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 expanded its accounts to 100 estates with more than 3,400 keys. In a news release announcing its economic outcomes for FY2025 ended Dec 31, 2025, the firm adds that it has actually also secured a pipe of around 1,490 keys across new plans over the following 2 years.
The pipeline includes TAP’s very first foray right into the migrant worker accommodation sector. In March, it announced a mutual project with S11 Group to operate an 886-bed dorm situated at Seletar North Link. The dormitory will include organized welfare process and technology-enabled procedures aimed at enhancing community interaction, health and social communication.
TAP is additionally transforming Lian Huat Building, an 11-storey estate business property at 163 Tras Street, right into a hotel. The building was acquired by a joint venture by which TAP has a 10% stake, with the rest stored by Apricot Capital and Eric Low, deputy chief executive officer of Oxley Holdings. In releasing its final results, TAP additionally claims that it has actually gotten regulatory authorization to transform the establishment right into a 163-key hotel, more than the 152 keys initially forecasted.
Somewhere else, other brand-new properties in the jobs are expected to add around 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. Additionally, TAP is slated to broaden right into Malaysia this year, with an approaching hotel building in Bangsar, Kuala Lumpur.
TAP includes that the strong efficiency was further sustained by robust occupancy prices, which averaged 94.4% in FY2025, up from 91% in FY2024.
The projects cap off a busy year for TAP, which likewise just recently accomplished its IPO and listing on the SGX Catalist board in January. “With the funds raised from our IPO, we are well-positioned to further enhance our program services, strengthen market penetration and increase our reach as we work towards our target of 10,000 keys by 2030,” remarks Eugene Lim, TAP’s exec manager and chief executive officer.
At the same time, TAP launched its hospitality brand name 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. Additionally, it recently completed the repair of Serene Center, noting TAP’s first endeavor into retail shopping mall supervision. The updated four-storey mixed-use project in Bukit Timah includes retail channels on the first two floors, while the upper floors have actually 86 serviced apartments.
For its FY2025, TAP reported adjusted profits of $7.7 million, up 24.2% y-o-y, supported by a 42.4% rise in profits across the very same period to $27 million. The bulk of TAP’s earnings development was driven by its core community-driven stays sector, which accounted for $25.2 countless FY2025 profits, up 42.4% y-o-y. TAP associates the jump to the larger variety of keys under monitoring and operation, increasing from 2,106 as at the end of FY2024 to 3,422 in FY2025, as well as more master leases participated in throughout the year.
Looking in advance, TAP is forecasting co-living need to stay robust, sustained by employees movement, the high cost of own a home, lifestyle modifications and the preference for lease versatility amongst its targeted demographic– those aged 34 years and below. “As Singapore’s biggest and most diversified area living operator, TAP is well-positioned to catch possibilities in the city-state’s co-living industry,” the business includes.
“Despite the one-off influence of IPO expenses, we kept our profit momentum, showing the strength of our manpower-lean, asset-light and community-driven design, and the growing need for versatile, lifestyle-oriented living solutions,” claims Lim.
