The price-quality tender conducted by the Singapore Land Authority (SLA) for the site at 98 Henderson Road closed on August 7 with six bids.

A joint venture between dormitory and accommodation provider TS Group and co-living operator The Assembly Place (TAP) submitted the highest bid of $102,888 per month.

It is not the first collaboration between TS Group and TAP. In February, the duo won a contract from the Ministry of Health's subsidiary, MOH Holdings, to design, retrofit, and operate three lodging facilities for newly arrived foreign healthcare workers.

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The Henderson Road property will be used for serviced apartments or co-living for seniors. The 77,551 sq ft site has a four-storey building, another single-storey building, and a guardhouse with a total estimated gross floor area of 40,361 sq ft. It also contains eight parking spaces, including handicapped parking.

The property was formerly a student hostel operated by Yo:ha, a Singapore-based student hostel and accommodation operator.

Under the price-quality tender, SLA will evaluate the bids based on concept and price. The winner will be operating the property on a four-year lease with an option to renew for another three years.

Eco Energy, a construction and property development company, offered the second-highest bid of $82,000 per month for the senior co-living site at Henderson Road. In August last year, the construction company and co-living operator Cove won SLA's bid for the conserved building on Hindoo Road, which will be converted into 18 co-living apartments.