First Sponsor Group’s indirect fully-owned unit, Chengdu Gaeronic Real Estate (CGRE), allowed payment in instalments, extended the payment deadline and further amended other payment terms for the proposed sale of parts of Chengdu Cityspring.
CGRE is selling certain parts of the China mixed-use residential and commercial project to Minyoun Industrial Group, a Chengdu-based hotel, property and finance firm, for about 465 million yuan (S$92.5 million) in cash.
Three parties entered into the fifth supplemental agreement to the sale and purchase agreement – Minyoun Industrial, CGRE and Ningbo Meishan Bonded Port Area Nanshe Yachun Investment Management Partnershi, a joint venture vehicle wherein Minyoun Industrial holds a majority interest.
The fifth supplemental agreement will see the buyer and/or Ningbo Meishan paying 155.1 million yuan (S$30.8 million), which represents the outstanding amount of the consideration, as at 22 May, via monthly instalments of 10 million yuan to CGRE on the last business day of every month beginning May 2019.
The buyer and/or Ningbo Meishan will also pay liquidated damages at one percent each month on the outstanding amount for the period starting 28 May, to the date CGRE receives full payment of the remaining consideration. Failure to pay the liquidated damages by the fifth business day of every month will see them paying double the liquidated damages for such month.
Title to certain portions of the property will be transferred by CGRE to the buyer and/or Ningbo Meishan, with the consideration not exceeding the monthly instalment, following CGRE’s receipt of each instalment.
Title to the remaining parts of the property will be transferred by CGRE to the buyer and/or Ningbo Meishan once the outstanding amount is fully paid.
Under the third supplemental agreement, the buyer and/or Ningbo Meishan would pay the entire outstanding amount of the consideration to CGRE by 27 May.
CGRE was also supposed to transfer the title to certain parts of the property after it received additional cash amounting to 20 million yuan.
First Sponsor noted that CGRE can terminate the SPA and forfeit the total deposit in the event the buyer and/or Ningbo Meishan failed to pay the monthly instalment or liquidated damages on the due dates or breached any of the terms of the SPA for over 10 business days.
Meanwhile, the buyer and/or Ningbo Meishan can also terminate the SPA, with CGRE returning the total deposit given to them in the event the latter failed to provide relevant documentation or breached the terms of the SPA for over 10 business days.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
Wartime is a good test of financial resilience. The notorious “Red Horse and Red Sheep Calamity” (赤马红羊劫) comes every 60 years. It is infamous to bring along fire, volatility, riots and warfare. Coincidentally, it falls in the years 2026 and 2027. While we were still celebrating Chinese New Year, the United States and Israel couldn’t... [read more]
Co-living in Singapore has evolved far beyond its early improvisations. The sector today is defined less by trend and more by structure, shaped by formal rules, clearer service benchmarks and residents who value reliability as much as flexibility.
Not all early operators made that transition. What began as a lifestyle experiment for travelling professionals and short-stay residents has matured into a regulated, credible segment with rising expectations around safety, consistency and service. Many early entrants consolidated, downsized or shifted focus as the demands of the market sharpened.
The Assembly Place (TAP), however, has become one of the few to evolve with the sector, pairing scale with operational discipline and showing that co-living can function as a reliable urban housing model. Its Best Co-Living Operator award at the PropertyGuru Asia Property Awards (Singapore) 2025 highlights a company that has helped redefine what shared living means in a dense, mobile city.
Founded in 2019, TAP has grown into a platform that straddles hospitality, real estate operations and community management. Today it oversees a broad portfolio spanning co-living units, purpose-built student accommodation, mixed-use spaces and mall management across Singapore, with a growing pipeline of properties under management.
That surge is matched by a professional operating model built around clear standards: structured onboarding, fast maintenance turnaround, safety compliance, resident support and a consistent service promise regardless of property type. In a segment where quality varies widely, TAP’s ability to deliver the same experience across neighbourhoods is one of its defining strengths.
The past year has been especially important. TAP secured a major tender from MOHH to provide accommodation for healthcare professionals, a milestone that signals trust at an institutional level. Healthcare workforce housing requires reliability, predictability and strict compliance, qualities that only a handful of co-living operators can credibly offer. The award represents more than a single contract; it is recognition that TAP’s systems have matured to a point where essential workforce housing can be anchored by co-living without compromise.
That confidence is reflected in its expansion into mixed-use asset management, including Hafary House and Serene Centre. TAP has also moved into adjacent sectors, with the launch of Social on Outram — its new boutique hotel — and the Springleaf Collection, a design-led landed housing development. Together, these properties show how co-living operators can evolve into broader placemaking and asset-management roles, shaping environments where residents, guests and tenants interact with retail, dining and lifestyle offerings as part of their everyday routines. TAP’s willingness to take on these spaces signals a broader shift: co-living is becoming part of how buildings and districts function, not simply a category of rental housing.
Community-building remains central to TAP’s identity. But unlike many operators that rely heavily on ad-hoc social programming, TAP structures community to support the resident journey: clear house rules, onboarding sessions, curated events, and informal support networks for international tenants who may be navigating Singapore for the first time. This intentional approach helps reduce turnover, strengthen resident satisfaction and foster meaningful social connection, important in a segment where stays are often fluid.
