The Assembly Place (SGX:TAP) agreed with S11 Granuity Management to establish a joint venture to collaborate and adopt the company's community living model to jointly operate a migrant worker dormitory, according to a Wednesday filing with the Singapore Exchange.
The premises include a dormitory building which houses around 886 beds and is owned by S11.
S11 will grant the JV company a license to conduct worker dormitory business for a period of one year, with an option to renew for another three years.
Under the agreement, the company will have a 60% stake in the JV while S11 will have a 40% stake.
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