Archive for category: Misc

The Assembly Place invests in 2MR Labs with Temasek’s Heliconia Capital and VC Lucid Blue Ventures
The Assembly Place’s (TAP) co-living student housing project Campus by TAP has just opened its doors at 116 Lorong J Telok Kurau with a whopping 426 beds across two blocks.

The smaller block comprises of 161 beds and a larger four-storey edifice with 265 beds, covering a total of 104,469 square feet. TAP CEO and founder Eugene Lim says its bringing a ‘co-living experience’ to student accomodation, as more than 120 beds have already been booked in its pre-marketing phase – some students have even already moved in.

He says the students so far come from countries all around the world such as Southeast Asia, China, Indonesia, Myanmar, Thailand and Vietnam, and are enrolled in universities like James Cook University, Kaplan City Campus and Singapore University of Technology and Design.

Lim adds that TAP has already signed MOUs with 14 educational institutions, with 10 having already listed its property on their websites.

The beds have different configurations ranging from two beds to seven, with the average rental rate per bed reaching $850/month, with some premium rooms running up to $1,600/month. In the smaller block, most of its premium rooms are already taken.

Amenities found at Campus by TAP include an air-conditioned residents’ lounge where movies can be screened, an outdoor cross-fit gym with an air-conditioned section, a basketball court, giant chess set and outdoor seating areas. Furthermore, each block also has a communal dining area and social kitchen on the first level and a co-study area on the second level.

Lim discovered that there was an untapped market for international student housing when he noticed that most students have a monthly housing budget of less than $1,000 – well below the $1,500 to $2,000 of many co-living spaces.

Besides, Tampines Ave 11 Condo Capitaland also have premium facilities, such as swimming pools, tennis courts, and playgrounds. Residents have easy access to them, allowing them to enjoy quality leisure time with the family. Furthermore, there are a wide variety of exciting activities for everyone to join in, such as festive celebrations and art classes held in the neighbourhood.

The site at Lorong J Telok Kurau was put on sale for from Knight Frank in September 2022, with the joint venture between TAP and Apricot Capital, the family office of David Teo, founder of the Super Group instant beverages empire, buying it for $40 million on a 103-year lease.

Since purchasing the land lease, TAP and Apricot Capital have invested an additional $6 million in retrofitting, and close to $1 million into landscaping the vast site.

Its goal by the end of 2023 is to reach 2,000 beds and 3,000 by 2024, a target which Lim says will likely require an additional fund-raising.

What’s more, TAP has already operated 42 bed spaces at 6 Duke’s Road, 80 rooms in Feng Lai Mansion, and the former Goodland Building at 18 Roberts Lane and 21 Lorong 13 Geylang, which are anticipated to provide an annual revenue of $4 million once fully operational.

Apart from just offering beds, TAP wants to offer programmes that promote mental wellbeing such as career talks and sports activities.

The Assembly Place has since opened 1,800 beds to date and has launched YMCA @ Stevens, with 27 units and 46 rooms, and TAP Service Residences @ River Valley, with 15 rooms, with another 15 room facility at 18 Penhas Road recently opened.