Its flagship, Campus by The Assembly Place, brings these principles together at a scale rarely seen in co-living. The 426-bed student residence, created through the adaptive reuse of existing buildings, operates more like a small university campus than a housing block. Study lounges, fitness spaces, wellness zones, landscaped courtyards and communal kitchens are arranged through a careful zoning strategy that separates quiet areas from social spaces. Privacy is built into room design; community is embedded in circulation and amenity planning. It is a model that demonstrates TAP’s ability to operate co-living at institutional size without losing sensitivity to how residents live and learn.
Across its portfolio, TAP serves a broad demographic: international students, young professionals, talent relocators, and now healthcare workers. On the landlord side, owners increasingly turn to TAP for asset enhancement and stabilisation, relying on its ability to improve occupancy, manage compliance and create long-term value. As regulations surrounding shared accommodation continue to evolve, TAP’s structured operating model provides reassurance to both residents and property owners that standards will be upheld.
Looking ahead, The Assembly Place is well positioned to shape the next phase of co-living in Singapore. Flexible housing demand is rising alongside global mobility, hybrid work patterns and a growing student population. Mixed-use assets are becoming more central to how districts function. And the city’s rental landscape is shifting toward professionally managed accommodation rather than ad-hoc shared living. TAP’s combination of operational discipline, community-led design and cross-asset expertise gives it a clear role in that trajectory.
The Best Co-Living Operator award recognises maturity as much as scale. TAP has shown that co-living succeeds when it balances community with structure, hospitality with real estate discipline, and flexibility with safety and consistency. In doing so, it has helped establish co-living as a viable, long-term part of Singapore’s housing ecosystem and set a benchmark for what the sector can become.
On a quiet stretch of University Road in District 11, three detached homes sit on elevated terrain, their forms stepping with the slope rather than fighting it. Terraces, voids and openings choreograph how light and breeze move through each house, and the architecture feels tailored to the site rather than imposed upon it.
This kind of specificity has become increasingly rare in Singapore’s landed segment. With supply constrained, planning rules tightening and few new plots entering the market, the craft of designing and building houses at this level of care stands out. It is in this context that Jean Yip Developments has been recognised as Best Landed Developer at the PropertyGuru Asia Property Awards (Singapore) 2025.
Founded in 2002, the company has completed 16 landed projects, a compact but telling body of work, more than half delivered in the past five years. It operates quietly, with a design-led approach that treats every home as a bespoke response to its site.
Landed development requires an unusual combination of sensitivity and precision: understanding street character, setbacks, sightlines, gradients, vegetation and how the sun shifts across low-rise neighbourhoods through the day. Jean Yip Developments works comfortably within these parameters, producing houses that feel considered rather than imposing.
Its recent University Road project in District 11 illustrates this craft. The three detached homes sit on elevated terrain, a condition that can easily overwhelm a design if handled without care. Instead of forcing symmetry onto the slope, the architecture steps naturally with the land. Terraces, voids and openings choreograph how light and breeze move through each home. Internal circulation unfolds gradually, shaped by light wells and side courtyards that create moments of calm. The result is a trio of houses that feel individually tailored yet quietly connected by proportion and materiality.
Other projects show the same design discipline expressed in different contexts. At 8 Dyson, three bungalows adopt crisp modern lines tempered by greenery and controlled frontage, responding to the prestige and privacy expectations of the area. Along Shelford Road, two bungalows achieve openness without exposing residents to the street, using landscape buffers to soften boundaries.
At Chancery Road, a five-home cluster demonstrates how individuality can be preserved even within a coordinated framework, with each house expressed through subtle shifts in form and orientation. Across these developments, refinement lies in architectural judgement rather than showiness.
What sets Jean Yip Developments apart is its understanding of landed buyer psychology. These are homeowners seeking permanence — families who expect a house to hold its character for decades rather than cycles. They look for proportion, material integrity and comfort, not visual excess. The company’s homes are planned with these needs in mind: long sightlines that bring light deep into the plan, circulation that feels intuitive, upstairs spaces that balance privacy with openness, and materials chosen to age well. Landscaping is treated as a structural element that shapes the microclimate of each plot, not an afterthought.
The developer also reads the streetscapes of landed neighbourhoods with care. In areas where context matters — whether a quiet cul-de-sac, a sloped ridge, or a transitional fringe near a major road — the company’s designs show an understanding of how to sit comfortably within the existing fabric. Massing is moderated to avoid overpowering neighbours, and architectural language is calibrated to the character of each precinct. This neighbourhood sensitivity has become a defining part of its reputation.
Beyond Singapore, the company has selectively extended its craftsmanship overseas. In Japan, its portfolio of Airbnb properties applies the same small-scale spatial intelligence in a hospitality context. In Australia, its first project — a 117-unit development in Perth — won multiple awards, showing that its attention to proportion and detailing holds up under international scrutiny. These ventures remain measured, reflecting a commitment to quality rather than growth for its own sake.
Demand for landed homes is rising, shaped by multi-generational living, shifting notions of privacy and the desire for individuality in a dense city. With limited new supply and rising expectations for architectural quality, the segment demands a developer who can work with precision and empathy. Jean Yip Developments has shown a consistent ability to deliver homes that respond to both the practicalities of construction and the nuances of domestic life.
The Best Landed Developer award is, in effect, an endorsement of this rare craft. In a city shaped by vertical growth, Jean Yip Developments builds houses that retain the intimacy of home – spaces defined by proportion, light and thoughtful detail. In doing so, it has carved out a clear identity in one of Singapore’s most exclusive and challenging segments.
