in Kuala Lumpur
The Assembly Place is launching a new 430-bed premium student hostel at 116 Lorong J Telok Kurau that was sold for $40 million in November 2022. The buyer of the property, a 104,469 sq ft land parcel with a 103-year lease, prefers to remain anonymous.

JCube Residence and the surrounding neighbourhood stand to benefit greatly from the JRL with the improved public transport options and convenience it brings to the residents. With the JRL happening soon, the surrounding areas are expected to experience revitalisation and transformation.

The seller of the land parcel was the Trustees of the Presbyterian Church, which owns the underlying 999-year lease (from 1939) on the site. Despite the site zoning for civic and community institution use, URA had permitted the property to be used as a student hostel.

Knight Frank Singapore was the marketing agent of the site and launched it for sale by tender in September 2022. When the tender closed a month later, more than 15 bids had been submitted. Interest was keen as the $40 million purchase price was 33% above the initial guide price of $30 million ($287 psf).

Prior to the sale, the property had operated as EastLodge, a 120-room student accommodation with two blocks of three- and four-storey buildings. Now, as part of The Assembly Place’s portfolio, it is being renovated and converted into a premium student hostel. Co-living operator The Assembly Place is the appointed development manager and operator of the student hostel on a 5+5 year lease.

The “premium” aspect of the property comes from its modular design; each student has an individual bed and study area, plus shared areas such as a lounge, dining, kitchen, laundry, basketball court, and outdoor fitness area. Bathroom facilities are spacious and well-equipped.

At the time of the sale, the estimated number of international students in Singapore stood at 65,400, most of which were from Malaysia, Indonesia, Thailand, Vietnam, China, India, and South Korea. These figures, according to the International Trade Association, are largely focused on students aged 13-23.

Eugene Lim, Founder and CEO of The Assembly Place, noted that parents are more mindful these days about their children’s accommodation abroad. Factors such as location, security, privacy, comfort, and hygiene are increasingly important to them.

With the opening of this second student housing hostel, The Assembly Place’s portfolio of co-living and spaces will expand to 2,000. The premium hostel is expected to open in September, alongside the 186-bed co-living property on Perak Road, off Jalan Besar, which opened in November 2022 and is currently fully occupied.