The Assembly Place - Leading social community living operator

The Assembly Place - Leading social community living operator (Not Rated)

Established in 2019, The Assembly Place is the largest community living operator in Singapore who offers the most diverse type of accommodation. 

Based on Knight Frank’s research, The Assembly Place has the leading market share at 34% (based on number of keys as of 17 December 2025). 

With six brands across five living solution segments, The Assembly Place addresses diverse customer needs across multiple accommodation formats. 

The Assembly Place was listed on the Singapore Stock Exchange on 23 January 2026 with a market capitalisation of S$88 million. 

Post listing, Founder and CEO Eugene Lim is expected to hold 24.9% of the company.  Non-Executive Chairman and Controlling Shareholder, Mr Eric Low, will have 25.7% shareholding.

The Assembly Place has ambitions to expand the portfolio to over 10,000 keys by 2030, while maintaining the asset-light model. 

The company will expand the portfolio through direct leases with property owners and strategic joint ventures with established partners. 

It has secured additional properties which are expected to add approximately 610 keys to its portfolio over the next two years. 

The Assembly Place will also expand across Southeast Asia, starting with a 66-key facility in Bangsar, Kuala Lumpur in 2026. 

Key strengths of The Assembly Place

#1 - Largest and diversified across sectors and locations 

As the largest operator in Singapore by leased and operated keys with 3,422 keys across 100 property assets in Singapore, representing about 34% in market share.   

It  derives scale benefits through enhanced bargaining power, operational consistency, and economies of scale.

TAP’s portfolio is diversified and extends through multiple demographic groups – from students to working population and seniors. 

The Group’s broad demographic exposure allows it to participate across multiple community living sub-segments, reducing reliance on any single customer group and supporting more stable cash flows. 

#2 - Scalable growth fuelled by an asset-light model and in-house capabilities

The Assembly Place operates an asset light model where the property assets are leased directly from the property asset owners. 

In addition, the in-house capabilities in interior design, procurement and project management enhance the ability to launch new property assets in a timely and cost-efficient manner. 

Growing the 311 keys in 2021 to 3,422 keys as at 17 December 2025, representing CAGR of 83.2%.

#3 - Positive outlook for co-living industry 

Operators with scale and operational efficiency are better positioned to capture demand and navigate regulatory complexity. 

TAP’s diversified portfolio broadens the Group’s market reach across multiple demographics.

Looking ahead, Singapore’s community living sector is expected to benefit from continual increase in housing rental rates, steady inflows of foreign professionals and students, while supply remains structurally limited. 

Meanwhile, change demographics and living needs from growing proportion of seniors aged 65 and over is an irreversible structural trend.

In Singapore’s community living sector, the addressable market value of the various segments are forecasted to grow steadily at a modest range of between 1.4% to 2.3% per year in the next five years, according to Knight Frank Consultancy.

Residential Co-living 

A steady inflow of employment-pass holders is expected to support demand and rental growth in the residential co-living segment.  

The number of employment-pass holders is estimated to increase by 1.0% per year.  Based on independent research, residential rental will grow at an average of 1.2% per annum in the next five years. 

Hotels & serviced apartments

Growth of international visitor arrivals from Southeast Asia and Asia remains resilient. Year-to-date till November 2025, visitor arrivals reached 15.55 million, an increase of 2.7% year-on-year. 

With Singapore Tourism Board’s proactive tourism development plans, the visitor arrivals could continue the modest growth trend.  

Market research expects room revenue of economy and mid-tier hotels to grow by 1.5% per annum over the next five year.

Students’ accommodation 

Singapore’s position as a regional education hub with world class universities, global institutions and robust government policies attracting international talent, is driving international student enrolment and rising rental rates. International student enrolment is estimated to grow 2.5% per annum in the next five years.

Foreign healthcare professionals’ accommodation

Healthcare facilities and infrastructure in Singapore to be expanded and upgraded to strengthen and expand Singapore’s healthcare system to meet rising healthcare needs.  

According to Ministry of Health, to attain a healthcare workforce size of 82,000 nationally by 2030, we will need to recruit about 6,000 nurses, allied health professionals and support care staff annually. 

According to industry consultant, at least one-third of the new nurses is expected to be foreign nurses, or 2,000 new foreign nurses per year.

#4 - Community-driven approach and proprietary technology 

The Assembly Place operates an asset-light model supported by proprietary, in-house developed CRM system and mobile application – TAP App. 

TAP App centralises service requests, occupancy and lease tracking, and member feedback management. 

This digital backbone streamlines workflows, improves resource allocation, and shortens response times across the portfolio. 

As a result, the Group operates with a lean organisational structure, achieving a low employee-to-key ratio of approximately 1:81, which supports operating leverage and scalable growth.

The Assembly Place’s belief in a strong community-focused approach is a key differentiation. 

Member engagement is driven through a combination of shared communal spaces, digital touchpoints via the mobile application and social media channels, and regular community-wide events held at least monthly to foster social interaction and a sense of belonging.

Leveraging on the digital solutions to integrate structured community engagement initiatives across its accommodation portfolio has supported tenant retention and brand differentiation.

#5 - Experienced management with proven track record

Mr Eugene Lim, Founder and CEO of The Assembly Place, brings over 15 years of real estate industry experience spanning brokerage, project marketing, and development sales. 

Non-Executive Chairman and controlling shareholder, Mr Eric Low, is a key partner and growth enabler who supported the development of the company’s foundational portfolio.  Mr Eric Low brings deep real estate market experience and strong asset origination capabilities. 

