TS Group-TAP JV submits top bid of $102,888/mth for Henderson Rd senior co-living site
By Nicholas Lam
/ EdgeProp Singapore |
(Pictures from SLA)
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.
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 77,551 sq ft site has a four-storey building, another single-storey building, and a guardhouse. (Photo: SLA)
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.
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