The Assembly Place

The Assembly Place (TAP) is a Singapore-based co-living operator founded in 2019 by Eugene Lim. Lim, with an extensive 17-year background in the real estate industry, including roles at Knight Frank and Oxley Holdings, established TAP to revolutionize the rental market by fostering a sense of community. He initially entered real estate to fund his university education and developed a passion for the industry, which led to the creation of TAP, inspired by the camaraderie of school assemblies.

The company began with just six rooms and has since expanded its portfolio to over 1,800 keys across more than 130 properties in Singapore, managing assets worth over S$250 million. TAP operates on a business model that includes both management contracts and straight leases, with a portfolio mix of 60% and 40% respectively. This asset-light approach, focusing on management contracts, allows landlords to potentially increase their rental income by up to 50% compared to traditional leases. The company caters to a diverse clientele, including students, singles, professionals, and families, with different tiers of offerings such as TAP Lite, TAP Luxe, and TAP Home.

The Assembly Place provides a comprehensive range of accommodation, making it the first operator in Singapore to cover the full spectrum from co-living spaces and student hostels to boutique hotels and serviced apartments. A significant project is Campus by The Assembly Place, a premium student accommodation with 426 beds, extensive facilities, and partnerships with 14 educational institutions. In 2022, TAP acquired Liberto, the operator of Commontown Singapore's co-living spaces, further solidifying its market position. The company has also ventured into managing retail spaces and providing housing for foreign healthcare workers through a joint venture.

TAP has successfully raised capital through multiple funding rounds, including a S$5.55 million seed round in 2021 and a S$5.33 million Pre-Series A round in June 2024, anchored by Apricot Capital. These funds are aimed at expanding its capacity to over 5,000 keys by the end of 2025. The company has received numerous accolades, including being named the Best Co-Living Space at the Asia Property Awards for multiple years.

Keywords: co-living, property management, student accommodation, Singapore real estate, community living, flexible leasing, rental properties, asset-light model, serviced apartments, boutique hotels, real estate investment, property technology, Eugene Lim, Apricot Capital, corporate housing, shared economy, urban living, tenant community, real estate management, expatriate housing