Singapore: Apricot Capital, the family office of coffee tycoon David Teo, has completed the S$105-million ($78.1 million) purchase of a mixed-use property in the city’s upscale Bukit Timah area.
It will convert the Serene Centre shopping and apartment complex into a combined coliving and retail complex, according to an announcement by Cushman & Wakefield.
Apricot Capital is working with an unnamed 50:50 JV equity partner to convert the 10 apartments on the building’s upper levels into 86 serviced rooms and updating the mall which occupies the lower two floors.
Singapore-based coliving specialist The Assembly Place will serve as the property’s asset manager, extending its partnership with the Teo family and Apricot.
The partners will commence a “multi-million dollar renovation” of the Serene Centre in April and aim to complete work in Q1 2025, according to a statement from The Assembly Place. The operator said the project will feature communal facilities such as shared kitchens, utility rooms and lounge areas, and will be positioned to cater to professionals attracted by Bukit Timah’s amenities.
David Teo and family are diversifying into real estate after a successful S$1.4 billion cash out from 3-in-1 coffee business.
“Coliving tenants will be drawn into the vibrant retail spaces and retailers, likewise, will benefit from the increased footfall from the co-living community,” said Eugene Lim, founder and chief executive officer of The Assembly Place. “This move (new project) is in line with our longer-term growth strategy as we continue to expand on our co-living concepts.”
