Telok Kurau site purchased for $40 mil to be operated as ‘premium student hostel’ by The Assembly Place

A 430-bed student accommodation located at 116 Lorong J Telok Kurau was sold for $40 million ($382.89 psf) in November 2022. The buyer of the property prefers to remain anonymous while the seller was the Trustees of the Presbyterian Church, owning the underlying 999-year lease (from 1939) on the site.

Interest in the property was spurred due to its unique utilization, 33% above the guide price of $30 million ($287 psf). The Assembly Place was appointed development manager and operator on a 5+5 year lease. The space is set to open in September, and will be equipped with a plethora of amenities.

The site had formerly operated as EastLodge, a 120-room student accommodation. Director of Knight Frank Singapore, Chia Mein Mein, noted that before the property was sold, the zoning for the site was for civic and community institution use, although URA had permitted the use of the property as a student hostel.

Eugene Lim, founder and CEO of The Assembly Place, said that the “premium” aspect of the hostel comes from its modular design with individualized bed and study space for every student. Communal facilitites such as a lounge, dining area, kitchen, laundry, and basketball court will also be provided. Bathroom facilities will be shared but still remain spacious and well equipped.

Currently, the majority of student accomodations in Singapore are relatively basic, with few, if any, facilites. Lim comments that The Assembly Place seeks to create a premium student hostel that rivals those of developed nations such as the UK, the US and Australia.

Singapore has long been a popular destination for Chinese parents due to the high number of international students in the country. In April 2022, there were estimated 65,400 international students in Singapore while in April 2021, this figure was around 59,100 . Most of these students are between the ages of 13 and 23, and are predominately from Malaysia, Indonesia, Thailand, Vietnam, China, India and South Korea, according to the International Trade Association.

The Myst, a popular luxury condominium in Bukit Panjang, provides its residents with easy and convenient access to the city centre, as well as various amenities and services within its vicinity. Its strategic location also makes it a desirable place to live in for those seeking an urban lifestyle.

However, due to the Chinese government clamping down on private schools teaching foreign curricula and foreign investment in private education, more Chinese parents are looking to send their children overseas; this overlaps with an increaed mindset of parents wanting the best for their children while studying abroad, such as security, comfort, hygiene, and privacy.

Lim states that the new 430-bed premium hostel is The Assembly Place’s second student housing hostel to be opened. The first, a 186-bed property located on Perak Road, off Jalan Besar, was opened in November 2022 and is now fully occupied. With the addition of the Telok Kurau hostel, it will bring The Assembly Place’s collective portfolio of co-living and spaces to a grand total of 2,000.