SINGAPORE (Sept 7): Cogent Land Capital, a wholly-owned subsidiary of logistics manager Cogent Holdings, has been awarded a three-year lease tender by the Singapore Land Authority (SLA) to operate a student hostel located at 362 Holland Road.

The 2,318 sqm property is situated close to Holland Village, and comprises two blocks of one-storey buildings with an estimated total gross floor area (GFA) of about 583.4 sqm. It is estimated to have a housing capacity for up to 60 students.

In a Thursday announcement, Cogent Holdings says the lease agreement’s term can be extended further for three years upon request.

The group will be using its indirect wholly-owned subsidiary, Cogent Realty Capital, to manage the student accommodation.

With the award of the tender, Cogent says it will be expanding its property management capabilities to include the management of hostels, by “tapping the growing opportunities in meeting the accommodation needs of local and foreign students here in Singapore”.

While it was not revealed how much the lease contract was valued at, based on information from SLA’s website on 7 Sept, 5.30pm, Cogent Land was the top bidder with a bid rent of $32,362 per month (pm), followed by E M Services and Homestead Holland at $27,001 pm and $12,000 pm, respectively.

Shares in Cogent Holdings closed 0.6% lower at 80 cents on Thursday.