Catalist-listed The Assembly Place (TAP) has entered into a joint venture with TS Home to redevelop the historic Phoenix Park site along Tanglin Road into an integrated community living destination.
According to a June 3 bourse filing, the property will house more than 700 co-living keys, alongside wellness, food and beverage, community retail and sports facilities.
The 610,487 sq ft former government historic site at 300-320 Tanglin Road is “expected to become Singapore’s largest co-living development”, say the companies in a joint statement. The site has an estimated gross floor area of 119,338 sq ft.
Together, the site comprises 33 conserved black-and-white colonial buildings spread across 5.7ha. Built in 1949, the property previously housed the British Far East Command and later the Ministry of Home Affairs, before becoming a lifestyle cluster.
According to the company, the redevelopment project represents the “most ambitious co-living development in Singapore to date”.
Under the joint venture structure, TS Home, which was recently awarded the master tenancy by the Singapore Land Authority (SLA), will partner TAP through a newly established vehicle, TSTAPPRH Pte Ltd. TAP will hold a 39% stake in the joint venture company and oversee operational management, fit-out and activation of the site.
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This joint venture marks TAP’s third collaboration with TS Home, following co-living projects at Henderson Primary School and accommodation projects for foreign healthcare professionals.
Asset-light strategy
For TAP, the Phoenix Park project represents another step in its asset-light growth strategy, following its Singapore Exchange listing earlier this year.
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The company currently operates over 3,400 keys across 100 locations, with close to 1,500 keys in the pipeline.
The addition of more than 700 keys at Phoenix Park will “further strengthen the Group’s trajectory towards its target of 10,000 keys by the end of 2030”.
"Phoenix Park is not just a real estate project — it is an opportunity to redefine what community living means in Singapore. We have always believed that where people live should actively support how they feel, how they connect, and how they thrive,” says Eugene Lim, TAP’s CEO and executive director.
Growing demand for flexible housing
The redevelopment comes amid a “growing demand” for co-living and community-centric living solutions in Singapore, say TAP and TS Home.
Purpose-built co-living communities that integrate wellness, social programming and lifestyle amenities have emerged as the preferred housing format for young professionals, expatriates, digital nomads and increasingly, longer-term urban residents, according to the firms.
TS Home director and chief operating officer Oh Boon Shi says the partnership reflects a shared vision of creating thoughtfully designed communities.
“Our partnership with TAP has always been rooted in a shared belief that thoughtfully designed communities can transform lives. Phoenix Park represents the fullest expression of that shared mission. With this historic site, we are committed to delivering a vibrant community living destination for our residents, but one that will also attract both local and international visitors seeking unique lifestyle and wellness experiences,” adds Oh.
