We created this article as part of our research process for our Asian single family office database. Here, we are highlighting the latest real estate investment from Apricot Capital, the Singaporean single family office of David Teo.
The Assembly Place has launched a new premium student housing project, “Campus by The Assembly Place (TAP)”, at 116 Lorong J Telok Kurau, featuring 426 beds across two blocks. The 103 year lease of the student accommodation was acquired by Apricot Capital, the single family office of David Teo.
The property has attracted significant interest, with over 120 beds already booked in the pre-marketing phase, primarily by students from China and Southeast Asian countries. The accommodations offer various room configurations, with rates averaging $850 per month, and premium rooms costing up to $1,600. Amenities include a residents’ lounge, cross-fit gym, basketball court, and communal dining and study areas. The project is a joint venture between The Assembly Place and Apricot Capital, led by David Teo, with a purchase price of $40 million for a 103-year lease, plus an additional $6 million invested in refurbishments. The seller of the property is The Trustees of the Presbyterian Church in Singapore.
Apricot Capital: Singaporean single family office from David Teo
David Teo sold his coffee empire Super Group to Jacob Douwe Egberts for S$1.45BN. Since then, the Teo single family office Aprico Capital invests in various verticals, such as real estate development (as in this project), properties, funds, offshore marine, education and entertainment. Portfolio companies include noomöö, Colversoft or real estate projects like the Riverfront at Hougang. Further more, the single family office from Singapore is active in philanthropy.