The Assembly Place portfolio hits 100 properties, with another 1,490 keys in the pipeline
The plans cap off a hectic year for TAP, which additionally recently completed its IPO and listing on the SGX Catalist board in January. “With the funds raised from our IPO, we are well-positioned to additionally enhance our service offerings, grow market infiltration and increase our reach as we work towards our target of 10,000 keys by 2030,” says Eugene Lim, TAP’s exec head and CEO.
For its FY2025, TAP disclosed adjusted profits of $7.7 million, up 24.2% y-o-y, upheld by a 42.4% rise in profits throughout the very same period to $27 million. The mass of TAP’s revenue growth was driven by its core community-driven stays segment, which accounted for $25.2 numerous FY2025 income, up 42.4% y-o-y. TAP attributes the jump to the larger number of tricks under administration and procedure, increasing from 2,106 as at the end of FY2024 to 3,422 in FY2025, in addition to more master leases became part of during the year.
Looking ahead, TAP is predicting co-living need to stay robust, sustained by labor force movement, the high cost of home ownership, way of life changes and the preference for lease flexibility among its targeted group– those aged 34 years and below. “As Singapore’s biggest and most varied area living operator, TAP is well-positioned to catch possibilities in the city-state’s co-living market,” the firm adds.
“Despite the one-off influence of IPO expenses, we maintained our revenue momentum, showing the resilience of our manpower-lean, asset-light and community-driven model, and the growing interest for flexible, lifestyle-oriented living options,” says Lim.
On the other hand, TAP launched its hospitality label Social in 2025 with two boutique hotel properties: the 26-key Social on Outram on Outram Road and the 26-key Social on Mayo at Jalan Besar. Furthermore, it recently finished the repair of Serene Facility, noting TAP’s first endeavor into retail shopping center management. The upgraded four-storey mixed-use development in Bukit Timah features retail outlets on the first 2 floors, whilst the top floorings have 86 serviced flats.
TAP includes that the strong performance was further supported by robust occupancy rates, which in turn averaged 94.4% in FY2025, up from 91% in FY2024.
The pipeline involves TAP’s primary foray right into the migrant worker rental sector. In March, it declared a joint endeavor with S11 Group to run an 886-bed dormitory found at Seletar North Link. The dormitory will include organized well-being programs and technology-enabled operations aimed at enhancing community engagement, health and social communication.
The Assembly Place Holdings (TAP), the Singapore Exchange-listed area living provider, has actually developed its portfolio to 100 real estates with more than 3,400 keys. In a news release publicizing its financial outcomes for FY2025 finished Dec 31, 2025, the firm adds that it has actually also protected a pipeline of around 1,490 keys across all new plans over the following two years.
TAP is also transforming Lian Huat Building, an 11-storey property commercial structure at 163 Tras Street, right into a hotel. The building was purchased by a joint project by which TAP has a 10% interest, with the balance kept by Apricot Capital and Eric Low, deputy CEO of Oxley Holdings. In releasing its final results, TAP additionally states that it has gotten governing approval to convert the property into a 163-key resort, greater than the 152 keys initially predicted.
Somewhere else, other new properties in the works are anticipated to contribute approximately 441 keys. These include Singapore real estates at 400 River Valley Road, 63 and 65 South Bridge Road, 101 Lavender Street and 259 Outram Road. Additionally, TAP is schedule to increase right into Malaysia this year, with a forthcoming resort real estate in Bangsar, Kuala Lumpur.
