Hostel start up

fox_hound_33 SG

I have this idea to start a hostel for international students. There seems to be pretty good demand (i know this from personal experience) for student accommodation these days, esp with Singapore's plans to make it self an educational hub and with the impending opening up of a fourth university.

I need some suggestions on where/how i can obtain a small building as a form of residence for the students. Not a big one, just a small one to accomodate say 20-30 students (Dorm type).
would it be better for me to just buy the entire place (with a heavy loan of course) or just take it on lease? I understand i need to get the renovations and furnishings done too.I looked at JTC and few other places but nothing suitable.

If anyone here has any experience or can give some ideas, suggestions.......would be greatly appreciated.

Thanks

de_middle SG

go find housing agents

redstone SG

Go SLA website, there’s some state owned properties for lease/rent.

fox_hound_33 SG

I saw the SLA website, most of the properties are not suitable for what i am looking for. There seems to be lot of restriction on renovating the building and the rent tenure is not very long. Also too big and expensive.

If i want to approach the real estate agents can i approach any one them or a specialized commercial estate agent. Most agents seem to be involved only with residential estates.

caleb_chiang SG

Unless you have the capital... start up will be hard

You need to own or rent the place, register a coy, apply for license, etc...

lodging for foreign student is not easy... imagine those who would not clean up their area... Rolling Eyes

and getting ppl to stay in also difficult. Rules of lodge also might not be kept by the residents...

Just imagine the worse ever situation... if you still want to go on... you have my blessing... Laughing

fox_hound_33 SG

Agreed!!! But then business has never been easy you see.

The only thing i am concerned about is the hight cost of buying/renting the place. Finding students shouldn't be much of a problem. I have some "inside look" on the education sector here and more and more foreign students are thronging Singapore every day. And the kind of hostels that are available for students now don't come cheap or with good facilities but are still totally booked.