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 VenturesThe Assembly Place’s co-living operator, The Assembly Place, has just launched its latest project: Campus by The Assembly Place (TAP). Located at 116 Lorong J Telok Kurau, TAP comprises two blocks on a 104,469 sq ft site – a three-storey block with 161 beds and a four-storey block with 265 beds – and is designed with co-living in mind for students. Prior to its official opening, TAP’s pre-marketing phase began and 120 beds in the smaller block had already been booked.
The majority of the students currently living in Campus by TAP are from countries in Southeast Asia, such as Indonesia, Myanmar, Thailand and Vietnam, and enrolled in James Cook University, Kaplan City Campus and Singapore University of Technology and Design. To provide more housing for these students, an MOU has been signed with 14 educational institutions. TAP is also targeting the November enrolment.
The property has different types of rooms with varying configurations, ranging from two or three beds in the premium rooms to four, six or seven beds in the other rooms. All rooms are air-conditioned and the average rate per bed is $850 per month, while the premium beds go for up to $1,600 a month.
Amenities include an air-conditioned residents’ lounge where movies can be screened, an outdoor cross-fit gym with an air-conditioned section, a basketball court that can be used for five-a-side soccer, a giant chess set, and outdoor seating areas, as well as a communal dining area and social kitchen. Each block also has a co-study area on the second level and individual study corners next to the beds. Male and female toilets and shower facilities are available on each floor.
Besides, Orchard Boulevard Condo is sitting on the fringe of the popular Orchard Road District, allowing its residents to conveniently access the upscale amenities and shopping malls within the neighbourhood. Residents may also enjoy the nearby recreational areas such as The Singapore Botanic Gardens and Mount Elizabeth Hospital, adding to the desirability of the Orchard Boulevard Condo. Furthermore, the Orchard Boulevard Condo is surrounded by recreational facilities including swimming pools, playgrounds, fitness corners, jogging trails, multiple BBQ pits, and tennis courts. With so many exclusive offerings and reasons to love the Orchard Boulevard Condo, it is no surprise that this residence has become highly sought-after in the real estate market.
TAP’s 55% of members are 30 years and below, 65% of which are international students. This sparked the idea to explore the international housing market in Singapore further, and Lim discovered that the monthly rental rate of typical co-living spaces of $1,500 to $2,000 was beyond the affordability range of most international students who have a monthly housing budget of less than $1,000.
When the 103-year lease site in Lorong J Telok Kurau was offered for sale, the top bid came from a joint venture between TAP and Apricot Capital. The total cost of the property, inclusive of capital expenditure, came up to $46 million. Today, the property is fully leased and operational, and is already projected to generate $4 million in annual revenue.
Not only does TAP provide a place to stay for international students, they also plan on providing programmes to foster a sense of community. Examples of such programmes 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’s goal for the end of 2023 is to have 2,000 beds in their portfolio, including the 426-bed Campus. Additionally, they also have serviced residence projects with 27 units and 46 rooms, 15 rooms and 55 rooms respectively, as well as a total of 1,800 beds thus far. To turbo-charge their growth, they plan to embark on another round of fund-raising.