The Assembly Place, TS Home to repurpose Phoenix Park into Singapore’s largest co-living destination
The occupancy, allocated by the Singapore Land Authority (SLA), has an initial five-year term with a choice to renew for an additional 4 years. TS Group is a home-grown property developer and operator of dorm rooms, boarding homes and large area places.
The addition of Phoenix Park are going to expand TAP’s working and pipeline accounts, which in turn presently consists of greater than 3,400 keys throughout 100 areas and nearly 1,500 keys under development. The group is targeting a portfolio of 10,000 keys by 2030.
SGX-listed co-living provider The Assembly Place (TAP) has formed a joint venture with TS Home to transform the historic Phoenix Park site right into Singapore’s largest co-living destination, with more than 700 keys. TAP holds a 39% stake in the mutual venture.
Built in 1949, Phoenix Park was proclaimed a historical site by the National Heritage Board in 2012. The area in the past housed the British Far East Command and the British High Commission before acting as the Ministry of Home Affairs central office from 1977 to 2001.
The plan will incorporate serviced apartments and undergraduate accommodation with wellness facilities, sporting activities features, dining channels and community spaces, creating a live-work-wellness ecosystem within the heritage precinct. The JV partners are anticipated to take over the site in October, with the initial stage booked to open up in 1Q2027, claims Eugene Lim, CEO of TAP.
Oh Boon Shi, director and COO of TS Home, believes the changed Phoenix Park site will certainly also entice community and overseas visitors seeking unique way of living and wellness experiences, as the centers will be accessible to the general public.
TAP’s Lim claims the site at Phoenix Park presents “an opportunity to redefine what community living indicates in Singapore”.
Found at 300 to 320 Tanglin Roadway, the 610,487 sq ft area is equivalent in dimension to eight soccer areas. It consists of 33 conserved colonial-era black-and-white structures spread out throughout the site, with surface area car and motorcycle parking garage.
The project marks the JV’s third collaboration– having worked on Singapore’s initial intergenerational co-living residence at the previous Henderson Primary School, branded Commune @ Henderson, as well as three sites under the Ministry of Wellness Holdings that were converted into purpose-built holiday accommodation for foreign medical care specialists.
TS Home, a branch of TS Group, protected the master tenancy for Phoenix Park with the best of seven proposals, providing an once a month rental fee of $404,888.
