The Assembly Place portfolio hits 100 properties, with another 1,490 keys in the pipeline
The Assembly Place Holdings (TAP), the Singapore Exchange-listed community living operator, has expanded its collection to 100 estates with more than 3,400 keys. In a news release publicizing its financial results for FY2025 concluded Dec 31, 2025, the firm includes that it has actually also secured a pipeline of around 1,490 keys throughout new projects over the next 2 years.
Looking in advance, TAP is predicting co-living need to stay robust, sustained by workforce movement, the high price of home ownership, way of living modifications and the preference for lease versatility amongst its targeted group– those aged 34 years and below. “As Singapore’s largest and most diversified community living operator, TAP is well-positioned to record possibilities in the city-state’s co-living industry,” the company includes.
For its FY2025, TAP reported altered revenues of $7.7 million, up 24.2% y-o-y, supported by a 42.4% rise in revenue throughout the exact same duration to $27 million. The mass of TAP’s revenue growth was driven by its core community-driven stays segment, which accounted for $25.2 numerous FY2025 revenue, up 42.4% y-o-y. TAP associates the jump to the bigger variety of keys under monitoring and operation, boosting from 2,106 as at the end of FY2024 to 3,422 in FY2025, as well as more master leases entered into during the year.
TAP includes that the solid functionality was further supported by sturdy occupancy costs, which in turn averaged 94.4% in FY2025, up from 91% in FY2024.
The projects cap off a hectic year for TAP, which likewise recently completed its IPO and classifying on the SGX Catalist board in January. “With the funds inflated from our IPO, we are well-positioned to additionally improve our program services, grow market infiltration and expand our reach as we work towards our target of 10,000 keys by 2030,” says Eugene Lim, TAP’s exec director and chief executive officer.
On the other hand, TAP introduced its hospitality label Social in 2025 with two shop resort properties: the 26-key Social on Outram on Outram Road and the 26-key Social on Mayo at Jalan Besar. Additionally, it just recently finished the renovation of Serene Center, noting TAP’s very first venture right into retail shopping mall supervision. The updated four-storey mixed-use development in Bukit Timah includes retail shops on the first two floors, while the upper floors have actually 86 serviced flats.
TAP is also converting Lian Huat Building, an 11-storey freehold industrial building at 163 Tras Street, right into a hotel. The structure was bought by a joint project wherein TAP has a 10% interest, with the balance stored by Apricot Capital and Eric Low, deputy CEO of Oxley Holdings. In releasing its results, TAP likewise says that it has actually gotten governing approval to convert the property right into a 163-key resort, greater than the 152 keys at first projected.
Elsewhere, some other new real estates in the works are anticipated to add approximately 441 keys. These consist of Singapore properties at 400 River Valley Road, 63 and 65 South Bridge Road, 101 Lavender Street and 259 Outram Road. Additionally, TAP is schedule to broaden into Malaysia this year, with a future hotel real estate in Bangsar, Kuala Lumpur.
“Regardless of the one-off impact of IPO expenses, we maintained our revenue momentum, reflecting the strength of our manpower-lean, asset-light and community-driven model, and the growing demand for flexible, lifestyle-oriented living solutions,” says Lim.
The pipeline features TAP’s very first foray into the migrant worker accommodation segment. In March, it declared a shared project with S11 Group to operate an 886-bed dormitory found at Seletar North Link. The dormitory is going to offer designed well being programs and technology-enabled procedures aimed at enhancing neighborhood engagement, health and social communication.
