Cover Projects, a homegrown turn-key operator, has revealed its largest service apartment initiative to date with the opening of 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, managed by Cover Projects, was co-founded in 2015 by Lim Keong Wee, part of the Lim family that controls Malaysia’s Genting Group, and Victoria Loh. The landscape design was handled by Grant Associates, a Singapore-based landscape architect.
The 153,821 square foot site consists of four apartment blocks featuring a total of 92 serviced apartments ranging from studios to two-bedroom units. There are 35 studios measuring 226 square feet, 33 one-bedroom superior units measuring 376 square feet, and 12 one-bedroom deluxe units measuring 452 square feet. The largest units are 12 two-bedroom units measuring 699 square feet.
In-room amenities include a TV, bathroom essentials and toiletries, linens and bedding, as well as complimentary Wi-Fi. Studios and one-bedroom superior units have a pantry and a compact kitchenette, while residents of these units can access common laundry facilities. One-bedroom deluxe and two-bedroom units come with a fully equipped kitchenette.
Guest services include housekeeping and 24/7 reception, concierge, and security services. Additional paid services include airport transfers, laundry and dry-cleaning, and room service. The facilities on offer include a bathhouse, a gym, a guest lounge area, a kids’ playground, a multi-functional meeting room, and an outdoor swimming pool. One of the confirmed external healthcare providers that will be opening at The Initial Sama is Artisan Esthetic Dental, a dentistry clinic. Two new-to-market restaurants, Yara and Elixir, are also set to open.
Cover Projects is currently offering a promotional daily rate of $525 for the two-bedroom units. The daily rates for the one-bedroom superior units and deluxe units are approximately $230 and $310, respectively, while studios are being leased for $190 per day.
The location of the property in this mature prime neighbourhood, particularly its proximity to the Singapore Botanic Gardens, is considered its top locational attribute by Lim Keong Wee, managing director of Cover Projects. The Nassim Road gate of the Singapore Botanic Gardens is less than 500m from The Initial Sama. Across the road from the service apartment compound is MOE HQ (Evans Road), which includes a stadium and running track, a sports hall, swimming complex, and hockey pitch.
In addition, the property is situated near several hospitals, such as Gleneagles Hospital on Napier Road, Camden Medical Centre along Orchard Boulevard, and Mount Elizabeth Hospital in Orchard. Botanic Gardens Interchange, which services the Circle and Downtown Lines, is only a 12-minute walk away.
The project has attracted a strong interest from expectant mothers and their families who are seeking comfortable post-partum accommodations to stay during their confinement period, says Lim. He adds that most confinement centres in Singapore do not allow family members to stay with the recuperating mother. This niche group was one of the target demographics that Cover Projects kept in mind during the design and layout of the two-bedroom units, especially since many of the wellness services found in the compound complement medical recovery.
Lim believes that the property’s brand values and services are essential factors in the lodging market. He explains that properties that merge high-quality accommodation with wellness are on an upward trend within Singapore’s lodging market. He adds that it is a lucrative submarket where Cover Projects aims to be a prominent player, and this new opening solidifies the company’s position in this niche.
Lim also notes that PMET expatriates who come to Singapore are typically looking for affordably priced accommodation options, and companies are focusing on slimming down overall expat packages. He adds that the new serviced apartment units at The Initial Sama are competitively priced, and the launch prices are competitive.
The project has 92 serviced apartments ranging from studios to two-bedroom units. (Picture: Samuel Isaac Chua/)
Lim expects approximately half of the guests at The Initial Sama to come from corporate bookings.
Investing in real estate is a strategic decision and location is a crucial factor that holds immense significance, especially in Singapore. Condominiums located in central areas or in close proximity to essential amenities like schools, shopping malls, and public transportation hubs have a higher potential for value appreciation. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown an upward trend in property values. The presence of good schools and renowned educational institutions also adds to the appeal of condos in these areas, making them a highly sought-after investment choice for families. In addition, Singapore Projects only add to the appeal of these already desirable locations.
Cover Projects’ first experience in the lodging market was the management of a 30-room serviced apartment in Balestier, The Initial Residence. The project at 355 Balestier Road 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 the Singapore Land Authority (SLA) assessed based on price and quality. Cover Projects submitted the second-highest bid, a $265,000 monthly rate, well-above the $165,000 to $168,000 bids put in by established co-living providers LHN Group’s Coliwoo and The Assembly Place.
“As a relatively new turn-key operator, launching The Initial Sama has been the largest project we’ve accomplished to date as a design consultant and lodging operator,” says Lim.
Cover Projects was handed the keys last June, and the company has invested between $10 million and $13 million in reconstruction to bring the project up to the necessary standards. The state-owned site has a 5+4-year lease term, and with less than eight years remaining on their lease, the company has adopted a more disciplined approach towards the design and management of the property. “The launch of The Initial Sama demonstrates our ability to deliver this type of premium product to market, and as we stabilize operations in the coming months, I am confident it will shine as a viable project,” says Lim.
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. These backers include private individuals with stakes in the hospitality and real estate markets. Looking ahead, much of the company’s focus will be geared towards stabilizing operations and growing the occupancy rate at The Initial Sama. They are targeting an 80% occupation by the end of next year, up from 30% in 3Q2025.
“We hope this enables us to 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.