# The Assembly Place enters JV to redevelop Jalan Harom Setangkai site into five terraced houses

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-06T05:16:59.000Z
- **Author:** Cecilia Chow
- **Original:** https://www.edgeprop.sg/property-news/assembly-place-enters-jv-redevelop-jalan-harom-setangkai-site-five-terraced-houses
- **Topics:** Private Residential, Transactions & Deals, Investment & Capital Markets

## Featured rationale

The asset-light project signals developer confidence in prime District 10 landed demand and could add limited new freehold supply while expanding TAP beyond co-living.

## AI summary

A joint venture including The Assembly Place acquired 50 Jalan Harom Setangkai for $22 million, or $2,037 psf, and will redevelop it into five terraced houses.

## Original article

The Assembly Place Holdings (TAP) has taken a 10% stake in a joint venture (JV) that has acquired the freehold residential property at 50 Jalan Harom Setangkai. It is located within Chip Hock Gardens, a landed housing enclave off Farrer Road, at Gallop Park in prime District 10. It’s also a short distance from the Botanic Gardens.

While TAP did not disclose the purchase price, a caveat lodged in February shows that the detached house, which sits on a freehold site of 10,801 sq ft, was acquired for $22 million, or $2,037 psf. The acquisition was completed on Aug 5, TAP announced on Aug 6.

The property will be redeveloped into five terraced houses for sale by a joint venture comprising Two Three Holdings, which holds a 50% stake; Apricot JHS, a related company of Apricot Capital, with 30%; and TAP and Beth Reserve, which each hold 10%.

Read also: New build Gallop Park Road bungalow for sale at $49 mil

Two Three Holdings is controlled by TAP’s non-executive chairman and substantial shareholder Eric Low See Ching.

TAP’s wholly owned subsidiary, TAP Co-living, will be appointed project manager for the redevelopment. It will also be involved in the sales and marketing strategy for the five houses, on terms to be agreed among the joint venture partners.

The acquisition and redevelopment will be partly financed through bank financing, with the balance provided by the joint venture partners through interest-free shareholder loans in proportion to their respective stakes.

The shareholder loans are expected to total up to $8.8 million. TAP’s share will amount to about $900,000, funded from its initial public offering proceeds. About $600,000 had been deployed as at the date of the announcement.

As Low controls Two Three Holdings, the joint venture company is considered his associate and therefore an interested person. TAP’s provision of the shareholder loan to the joint venture is consequently regarded as an interested person transaction.

The loan represents about 3.6% of the group’s latest audited net tangible assets. As this is below the 5% threshold under Catalist rules, shareholders’ approval is not required. TAP added that all the joint venture partners are providing their loans in proportion to their stakes and on the same terms.

Read also: The Assembly Place, TS Home to repurpose Phoenix Park into Singapore's largest co-living destination

TAP says the investment is in line with its asset-light, co-investment strategy, allowing the group to participate in property development while limiting its capital commitment.

Check out the latest listings for District 10 properties

## Chinese translation

> Translation model: openai_codex_cli

### The Assembly Place 进入合资项目，将 Jalan Harom Setangkai 地块重建为五栋排屋

TAP 通过最新项目，将业务版图从共居扩展至房地产开发

The Assembly Place Holdings（TAP）已在一家合资企业（JV）中持有 10% 股权，该合资企业收购了位于 50 Jalan Harom Setangkai 的永久地契住宅物业。该物业位于第 10 邮区黄金地段 Gallop Park 内、Farrer Road 附近有地住宅区 Chip Hock Gardens 内，距离植物园也很近。

虽然 TAP 未披露购买价格，但 2 月提交的产权登记显示，这栋独立式洋房坐落在 10,801 平方英尺的永久地契地块上，以新币 2,200 万元，即每平方英尺新币 2,037 元被收购。TAP 于 8 月 6 日宣布，该收购已于 8 月 5 日完成。

该物业将由一家合资企业重建为五栋排屋并出售。该合资企业由持有 50% 股权的 Two Three Holdings、Apricot Capital 关联公司 Apricot JHS（持股 30%），以及 TAP 和 Beth Reserve（各持股 10%）组成。

另读：Gallop Park Road 新建洋房以新币 4,900 万元求售

Two Three Holdings 由 TAP 非执行主席兼主要股东 Eric Low See Ching 控制。

TAP 的全资子公司 TAP Co-living 将获委任为该重建项目的项目经理。它也将参与五栋房屋的销售和营销策略，相关条款将由合资伙伴协商确定。

收购和重建将部分通过银行融资，其余部分由合资伙伴按各自持股比例通过免息股东贷款提供。

股东贷款预计总额最高达新币 880 万元。TAP 的份额约为新币 900,000 元，资金来自其首次公开售股所得款项。截至公告日期，已动用约新币 600,000 元。

由于 Low 控制 Two Three Holdings，该合资公司被视为他的联营公司，因此属于利益相关人士。TAP 向该合资企业提供股东贷款，因而被视为一项利益相关人士交易。

该贷款约占集团最新经审计有形资产净值的 3.6%。由于低于 Catalist 规则下的 5% 门槛，因此无需股东批准。TAP 补充称，所有合资伙伴均按其持股比例并以相同条款提供贷款。

另读：The Assembly Place、TS Home 将 Phoenix Park 改造为新加坡最大共居目的地

TAP 表示，该投资符合其轻资产、共同投资策略，使集团能够参与房地产开发，同时限制其资本投入。

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