The Assembly Place portfolio hits 100 properties, with another 1,490 keys in the pipeline
The Assembly Place Holdings (TAP), the Singapore Exchange-listed area living provider, has actually developed its portfolio to 100 properties with over 3,400 keys. In a press release announcing its economic results for FY2025 concluded Dec 31, 2025, the firm adds that it has actually also protected a pipeline of around 1,490 keys across all new projects over the following 2 years.
On the other hand, TAP launched its hospitality company Social in 2025 with 2 boutique resort properties: the 26-key Social on Outram on Outram Road and the 26-key Social on Mayo at Jalan Besar. Furthermore, it recently carried out the renovation of Serene Centre, noting TAP’s first venture right into retail mall supervision. The updated four-storey mixed-use development in Bukit Timah features retail shops on the first two floorings, whilst the top floorings have 86 serviced residences.
TAP is additionally transforming Lian Huat Building, an 11-storey freehold business establishment at 163 Tras Street, right into a hotel. The structure was purchased by a joint project by which TAP has a 10% stake, with the balance held by Apricot Capital and Eric Low, deputy CEO of Oxley Holdings. In disclosing its final results, TAP additionally states that it has actually obtained regulatory authorization to convert the building into a 163-key hotel, more than the 152 keys at first forecasted.
The plans cap off an active year for TAP, which likewise just recently accomplished its IPO and listing on the SGX Catalist board in January. “With the funds inflated from our IPO, we are well-positioned to further enhance our service offerings, deepen market infiltration and broaden our reach as we work towards our target of 10,000 keys by 2030,” remarks Eugene Lim, TAP’s exec head and CEO.
Somewhere else, some other brand-new real estates in the works are anticipated to add about 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. Furthermore, TAP is slated to broaden into Malaysia this year, with a forthcoming resort estate in Bangsar, Kuala Lumpur.
“Despite the one-off impact of IPO expenses, we kept our revenue momentum, reflecting the resilience of our manpower-lean, asset-light and community-driven model, and the growing need for versatile, lifestyle-oriented living options,” states Lim.
For its FY2025, TAP disclosed adjusted earnings of $7.7 million, up 24.2% y-o-y, supported by a 42.4% surge in revenue throughout the very same duration to $27 million. The mass of TAP’s income growth was driven by its core community-driven stays section, which made up $25.2 numerous FY2025 profits, up 42.4% y-o-y. TAP associates the jump to the bigger variety of keys under monitoring and procedure, raising from 2,106 as at the end of FY2024 to 3,422 in FY2025, as well as even more master leases entered into throughout the year.
The pipeline features TAP’s primary foray into the migrant worker lodging segment. In March, it publicized a mutual project with S11 Group to operate an 886-bed dorm found at Seletar North Link. The dorm is going to feature organized well-being programs and technology-enabled procedures aimed at improving area engagement, well-being and social communication.
TAP includes that the solid efficiency was further supported by durable occupancy costs, which averaged 94.4% in FY2025, up from 91% in FY2024.
Looking ahead, TAP is predicting co-living need to stay robust, upheld by employees movement, the high cost of home ownership, way of life changes and the preference for lease versatility among its targeted demographic– those aged 34 years and below. “As Singapore’s biggest and most diversified community living operator, TAP is well-positioned to catch opportunities in the city-state’s co-living market,” the company includes.
