Co-living startup, The Assembly Place (TAP), has acquired Commontown Singapore. Assets acquired include 120 rooms across 10 locations and its head leases and sublease. Source: The Assembly Place
Singapore co-living tech startup, The Assembly Place (TAP), has agreed with Libeto Pte Ltd, operator of the co-living spaces under the brand, to acquire all of its assets in Singapore, including its head leases and subleases amounting to around 120 rooms.
Currently, Commontown Singapore’s occupancy is at 100%. This acquisition will increase TAP’s presence in the Singapore co-living market to over 600 operational rooms with another 200 rooms in the pipeline ready to be launched by May 2022.
This acquisition re-affirms TAP’s commitment to expanding its presence in Singapore. TAP will be launching a 181-bed co-living hostel at 25A Perak Road and a 4-storey residential block at 257 Outram Road in April this year. Planning and construction are also underway for its serviced apartment assets at 3 Tank Road, 272 East Coast Road, and 18 Penhas Road, all of which are slated for launch by Q4 this year. All these assets are under a management contract model.
Related article: Co-Living Amid COVID-19: Why Is Co-Living Making A Comeback in Singapore?
TAP has been actively acquiring straight leases around the River Valley, Tiong Bahru, Novena and East Coast areas since its successful fundraising of $5.55 million in November 2021. Over the past 10 weeks, TAP has added close to an additional 250 rooms to its portfolio. Currently, the TAP portfolio sees a 60-40 split between management contracts and straight lease models.
Living room of Commontown Co-Living Space. Source: The Assembly Place
“We are excited about the acquisition of all the rooms currently managed by Commontown Singapore, as well as its experienced operations team”, says Eugene Lim, Founder and CEO of TAP.
“The capability of the incoming team, which boasts a wealth of global hospitality and operations places us in a position to support our ongoing expansion. Together with our existing team, we are confident that TAP will continue to scale aggressively this year whilst providing stellar levels of service and operational capability.”
Ian Lau, CEO and co-founder of Commontown Singapore, shares the sentiment. “Eugene and the team at TAP have the resources, vision and determination to excel in this industry, and we are pleased and excited at this opportunity to work with them in changing the face of real estate in Southeast Asia and beyond.”
On Co-living Trends in Singapore for 2022
Eugene Lim, Founder and CEO of TAP. Source: The Assembly Place
When asked about what he thinks about co-living trends in Singapore, Eugene Lim commented:
“Co-living spaces have been gaining a lot of traction over the past two years. Having to work from home for extended periods due to the COVID-19 pandemic saw many individuals crave more private space. This is particularly so for the younger professionals who live with their parents.
As the borders start to open up, we are likely to see more expatriates coming back to Singapore. With the uncertainty brought on by the pandemic, it is predicted they will go for co-living spaces as it allows for more flexibility as compared to a traditional lease. That’s where TAP comes in.
Other than creating a safe and pleasant living environment for our members, TAP has a Customer Relationship Management system that benefits them. This ranges from monthly invoices to maintenance issues and members’ benefits with other partners. All these features can be accessed through a mobile app for the convenience of our members.”
More about The Assembly Place (TAP)
From a humble beginning of six rooms in 2019, TAP has since expanded to more than 600 rooms across the city-state, with 200 more rooms in the pipeline. 60% of the rooms are under management contracts instead of a typical straight lease model. On a management contract front, TAP is currently managing more than $250 million of assets under management.
In 2019, TAP Founder and CEO, Eugene Lim, saw the world’s needs and demands for co-living concepts. With more than 15 years of experience in the property sector, having managed countless major assets for listed property giants, Eugene took a big leap to revolutionise the way co-living exists.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
