The Assembly Place (TAP), a prominent co-living operator in Singapore, recently raised S$5.33 million in a Pre-Series A funding round, surpassing the initial target of S$5 million. This funding signals TAP’s growing influence and ambitious expansion plans in the co-living sector.
Details of the funding exercise
The Pre-Series A funding round, anchored by Apricot Capital, concluded with TAP securing S$5.33 million. The funding exercise lasted six weeks, starting in April 2024, and was led by Apricot Capital’s Managing Partner, Darren Teo. This marks TAP’s second major fundraising effort since its inception in 2019.
Investors and their contributions
The funding round saw participation from several significant investors, indicating confidence in TAP’s business model and prospects. Key investors included:
- Cache Capital Pte Ltd, owned by Mr Loi Pok Yen, Co-Group CEO of CWT Pte. Ltd.
- KM7 Capital, managed by Directors Kelvin Ng and Melvin Ng.
- Mr. Darrell Lim, Director at Bright Point Capital.
Usage of the raised funds
The raised funds will be used by TAP to fuel its growth and expand its offerings. The investments will focus on the purchase of new assets and the development of various projects. TAP, in collaboration with Apricot Capital, recently acquired its first co-living hotel, a boutique hotel at 9 Jalan Besar.
Upcoming projects and expansion plans
The funds will support TAP’s expansion plans, including projects such as MOH Holdings Pte Ltd lodging facilities for healthcare professionals at 1A Short Street, set to launch on 1 July 2024.
Read this: The Assembly Place to open first Service Apartment, 1500 operational rooms across 110+ locations by June 2023
Additionally, TAP aims to commence operations at two new sites, 36 & 38 Teck Whye Crescent and 107 Circuit Road, in the first quarter of 2025. TAP aims to increase its current 1,800 keys to over 5,000 by the end of 2025.
TAP’s previous collaborations with Apricot Capital
TAP and Apricot Capital have previously worked together on various projects. In February 2024, TAP was selected as the asset manager for Serene Centre in Bukit Timah (District 21), a property acquired by Apricot Capital.
Furthermore, the two companies have a joint venture in premium student housing at 116 Lorong J & 119 Lorong K Telok Kurau, known as Campus by The Assembly Place.
Read this: Campus by The Assembly Place redefines co-living for students in Singapore
Statements from key figures
Darren Teo, Managing Partner of Apricot Capital, commented on TAP’s capabilities and expressed confidence in the company’s potential for further growth. “The team at TAP has demonstrated strong capabilities and resourcefulness, quickly establishing themselves as one of the largest co-living operators. We believe in their expansion, both in Singapore and regionally,” said Teo.
Eugene Lim, Founder and CEO of TAP, highlighted the significance of co-living for younger expatriates and the sense of community it promotes. “Co-living has established itself as a viable option alongside traditional housing choices, particularly for the younger generation of expatriates working in Singapore. Clearly, the market and investors view it as a lasting trend,” Lim commented.
About TAP
The Assembly Place, established in 2019, is a prominent co-living operator in Singapore, providing a wide range of accommodation options. TAP offers over 1,800 rooms in more than 130 locations, including purpose-built co-living spaces, co-living units, landed houses, shophouses, hotels, hostels, and serviced apartments. Its flagship student accommodation, Campus by The Assembly Place, covers over 100,000 square feet and provides 426 premium beds.
TAP has catered to over 3,000 members from 77 countries since its establishment. It has expanded its community through its mobile app, various programs, and member benefits. In 2021, TAP secured S$5.55 million in a seed funding round, with its Chairman, Eric Low See Ching, leading the investment. Additionally, TAP received the PropertyGuru Asia Property Best Co-living Operator Award in 2021, 2022, and 2023.
Conclusion
The recent funding success and ambitious expansion plans of The Assembly Place emphasise its significant role in Singapore’s co-living market. As TAP continues to expand and innovate, it maintains its commitment to providing quality co-living spaces and nurturing a strong community for its members.
This article is a product of 99.co and is based on information gathered from various sources, including the media release from TAP. These sources are used in good faith to provide valuable insights. The source of the referenced content is duly credited and we recommend readers refer them for a comprehensive understanding of the topic. 99.co is not responsible for errors, omissions, or consequences from using this information.
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