The Assembly Place Enters Tanglin Road Serviced Apartment Joint Venture

MT Newswires06-04

The Assembly Place (SGX:TAP) signed a joint venture agreement with three partners to operate serviced apartments in Tanglin Road, Singapore, according to a Wednesday bourse filing.

Shares of the co-living spaces operator were down over 2% in Thursday trading.

The development site spans approximately 610,487 square feet, with plans to deliver a 700-key serviced apartment inventory for the venture.

TS Homes was awarded master tenancy for the site by the Singapore Land Authority for a period of five years, with potential renewal for another 4 years.

The joint venture vehicle has been incorporated under the name TSTAPPRH, with The Assembly Place maintaining a 39% equity stake in the project.

The other partners include Dankhim Investment, which boasts a portfolio across real estate, co-living and food solutions, alongside Cheng Huat, a director of Prime Residence Home.

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