Singapore, 26 June 2024 – The Assembly Place (TAP) has successfully raised S$5.33 million following a Pre-Series A funding exercise anchored by Apricot Capital, surpassing its initial S$5 million target.
Led by Apricot Capital’s Managing Partner Darren Teo, the initiative – which ran for six weeks from April 2024 – marked TAP’s second major fundraising effort since its inception in 2019.
It is not the first time the Singapore-based co-living operator has collaborated with private investment holding company Apricot Capital. In February 2024, TAP entered retail mall management when it was appointed the asset manager for Serene Centre in Bukit Timah (District 21), a property acquired by Apricot Capital.
Separately, the two companies also have a joint venture in premium student housing at 116 Lorong J & 119 Lorong K Telok Kurau called Campus by The Assembly Place.
Mr Teo said: “The team at TAP has demonstrated outstanding capabilities and resourcefulness, quickly building themselves to be one of the largest co-living operators. We believe and have the utmost confidence in their expansion, both in Singapore and regionally.”
Besides Apricot Capital, notable investors in this exercise include:
– Cache Capital Pte Ltd, owned by Mr Loi Pok Yen (Co-Group Chief Executive Officer of CWT Pte. Ltd)
– KM7 Capital, managed by Directors Kelvin Ng and Melvin Ng
– Mr Darrell Lim, (Director at) Bright Point Capital
The funds raised will fuel TAP’s growth as it seeks to increase its current 1,800 keys to over 5,000 by the end of 2025. Specifically, the investments will be used to purchase new assets that add to its wide array of offerings. Most recently, it jointly acquired the first co-living hotel it manages – a boutique hotel at 9 Jalan Besar – with Apricot Capital.
In addition, the funding will support the development of its projects. These include the MOH Holdings Pte Ltd lodging facilities for healthcare professionals at 1A Short Street that will be launched on July 1, 2024. This is part of TSTAP, a joint venture between TAP and TS Group, which operates large-scale accommodation for foreign workers and the elderly.
The other two sites from this collaboration, located at 36 & 38 Teck Whye Crescent and 107 Circuit Road, are expected to begin operations in the first quarter of 2025.
“Co-living has found its place alongside traditional housing options, especially for the younger generation of expatriates working in Singapore. It is evident that the market and investors believe it is here to stay,” said Mr Eugene Lim, founder and Chief Executive Officer of TAP. “More than just the living spaces, being involved in a robust community of like-minded people is a key factor for tenants choosing TAP as their accommodation provider.”
About The Assembly Place
The Assembly Place (TAP) is a Singapore co-living operator founded in 2019, which offers its members the largest number of location choices in the country with over 1,800 rooms in more than 130 locations. It is the first co-living operator in Singapore to offer a full spectrum of accommodation across purpose-built co-living spaces, co-living units, landed houses, shophouses, hotels, hostels and serviced apartments.
A recent addition was the flagship student accommodation, Campus by The Assembly Place, which has a land size of more than 100,000 sq ft with 426 premium beds.
To date, TAP has had over 3,000 members from 77 countries and focuses on building a community of like-minded people through its mobile app, programmes and member benefits. It raised S$5.55 million (US$4.1 million) in a seed funding round led by its Chairman, Mr Eric Low See Ching, in 2021 and won the PropertyGuru Asia Property Best Co-living Operator Award in 2021, 2022 and 2023.
