The hostel welcomed its first residents in December 2006 and was officially opened in February 2007. The hostel buildings can accommodate about 250 residents. Priority is given to international students, most of whom live in various private hostels around the island. In addition, the university leases rooms from a student hostel at Commonwealth Drive and these are open to 212 full-time SMU students (2nd year and above), exchange students and full-time postgraduate students who plan to study full-time at SMU for the forthcoming academic year. The hostel is located near Holland Village, which is known for its cosmopolitan array of restaurants and cafes. SMU also has 20 units in the Mount Sophia development which are available for rent and intended for faculty and staff and their family members, especially those relocating to Singapore from overseas or on visits of several months or more. Students can take part in the school clubs and events, as well as organise school events. The academic year commences in late August. Each term is 15 weeks long, including a week-long mid-term break and another week of revision and exams. Term 1 generally runs from late August to early December, while Term 2 begins in January and ends in mid-April. In most courses, students are assessed on the level of their class participation, a group project, a midterm test, and possibly, an exam at the end of the term. Students are generally required to give a presentation on a project topic for every course they read. Attending a half-unit course, called Finishing Touch, which advises students on career skills is also mandatory. It is part of each student's curriculum to spend at least 10 weeks on an internship at an approved organisation, and 80 hours of community service. These occupy the summer holidays of most students. Students are also encouraged to go an international exchange term with partner universities to experience different cultures. SMU has around 220 agreements with partner universities from 48 countries.