The Assembly Place expands beyond co-living as it targets 10,000 keys by 2030
From AI-powered spaces to inter-generational living, the Catalist-listed operator seeks to diversify its business
The Assembly Place (TAP), a Catalist-listed operator, aims to diversify its business beyond co-living to cater to residents at various life stages. As of June 30, TAP currently manages 3,520 keys across 103 properties in Singapore, with one property in Kuala Lumpur, Malaysia. The operator's pipeline of keys for the next two years is projected to reach 2,100 keys, with an ambitious target of 10,000 keys by 2030.
TAP's multi-sector accommodation model includes residential co-living, hotels and serviced apartments, student accommodation, inter-generational living, accommodation for healthcare professionals, and migrant worker dormitories.
The CEO of TAP, Eugene Lim, emphasizes that operating across six living sectors allows TAP to reach a broader pool of residents and maintain long-lasting relationships. Notably, young residents value community connections more than just a place to stay, as reflected in TAP's student accommodation portfolio, which houses nearly 700 international students from 20 countries.
Once students secure employment, they can transition into more affordable co-living rooms, which cost up to S$3,200 per month. TAP's community-building efforts serve as a key differentiator from larger players focused solely on physical real estate.
One of TAP's ventures, Commune @ Henderson, is a 273-key inter-generational community operated through a joint venture with TS Group, in which TAP holds a 30% stake. The property boasts a 95% occupancy rate, with monthly rates for senior residents averaging S$3,800 or more. While TAP does not offer formal loyalty discounts, its community-building initiatives help retain members during economic downturns.
For instance, workers facing pay cuts during the tech industry downturn in recent years could move from premium rooms to more affordable options within the TAP network.
TAP is also expanding into healthcare professional accommodation through a joint venture with TS Group, managing 1,308 keys for foreign healthcare professionals. Additionally, TAP is venturing into migrant worker accommodation and budget travel segments, which are under-served and offer growth opportunities. These diversifications will help reduce reliance on any single sector and provide comprehensive accommodation solutions for various segments.
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