The Assembly Place acquires 163 Tras Street for hotel conversion

The building is planned to be converted into a 152-room hotel.

The Assembly Place Holdings Ltd. (TAP) has acquired 163 Tras Street, an 11-storey freehold commercial building in Singapore.

The acquisition was carried out through 163 TS Pte. Ltd., a joint venture company in which the company holds a 10% equity stake, according to a press release.

The building is planned to be converted into a 152-room hotel.

Provisional permission for the change of use from commercial to hotel, including certain additions and alterations, has been granted by the Urban Redevelopment Authority (URA).

Renovation will begin once the URA approves the commencement of works.

TAP’s share of the loan to partly fund the acquisition and redevelopment is expected to total approximately $2.25m, of which $1.88m will be drawn from the company’s initial public offering net proceeds, with the remainder funded from internal cash resources.

The acquisition adds to the group’s portfolio of hotel properties and aligns with its co-investment strategy, said TAP executive director and ceo, Eugene Lim.

“We remain asset light and able to execute our plans with both discipline and speed,” Lim added.

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