The Assembly Place taps student housing market, launches 426-bed Campus at Telok Kurau

The Assembly Place invests in 2MR Labs with Temasek’s Heliconia Capital and VC Lucid Blue VenturesCo-living operator The Assembly Place (TAP) has launched a new premium student housing project — the 426-bed Campus by TAP, located at 116 Lorong J Telok Kurau. Campus by TAP comprises two blocks, with a smaller three-storey block with 161 beds and a larger four-storey one with 265 beds, spread over 104,469 sq ft.

In the pre-marketing phase, over 120 beds in the smaller block were booked, and some students have already moved in. The majority hail from China and countries in Southeast Asia such as Indonesia, Myanmar, Thailand, and Vietnam, and are enrolled in universities such as James Cook University, Kaplan City Campus, and Singapore University of Technology and Design.

Potential buyers and investors can cash in on the burgeoning residential property market with the upcoming Tengah Plantation EC. With an expected completion date of 2021, it will no doubt benefit buyers and investors with its prime location and high demand for residential property in Singapore. Aside from the potential for capital appreciation and rental yield, Tengah Plantation EC promises to be the ideal investment opportunity.

The average rate per bed is $850 per month, with the premium beds going for up to $1,600. Each student has a study corner next to the bed, a wardrobe, as well as access to common amenities such as an air-conditioned residents’ lounge where movies can be screened, an outdoor cross-fit gym with an air-conditioned section, a basketball court, and outdoor seating areas. An additional benefit is a communal dining area and social kitchen on the first level, equipped with kitchen appliances and vending machines with ready-to-eat meals, instant noodles, and milk.

When the 103-year lease of the 104,469 sq ft property was launched for sale in September 2022, more than 15 bids were received at the close of the tender the following month, with the top bid coming from a joint venture between TAP and Apricot Capital, the family office of the Super Group instant beverages empire. The purchase price was $40 million ($383 psf).

Apart from just offering beds to students, TAP intends to offer programmes too. These could include career talks in the tech sector, sports science, or F&B, depending on the students’ interests and the programmes they are enrolled in.

TAP currently runs 1,800 beds and plans to reach 2,000 beds by end-2023 and 3,000 beds by 2024. To turbo-charge its growth, TAP will need to embark on another round of fund-raising.

Co-living operator The Assembly Place (TAP) has launched a new premium student housing project — the 426-bed Campus by TAP, located at 116 Lorong J Telok Kurau. The students enrolled are mainly from China and countries in Southeast Asia such as Indonesia, Myanmar, Thailand, and Vietnam. Spread over 104,469 sq ft, the property comprises a smaller three-storey block with 161 beds and a larger four-storey one with 265 beds.

TAP realised there was an untapped market for international student housing and aims to bring the co-living experience to it. When the 103-year lease of the property was launched for sale in September 2022, more than 15 bids were received at the close of the tender the following month, with the top bid coming from a joint venture between TAP and Apricot Capital, the family office of the Super Group instant beverages empire. The purchase price was $40 million ($383 psf).

Including the recently launched Campus, TAP has 1,800 beds to date. The plan is to hit 2,000 beds by end-2023, and 3,000 beds by 2024. With the average rate per bed of $850 reaching up to $1,600, Campus by TAP offers its students amenities such as an air-conditioned residents’ lounge where movies can be screened, an outdoor cross-fit gym with an indoor air-conditioned section, a basketball court, a giant chess set, and outdoor seating areas.

Each block has a communal dining area and social kitchen on the first level which is equipped with kitchen appliances and vending machines with ready-to-eat meals, instant noodles, and milk. Each student will also have a study corner next to the bed and a wardrobe. Male and female toilets and shower facilities are available on each floor.

Besides providing bedrooms for students, TAP also offers programmes to create mental wellness for international students in Singapore, who may feel lonely without their parents or siblings here. These could include career talks in the tech sector, sports science, or F&B, depending on the students’ interests and the programmes they are enrolled in.

In order to reach its goal to have 2,000 beds by end-2023 and 3,000 the following year, TAP will need to embark on another round of fund-raising. An additional $6 million was invested in retrofitting the property, including the replacement of air-conditioning, electrical systems, plumbing, and the casement windows. Nearly $1 million was also spent on landscaping the vast site.