The Assembly Place expands beyond co-living as it targets 10,000 keys by 2030

[SINGAPORE] From students on tight budgets to working professionals and seniors, The Assembly Place (TAP) aims to provide accommodation for residents at different life stages – and keep them within its network as their needs evolve.

To achieve this, the Catalist-listed operator is expanding beyond its core residential co-living business into a multi-sector accommodation model, designed to retain members while growing its portfolio.

As at Jun 30, TAP manages 3,520 keys across 103 properties. With a secured pipeline of 2,100 keys over the next two years, the operator is targeting 10,000 keys by 2030.

Of its 103 properties, 102 are in Singapore, with its only overseas property in Kuala Lumpur, Malaysia.

In an interview with The Business Times, CEO Eugene Lim said that operating across six living sectors enables TAP to reach a wider pool of residents and maintain relationships with them.

The sectors are residential co-living, hotels and serviced apartments, student accommodation, inter-generational living, accommodation for healthcare professionals and migrant worker dormitories.

Foreigners make up 95 per cent of TAP’s members, of whom 85 per cent are under 34 years old. Lim noted that younger residents increasingly value community connections rather than merely a place to stay.

This is reflected in TAP’s student accommodation portfolio, with two of its properties housing nearly 700 international students from 20 countries.

For some, their stay may extend beyond their student years. Students paying about S$800 a month for a bed can transition into entry-level co-living rooms starting at S$1,350 a month after securing employment.

As their earning capacity grows, members can move into more central or city-fringe locations, where rooms with attached bathrooms cost up to S$3,200 a month, Lim said.

“You shift from asset to asset, but you are still plugged into the same community,” he said.

This flexibility also gives members options during periods of financial uncertainty. During the tech industry downturn in the past few years, workers facing pay cuts could move from premium rooms to more affordable options without leaving the TAP network, noted Lim.

While TAP does not offer formal loyalty discounts for residents who stay with the brand over the long term, Lim sees its community-building efforts as a key differentiator from larger players focused on physical real estate.

This approach extends to Commune @ Henderson, a 273-key inter-generational community operated through a joint venture with TS Group, in which TAP holds a 30 per cent stake.

The property has 95 per cent occupancy, and monthly rates for senior residents average S$3,800 or more.

Depending on the package, services include round-the-clock care, assistance with daily living, meals and housekeeping, and recreational activities.

The rooms are also equipped with fall-detection and emergency-alarm systems.

Interactions between residents of different age groups have developed organically, rather than through organised activities, Lim said.

“We thought the best thing was to curate icebreaker games, but we realised that our seniors start talking to the young people, young people start talking to the seniors, and they makan (eat) together,” he said.

In one instance, a retired banker living at the facility led a career-sharing session for young finance undergraduates. “The students realise there is so much to learn. Once we break that barrier, magic happens.”

TAP aims to progressively refine the resident mix, bringing the ratio of young residents to seniors down from 10 to one to five to one. This is to prevent seniors from feeling outnumbered and to encourage more meaningful everyday interactions between residents.

Expansion Plans

Beyond residential co-living, TAP is expanding into accommodation for healthcare professionals, migrant workers and budget travellers.

These are underserved segments that offer growth opportunities, while helping to diversify TAP’s business and reduce its reliance on any one sector, said Lim.

Under a 10-year contract with the Ministry of Health, TAP operates TSTAP, a joint venture with TS Group, in which it holds a 20 per cent stake. TSTAP manages 1,308 keys for foreign healthcare professionals.

TAP is also entering the migrant worker accommodation segment through Habitat, its 60 per cent-owned joint venture with S11. The 886-bed purpose-built dormitory will feature communal areas on each floor, drawing on TAP’s experience in community living, Lim said.

In the budget-travel market, the firm launched its eighth brand in August: Gather House, a premium capsule hostel at 63 and 65 South Bridge Road. The first phase at 65 South Bridge Road has 72 beds and achieved occupancy of more than 90 per cent after its soft launch.

Inspired by his youth camping experiences in the Boys’ Brigade, Lim designed the terracotta-themed hostel to target younger travellers, with beds priced at around S$45 a night.

A second phase at 63 South Bridge Road will add 60 beds and has already secured pre-bookings from corporate groups and schools, pending its Temporary Occupation Permit.

Overseas, TAP has soft-launched Social on Bangsar in Kuala Lumpur, a 66-bed hotel with nightly rates of RM150 (US$37) to RM250.

Technology and Lifestyle

By year-end, TAP will launch Algo by The Assembly Place, an 80-key, dual-block property in Geylang that is designed to combine accommodation with technology-focused communal spaces.

The development will feature an artificial intelligence lab, podcast rooms and co-working areas. The AI lab is intended as a shared space where residents can exchange ideas and experiment with AI tools, including building applications through vibe coding and experimenting with AI agents.

TAP is also working with AI specialists on hands-on workshops and events. Lim expects the space to attract tech professionals, as well as other residents interested in learning about AI. Room rates start at around S$1,600 a month.

In Tanglin, TAP holds a 39 per cent stake in a joint venture to transform Phoenix Park into a residential and wellness village.

Set across 610,487 square feet and comprising 33 conserved colonial black-and-white buildings, the development is expected to offer more than 700 keys, a Hyrox gym, a tennis academy and F&B outlets, with operations slated to begin in early 2027.

TAP made its Catalist debut on Jan 23 at S$0.23 a share, closing at S$0.29 on its first day of trading. Its share price has since retreated, largely hovering in the S$0.20 to S$0.25 range.

Lim said his focus remains on growing the business and delivering on its commitments, rather than on short-term market movements.

The company reported higher earnings for the first half ended Jun 30, with revenue rising 33.9 per cent year on year to S$15.6 million. Its net profit grew 80.7 per cent to S$2.2 million, driven largely by residential co-living and student accommodation.

It also declared an interim dividend of S$0.001 per share.

As the co-living industry consolidates, Lim said, TAP will take a measured approach to acquisitions and focus on organic growth.

“In mergers and acquisitions, we have to manage people and culture. The numbers may look good, but acquiring legacy issues is another thing. So for that, I would love to take a more prudent approach,” he added.

Shares of TAP closed unchanged at S$0.197 on Friday (Oct 16).