The Assembly Place Targets 10,000 Keys by 2030 as It Expands Beyond Co-Living

Of its 103 properties, 102 are in Singapore, with the only overseas property in Kuala Lumpur. CEO Eugene Lim said operating across six living sectors, namely residential co-living, hotels and serviced apartments, student accommodation, inter-generational living, accommodation for healthcare professionals and migrant worker dormitories, lets TAP reach a wider pool of residents and keep relationships with them. Foreigners make up 95 per cent of members, 85 per cent of whom are under 34.

Students pay about S$800 a month for a bed, and can move into entry-level co-living rooms from S$1,350 a month after finding employment. Rooms with attached bathrooms in more central or city-fringe locations cost up to S$3,200. “You shift from asset to member,” Lim said, “but you are still plugged into the same community.”

Commune @ Henderson, a 273-key inter-generational community run through a joint venture with TS Group in which TAP holds 30 per cent, has 95 per cent occupancy and average monthly rates for senior residents of S$3,800 or more. TAP aims to bring the ratio of young residents to seniors down from 10 to one to five to one. It also operates accommodation for healthcare professionals under a 10-year contract with the Ministry of Health, managing 1,308 keys, and is entering migrant worker accommodation through Habitat, its 60 per cent-owned venture with S11, whose 886-bed purpose-built dormitory is in its portfolio. In August it launched Gather House, a capsule hostel at 63 and 65 South Bridge Road, with beds at about S$45 a night. Its first phase, with 72 beds, achieved occupancy of more than 90 per cent after its soft launch.

By year-end TAP will launch Algo by The Assembly Place, an 80-key property in Geylang with an AI lab, podcast rooms and co-working areas, with room rates from about S$1,600 a month. In Tanglin, TAP holds 39 per cent of a joint venture to transform Phoenix Park, a 610,487 sq ft site with 33 conserved colonial black-and-white buildings, into a residential and wellness village with more than 700 keys, expected to begin operations in early 2027.

TAP made its Catalist debut on 23 January at S$0.23 a share and closed at S$0.29 on the first day. Its share price has since retreated, largely hovering in the S$0.20 to S$0.25 range, and closed unchanged at S$0.197 on 16 October. For the first half ended 30 June, revenue rose 33.9 per cent year on year to S$15.6 million and net profit grew 80.7 per cent to S$2.2 million, driven largely by residential co-living and student accommodation. It declared an interim dividend of S$0.001 per share. Lim said TAP will take a measured approach to acquisitions as the industry consolidates: “The numbers may look good, but acquiring legacy issues is another thing.”