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 actually expanded its accounts to 100 properties with more than 3,400 keys. In a press release announcing its financial results for FY2025 concluded Dec 31, 2025, the company adds that it has actually also gotten a pipe of around 1,490 keys throughout all new plans over the next 2 years.
TAP is likewise transforming Lian Huat Building, an 11-storey estate business building at 163 Tras Street, right into a hotel. The building was bought by a joint venture by which TAP has a 10% risk, with the remainder kept by Apricot Capital and Eric Low, deputy chief executive officer of Oxley Holdings. In announcing its outcomes, TAP likewise claims that it has received regulative authorization to transform the building right into a 163-key resort, greater than the 152 keys initially predicted.
On the other hand, TAP released its hospitality company Social in 2025 with two boutique resort properties: the 26-key Social on Outram on Outram Road and the 26-key Social on Mayo at Jalan Besar. In addition, it recently carried out the renovation of Serene Center, noting TAP’s very first project right into retail shopping mall regulation. The upgraded four-storey mixed-use development in Bukit Timah includes retail shops on the first two floors, whilst the upper floorings have actually 86 serviced residences.
Looking ahead, TAP is forecasting co-living demand to stay robust, upheld by employees movement, the high price of own a home, lifestyle adjustments and the choice for lease flexibility among its targeted market– those aged 34 years and below. “As Singapore’s largest and most varied area living operator, TAP is well-positioned to capture opportunities in the city-state’s co-living market,” the business adds.
The pipeline includes TAP’s first venture right into the migrant worker accommodation section. In March, it publicized a shared venture with S11 Group to run an 886-bed dormitory situated at Seletar North Link. The dorm room will offer organized well being process and technology-enabled functions aimed at improving neighborhood engagement, wellness and social communication.
“Despite the one-off influence of IPO expenditures, we preserved our profit momentum, mirroring the resilience of our manpower-lean, asset-light and community-driven model, and the growing interest for adaptable, lifestyle-oriented living services,” states Lim.
The projects cap off a hectic year for TAP, which also lately completed its IPO and listing on the SGX Catalist board in January. “With the funds raised from our IPO, we are well-positioned to even more enhance our program services, deepen market infiltration and broaden our reach as we work in the direction of our target of 10,000 keys by 2030,” mentions Eugene Lim, TAP’s executive director and CEO.
Elsewhere, other new real estates in the works are anticipated to add about 441 keys. These include Singapore real estates at 400 River Valley Road, 63 and 65 South Bridge Road, 101 Lavender Street and 259 Outram Road. Additionally, TAP is slated to expand right into Malaysia this year, with a future resort real estate in Bangsar, Kuala Lumpur.
For its FY2025, TAP reported modified profits of $7.7 million, up 24.2% y-o-y, backed by a 42.4% rise in earnings throughout the very same duration to $27 million. The mass of TAP’s earnings development was driven by its core community-driven stays sector, which made up $25.2 numerous FY2025 income, up 42.4% y-o-y. TAP attributes the jump to the larger variety of tricks under administration and procedure, boosting from 2,106 as at the end of FY2024 to 3,422 in FY2025, along with more master leases participated in throughout the year.
TAP adds that the solid performance was further sustained by sturdy occupancy prices, which in turn averaged 94.4% in FY2025, up from 91% in FY2024.
