The Assembly Place Holdings Ltd. Announces Major Joint Venture for Serviced Apartment Business at Historic Phoenix Park Site
The Assembly Place Holdings Ltd. (“Company”) has announced a significant joint venture agreement that may have substantial implications for its shareholders and share value. The agreement was entered into on 3 June 2026 with TS Home Pte. Ltd., Dankhim Investment Pte. Ltd., and Mr Ng Cheng Huat, collectively forming a new joint venture company, TSTAPPRH Pte. Ltd. (“JV Company”), to operate serviced apartments at the historic Phoenix Park site, located at 300 to 320 (excluding 308) Tanglin Road.
Key Points of the Joint Venture Announcement
- Site Details: The Phoenix Park site spans 610,487 square feet and includes low-rise colonial buildings and black-and-white bungalows. The gross floor area is approximately 119,338 square feet. The site has been awarded an initial 5-year master tenancy (from 1 October 2026) to TS Home by the Singapore Land Authority (SLA), with an option to renew for an additional 4 years.
- Serviced Apartment Development: TS Home, as master operator, will transform the site into communal spaces with outdoor fitness, recreation areas, and living facilities, targeting over 700 keys. The JV Company will manage the site, marking a substantial expansion into new living sectors for The Assembly Place Holdings Ltd.
- Strategic Rationale: The move aligns with the Company’s strategy to forge alliances and pursue vertical diversification into new living sectors, tapping into Singapore’s growth in serviced apartments and communal living.
- JV Partner Details:
- TS Home Pte. Ltd.: A leading dormitory and accommodation operator under TS Group, with experience in serviced apartments and student accommodation.
- Dankhim Investment Pte. Ltd.: An investment holding company with a diversified portfolio spanning real estate, co-living, sustainable food, and active aging initiatives.
- Mr Ng Cheng Huat: Director of Prime Residence Home and veteran in real estate and accommodation, with over 40 years of experience.
- Share Capital Structure: The JV Company will be incorporated with an initial paid-up capital of S\$100,000 (100,000 ordinary shares) distributed as follows:
- The Assembly Place Holdings Ltd.: 39%
- TS Home: 51%
- Dankhim Investment: 5%
- Mr Ng Cheng Huat: 5%
- Board Composition: The JV Company will have a maximum of three directors. TS Home will nominate two directors (including the chairman), and The Assembly Place Holdings will nominate one director. The initial directors are Mr Shamkumar s/o Subramani (CEO, TS Group), Mr Oh Boon Shi (COO, TS Group), and Mr Eugene Lim (CEO, The Assembly Place Holdings).
- Funding Structure: Funding will be proportionate to shareholding, primarily via shareholder loans, with mutually agreed interest rates. The Assembly Place Holdings will use its internal cash resources for its portion.
- Profit Distribution: Profits will be declared and distributed to shareholders in proportion to their shareholdings.
- Shareholder Rights:
- Pre-emptive rights on new share issuance.
- Right of First Refusal, Tag-Along, and Drag-Along rights for share transfers, ensuring protection and flexibility for minority and majority shareholders in case of significant share sales or acquisitions.
- Financial Impact: The initial investment is expected to have no material impact on the net tangible assets per share or earnings per share for the financial year ending 31 December 2026.
- Director and Shareholder Interests: None of the directors or controlling shareholders, except through their shareholdings in the Company, have any direct or indirect interest in the JV Company.
- Further Announcements: The Company will update shareholders on material developments relating to the JV Company.
Potential Price Sensitive Factors for Shareholders
- This joint venture represents a significant expansion into Singapore’s serviced apartment and communal living sector, leveraging a historic and large-scale site in a prime location.
- The structure of the JV, with robust shareholder rights and clear funding mechanisms, reduces risk and provides flexibility for future capital needs or share transfers.
- The strategic alliance with TS Home and Dankhim Investment adds operational expertise and diversified investment perspectives, potentially enhancing future earnings and asset value.
- While the Company currently expects no material impact for FY2026, successful execution and occupancy of the site could drive substantial medium-term earnings, making this a potentially price-moving announcement.
Disclaimer
This article is based on information provided by The Assembly Place Holdings Ltd. and its joint venture partners. It is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with a financial advisor before making any investment decisions. The Singapore Exchange Securities Trading Limited (SGX-ST) assumes no responsibility for the contents of this article.
集结地控股有限公司宣布历史凤凰园地块服务式公寓重大合资项目
集结地控股有限公司（“公司”）于2026年6月3日宣布，与TS Home私人有限公司、Dankhim Investment私人有限公司及黄清发先生签订合资协议，正式成立合资公司TSTAPPRH私人有限公司（“合资公司”），共同经营位于300至320（不包括308）Tanglin Road的历史凤凰园地块服务式公寓业务。
合资公告关键要点
- 地块详情： 凤凰园地块面积610,487平方英尺，包括低层殖民建筑及黑白洋房，总建筑面积约119,338平方英尺。新加坡土地管理局（SLA）已将该地块的初始五年租约（自2026年10月1日起）授予TS Home，并可再延长四年。
- 服务式公寓开发： TS Home作为主运营商，将把地块改造成户外健身、娱乐及生活设施，目标超过700间公寓，由合资公司负责管理，标志公司在新生活领域的显著扩张。
- 战略原因： 此举符合公司与成熟合作伙伴建立战略联盟、实现垂直多元化进入新生活领域的战略。
- 合资伙伴介绍：
- TS Home私人有限公司： TS集团旗下领先宿舍及住宿运营商，专注服务式公寓及学生住宿。
- Dankhim Investment私人有限公司： 多元化投资控股公司，涵盖房地产、共居、可持续食品及积极养老。
- 黄清发先生： TS集团子公司Prime Residence Home董事，拥有40多年房地产与住宿行业经验。
- 合资公司股权结构： 初始注册资本为10万新币（10万普通股），分配如下：
- 集结地控股有限公司：39%
- TS Home：51%
- Dankhim Investment：5%
- 黄清发先生：5%
- 董事会组成： 最高三名董事，TS Home提名两人（含董事长），公司提名一人。首届董事包括Shamkumar s/o Subramani（TS集团CEO）、Oh Boon Shi（TS集团COO）、林荣（公司CEO）。
- 融资结构： 按股权比例，由股东贷款注资，利率协商确定。公司将用内部资金支持其份额。
- 利润分配： 按股权比例分配利润。
- 股东权利：
- 新股发行优先认购权。
- 股份转让优先购买权、跟随权、拖带权，保障大/小股东权益。
- 财务影响： 初期投资预计不会对2026财年每股净资产或每股收益产生重大影响。
- 董事及控股股东利益： 除通过公司持股外，董事或控股股东未直接或间接参与合资公司。
- 后续公告： 公司将就合资公司重大进展及时公告。
对股东的潜在价格敏感因素
- 本合资项目代表公司在新加坡服务式公寓和共居领域的重大扩张，地块位置优越，规模巨大。
- 合资结构明确，股东权利健全，融资机制灵活，降低风险，提升未来资本运作可能性。
- 与TS Home、Dankhim Investment战略联盟，带来运营与投资多元化，可能提升未来收益及资产价值。
- 虽然预计对2026年财务影响有限，但项目顺利运营后，可能带来中期显著业绩增长，属于潜在价格变动重大公告。
免责声明
本文基于集结地控股有限公司及合资伙伴提供的信息，仅供参考，不构成投资建议。投资者应自行调查，并咨询专业财务顾问。新加坡证券交易所（SGX-ST）对本文内容不承担任何责任。
