prominent player in this segment through The Initial Sama.
Regarding the influx of PMET expatriates coming into Singapore, Lim observes that most companies are opting for affordable accommodation options and scaling down overall expat packages. Therefore, the serviced apartment units at The Initial Sama are designed to be compact to cater to this demand. Lim also believes that the competitive prices, coupled with wellness services, offer excellent value for money to guests.
Cover Projects’ previous experience in the lodging market includes managing a 30-room serviced apartment in Balestier, The Initial Residence. However, their most significant project to date was the tender win to manage the heritage properties at 26 Evans Road in 2023. The property, which is a state-owned site, boasts a 5+4 year lease term and is currently the company’s most extensive project in terms of design and management.
With less than eight years left on the lease, Cover Projects has adopted a disciplined approach towards managing the property. However, as Lim explains, the launch of The Initial Sama signifies their ability to deliver premium products and services to the market. As the company stabilizes operations in the coming months, he is confident that The Initial Sama will shine as a viable project and help establish Cover Projects as a provider and operator of wellness-centric residences in Singapore.
Furthermore, Cover Projects has attracted the attention of private backers who see the company’s potential as a premium provider and operator of wellness-centric residences in Singapore. Lim shared that these backers include private individuals with stakes in the hospitality and real estate markets.
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Looking ahead, the company is focused on stabilizing operations and increasing the occupancy rate at The Initial Sama. Currently, the occupancy rate stands at 30%, but Cover Projects aims to reach 80% occupancy by the end of next year. Lim also expressed interest in partnering with asset owners to reposition existing assets or uplift underperforming properties through their brand and value proposition.