The Assembly Place

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The Assembly Place
Company typePrivate
IndustryReal estate
Founded2019
FounderEugene Lim
HeadquartersSingapore
Key people
Eugene Lim (founder and CEO), Eric Low See Ching, Kemmy Tan, Mohamed Ismail, Wendy Tang, Bruce Lye, Ken Low, Shaun Poh, Dennis Goh.
WebsiteThe Assembly Place

The Assembly Place (TAP) is a co-living startup based in Singapore, founded by local entrepreneur Eugene Lim 2019.[1][2][3][4]

History

The Assembly Place was founded in 2019 starting with six rooms, and was the first co-living operator in Singapore to cover a full spectrum of accommodation spaces.[5][6][7] In 2021, TAP raised S$5.55 million (US$4.1 million) in a seed funding round led by Eric Low See Ching, Oxley Holdings' executive director and deputy CEO.[8][9] TAP's portfolio comprised 60% management contracts and 40% straight leases.[9] Also, in 2021, The Assembly Place was awarded Best Co-Living Space at the Asia Property Awards.[10][11]

In March 2022, TAP acquired Liberto, the operator of Commontown Singapore's co-living spaces. This acquisition included all of Liberto Commontown's assets, head leases, and sub-leases, totalling approximately 120 rooms across 10 locations.[12][7][13] In September 2022, TAP opened a co-living hotel, The Assembly Place at Mayo, refurbishing the former Mayo Inn. In November 2022, TAP launched its first co-living hostel, featuring 31 rooms and 180 beds.[14][15] In October 2023, TAP launched its largest co-living space, Campus by the Assembly Place. This space, targeted at students, includes 426 beds and has over 100,000 square feet, with more than 20 facilities.[16] TAP has signed memorandums of understanding (MOUs) with 14 educational institutions, including James Cook University and Singapore University of Technology and Design (SUTD).[5]

In August 2023, TAP won a tender from MOH Holdings in a joint venture with TS Group to retrofit buildings into housing for 1,800 foreign healthcare workers across five sites.[17][18]

The Assembly Place (TAP) raised S$5.33 million in a Pre-Series A funding exercise anchored by Apricot Capital, surpassing its initial S$5 million target.[19] TAP has previously collaborated with Apricot Capital on projects such as their joint venture in premium student housing at 116 Lorong J & 119 Lorong K Telok Kurau, known as Campus by The Assembly Place. In February 2024, TAP was selected as the asset manager for Serene Centre in Bukit Timah (District 21), a property acquired by Apricot Capital.[20] The funds raised will fuel TAP’s growth as it seeks to increase its current 1,800 keys to over 5,000 by the end of 2025 and also to support the development of its projects such as the MOH Holdings Pte Ltd lodging facilities for healthcare professionals at 1A Short Street.[21]

References

  1. ^ Chow, Cecilia (March 30, 2022). "The Assembly Place acquires fellow co-living operator Commontown Singapore". edgeprop.sg. Retrieved 2024-06-28.
  2. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2024-06-28.
  3. ^ "Undergrad real estate agent now CEO of largest co-living firm here". www.magzter.com. Retrieved 2024-06-28.
  4. ^ "Homegrown co-living start-up The Assembly Place (TAP) hits 1000-room milestone, eyes overseas expansion". 99.co. September 29, 2022. Retrieved 2024-06-28.
  5. ^ a b Chow, Cecilia (October 19, 2023). "The Assembly Place taps student housing market, launches 426-bed Campus at Telok Kurau". edgeprop.sg. Retrieved 2024-06-28.
  6. ^ "Co-living operator The Assembly Place aims to be a pioneer in co-living industry with blockchain investment". 99.co. July 21, 2023. Retrieved 2024-06-28.
  7. ^ a b Chiew, Cheryl (31 March 2022). "Singapore Co-living Tech Start Up The Assembly Place (TAP) Acquires Commontown Singapore". propertyguru.com.sg. Retrieved 2024-06-28.
  8. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2024-06-28.
  9. ^ a b Wong, Jamie (March 30, 2022). "Local co-living startup The Assembly Place acquires Commontown Singapore". 99.co. Retrieved 2024-06-28.
  10. ^ Cruz, Al Gerard de la (2022-10-28). "Transnational, homegrown developers accoladed at the 12th PropertyGuru Asia Property Awards (Singapore) celebration". Asia Property Awards. Retrieved 2024-06-28.
  11. ^ "PropertyGuru Asia Property Awards Yearbook 2021 - 2022 by PropertyGuru Property Report". issuu.com. 2022-05-20. Retrieved 2024-06-28.
  12. ^ "Co-living startup The Assembly Place acquires peer operator Commontown Singapore". The Business Times. 2022-03-30. Retrieved 2024-06-28.
  13. ^ Cousins, Felicity (2022-04-06). "The Assembly Place acquires coliving operator Commontown Singapore". Serviced Apartment News. Retrieved 2024-06-28.
  14. ^ "The Assembly Place: 1,000 rooms today, targeting 3,000 by end of next year". Yahoo Finance. 2022-09-29. Retrieved 2024-06-28.
  15. ^ "'I wanted a different space on my own': Co-living spaces gaining ground in Singapore". CNA. Retrieved 2024-06-28.
  16. ^ David, Sophiyanah (October 23, 2023). "Campus by The Assembly Place redefines co-living for students in Singapore". 99.co. Retrieved 2024-06-28.
  17. ^ Laforga, Beatrice (2024-02-26). "Singapore's The Assembly Place Takes on Health Worker Hostels". Mingtiandi. Retrieved 2024-06-28.
  18. ^ "Commentary: Is co-living a fad or here to stay in Singapore?". CNA. Retrieved 2024-06-28.
  19. ^ "The Assembly Place Raises S$5.33 Million In Pre-series A Funding Exercise Led By Apricot Capital". Property Guru. 28 June 2024.
  20. ^ Rosmin, Azhann (27 June 2024). "The Assembly Place secures S$5.33 million in pre-Series A funding, plans major expansion".
  21. ^ Lam, Nicholas (26 June 2024). "The Assembly Place raises $5.33 mil in Pre-Series A funding".
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