Mr Eugene Lim built the company from a six-room operation into a diversified platform across residential co-living, student housing, serviced apartments, hostels, and hotel-style assets.  

As at 17 December 2025, the portfolio has expanded to approximately 3,422 keys across 100 properties.  

Business segments

Beyond its operational expertise, The Assembly Place also offers project and property management services, creating values in the properties under its management. 

The business comprises three key segments - Community-driven stays, Other Property related services and Investments. 

Community-driven stays

This is the largest revenue contributor, accounting for 94.8% of The Assembly Place’s 1H FY2025 revenue. 

The Assembly Place operates and manages residential and alternative accommodation assets under six distinct brands, serving a broad customer base. 

In addition, it provides property management services, including marketing, tenant sourcing and screening, and ongoing maintenance.

Other property related services

The Assembly Place offers property asset owners other value-added services such as referral services and project management services where we coordinate the renovation and refurbishment works on behalf of the property asset owner. 

This segment contributes to 5.2% of total revenue in 1H FY2025. 

Investments

As part of its business, The Assembly Place may invest or acquire minority ownership interests in companies that own the property assets. 

After such acquisition, it may enter into tenancy agreements, project management agreements and/or property management agreements with such companies. In addition, The Assembly Place invests in or acquires companies with strategic or synergistic benefits.

Largest co-living operator in Singapore

The Assembly Place is the largest co-living operator in Singapore, with approximately 3,500 keys, or a market share of approximately 34%, as at 17 December 2025.  

The Assembly Place targets a portfolio of 10,000 keys by end-2030, representing CAGR of 24%. 

Financial highlights

1H 2025

Revenue increased 43.6% year-on-year to S$11.65 million, driven by the Community-driven segment.  Revenue from Community-driven segment increased by 41.5% year-on-year to S$11.05 million.   

Revenue from Other property-related services segment increased by 99.4% year-on-year to S$0.6 million. 

During the period, The Assembly Place continued to scale up the operation, securing larger properties with higher key counts.  The number of keys increased by 62.5% year-to-date to 3,422 keys.

In April 2025, SOCIAL on Outram was launched, featuring 26 keys across a four-storey pre-war shophouse with a land area of approximately 2,200 square feet, combining hotel accommodation with community-oriented living spaces.

In June 2025, COMMUNE on Henderson was launched.  An inter-generational living concept located at the former Henderson Primary School. 

The 77,000 sq ft development offers wellness-focused amenities for elderly and young adult residents, including a smart gym, communal garden, and multi-purpose court.

FY2024

Revenue increased 31.8% year-on-year to S$18.9 million, led by the Community-driven segment and the Investments segment.  

There were conversion of existing management contracts to direct lease agreements and additional pipelines added in FY24, including 121-127 Woodleigh Park, Jalan Wangi, Moonstone Lane, Dunlop Street.   

Net profit turned positive to S$$6.22 billion, from a net loss of S$899 million recorded in FY2023. Excluding changes in fair value of investment properties, core profit increased by 64.6% year-on-year to S$12.75 million. 

Over FY2022–FY2024, the Group delivered a revenue CAGR of 66.0%.

Key Risks

#1 - Ability to secure suitable property assets 

The Assembly Place’s ability to sustain growth is dependent on continued access to suitable property assets. 

As at 30 June 2025, properties linked to the Non-Executive Chairman and Controlling Shareholder, Mr Eric Low, and his associates accounted for approximately 61.2% of lease liabilities. 

While management is taking steps to broaden its sourcing base, heightened competition or adverse market conditions could limit asset availability and increase sourcing costs, which may adversely impact growth and returns.

As at 17 December 2025, The Assembly Place has secured additional properties which are expected to add approximately 610 keys (including 66 keys at Bangsar, Kuala Lumpur) to its portfolio over the next two years.

#2 - Dependent on direct lease agreements

It faces lease renewal risk given its reliance on direct lease agreements, with early termination or non-renewal potentially leading to site closures, higher relocation costs, and challenges in securing suitable replacement assets on acceptable terms. 

#3 - Dependent on ability to maintain a stable member base

The company’s performance depends on having a stable member base which may be adversely affected by external factors.  The Assembly Place will continue to pursue pricing, product and service initiatives to maintain and renew a stable member base.

#4 - Dependent on proprietary CRM system and mobile application

The company depends on the in-house developed CRM system and mobile application to operate efficiently. 

Changes to mobile operating systems, browser settings, app-store policies, search-engine algorithms or data privacy laws could necessitate material re-engineering of the application or marketing strategies. This could adversely affect the operations.

#5 - Key man risk 

The company is highly dependent on the continued services of Executive Director, Chief Executive Officer and controlling shareholder, Mr Eugene Lim and other key Executive Officers for continued success and growth.  

The operations and financial performance will be affected if the company is unable to retain or replace any loss of the key executives and employees in a timely manner.

Trading at FY2024 PE 14.2x 

Based on its listing price of S$0.23, The Assembly Place is trading at market cap of S$88.1 million and FY2024 price-to-earnings ratio of 14.2x. 

Based on the estimated NAV of 8.17 cents as of 1H 2025, the stock is trading at price-to-book ratio 2.82x. 

To understand more about the living sector, read our guide to investing in the living sector here.

To find out more, join our upcoming webinar "Investing in the living sector: A growing real estate asset class" at 7.30pm on 28 January (Wed) where we will unpack the key trends shaping the living sector, and discuss the opportunities and risks investors should understand before investing in stocks within this growing real estate segment. Sign up for free here. 

Download the full report here.

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