Four more buildings on 25A Perak Road, 3 Tank Road, 18 Penhas Road, and 272 East Coast Road, have been secured by The Assembly Place under management contract. Source: The Assembly Place
The Assembly Place (TAP) has secured four more buildings under management contract, putting it on track to have 1,000 rooms by the first quarter of 2022.
One of the key assets is a 171-bed co-living hostel at 25A Perak Road, formerly known as Footprints Hostel.
The three other assets comprise service apartments and residential units at 3 Tank Road, 18 Penhas Road, and 272 East Coast Road.
With these new assets, TAP’s portfolio will comprise close to 550 rooms across 16 purpose built co-living assets. Of the 550 rooms, 95% are under five-plus-five-year management contract, with current rooms having a strong occupancy of 98%.
“We are very excited and humbled that The Assembly Place is the leading purpose built co-living operator through the support and trust of individual asset owners, investment companies and family offices. This is a strong testament that TAP can add value to asset owners through our expertise as a development, asset manager and co-living operator,” said Eugene Lim, Founder and CEO of The Assembly Place.
“While TAP continue[s] to scale its business through an asset light model, we are also exploring assets on a straight lease model if the location and financial make sense,” added Lim.
TAP revealed that it secured a few shophouses and landed properties on a straight lease model, such as 398 Racecourse Road. These assets are expected to be operational by October this year.
Earlier in the year, TAP took a straight lease model at The Amerald Studio, which features four studio units, four three-bedders and two penthouses.
Located at No.1 Seraya Lane, The Amerald Studio has achieved 100% occupancy since its launch four months ago.
TAP’s strategy for The Amerald Studio involved leasing the whole unit to tenants who want privacy, such as families, instead of leasing individual rooms within the unit.
“Not all assets are suitable to be lease out as rooms,” said Lim. “We must look at the internal space planning and have a strategy that best utilize the space.”
Meanwhile, TAP’s co-living assets under management contract at 138-142 Jalan Besar will receive its first member in October this year.
Prices for the rooms, which come with a minimum lease of three months, will start at $2,250 per month.
Another asset at 257 Outram Road is also set to receive its first guest by Christmas this year. The two shophouses are classified as conservation properties under the URA Masterplan.
“What we love about conservation assets is its history behind it, even though there are more restrictions during design and space planning stages, it is the rich history and the opportunity to be part of the gentrification work that makes the design process interesting,” said Lim.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
