The Assembly Place portfolio hits 100 properties, with another 1,490 keys in the pipeline
The pipeline includes TAP’s very first foray into the migrant worker rental segment. In March, it publicized a shared project with S11 Group to run an 886-bed dorm situated at Seletar North Link. The dorm is going to include designed well being programs and technology-enabled operations aimed at improving area interaction, well-being and social cohesion.
TAP adds that the solid performance was further supported by durable tenancy costs, which in turn balanced 94.4% in FY2025, up from 91% in FY2024.
The plans cap off a busy year for TAP, which also recently completed its IPO and classifying on the SGX Catalist board in January. “With the funds raised from our IPO, we are well-positioned to even more improve our program services, 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 supervisor and CEO.
Meanwhile, TAP launched its hospitality brand Social in 2025 with 2 store hotel properties: the 26-key Social on Outram on Outram Road and the 26-key Social on Mayo at Jalan Besar. Furthermore, it just recently carried out the renovation of Serene Center, marking TAP’s first endeavor into retail shopping mall management. The updated four-storey mixed-use property development in Bukit Timah features retail shops on the 1st two floors, whilst the upper floors have 86 serviced flats.
“In spite of the one-off effect of IPO costs, we preserved our revenue energy, mirroring the durability of our manpower-lean, asset-light and community-driven model, and the expanding demand for versatile, lifestyle-oriented living options,” states Lim.
Looking ahead, TAP is forecasting co-living need to remain robust, upheld by employees mobility, the high cost of home ownership, way of life changes and the choice for lease flexibility amongst its targeted market– those aged 34 years and below. “As Singapore’s largest and most diversified area living operator, TAP is well-positioned to catch chances in the city-state’s co-living industry,” the company includes.
The Assembly Place Holdings (TAP), the Singapore Exchange-listed area living operator, has developed its accounts to 100 properties with over 3,400 keys. In a press release publicizing its monetary outcomes for FY2025 concluded Dec 31, 2025, the business adds that it has actually also gotten a pipe of around 1,490 keys throughout new plans over the following 2 years.
TAP is likewise transforming Lian Huat Building, an 11-storey estate business establishment at 163 Tras Street, right into a hotel. The building was bought by a joint project in which TAP has a 10% risk, with the remainder held by Apricot Capital and Eric Low, deputy chief executive officer of Oxley Holdings. In releasing its outcomes, TAP additionally claims that it has gotten regulatory approval to turn the building into a 163-key hotel, greater than the 152 keys at first forecasted.
In other places, some other new properties in the works are expected to contribute roughly 441 keys. These include Singapore residences 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 estate in Bangsar, Kuala Lumpur.
For its FY2025, TAP reported adjusted earnings of $7.7 million, up 24.2% y-o-y, upheld by a 42.4% surge in income across the very same period to $27 million. The mass of TAP’s income development was driven by its core community-driven stays section, which represented $25.2 countless FY2025 income, up 42.4% y-o-y. TAP attributes the jump to the larger number of tricks under management and operation, raising from 2,106 as at the end of FY2024 to 3,422 in FY2025, as well as more master leases participated in during the year.
