The Assembly Place portfolio hits 100 properties, with another 1,490 keys in the pipeline
TAP is additionally transforming Lian Huat Structure, an 11-storey freehold commercial structure at 163 Tras Street, into a hotel. The structure was acquired by a joint project in which TAP has a 10% interest, with the rest held by Apricot Capital and Eric Low, deputy chief executive officer of Oxley Holdings. In disclosing its final results, TAP likewise says that it has actually received governing approval to transform the structure right into a 163-key resort, more than the 152 keys initially forecasted.
Looking in advance, TAP is projecting co-living demand to remain robust, upheld by labor force mobility, the high price of home ownership, way of life adjustments and the choice for lease flexibility amongst its targeted market– those aged 34 years and below. “As Singapore’s largest and most varied area living operator, TAP is well-positioned to catch chances in the city-state’s co-living industry,” the company includes.
“Regardless of the one-off influence of IPO expenditures, we maintained our revenue momentum, mirroring the durability of our manpower-lean, asset-light and community-driven version, and the expanding demand for versatile, lifestyle-oriented living services,” claims Lim.
TAP includes that the solid functionality was further sustained by durable occupancy costs, which in turn averaged 94.4% in FY2025, up from 91% in FY2024.
At the same time, TAP introduced its hospitality brand Social in 2025 with two store resort properties: the 26-key Social on Outram on Outram Road and the 26-key Social on Mayo at Jalan Besar. In addition, it lately finished the renovation of Serene Center, noting TAP’s first venture right into retail shopping mall regulation. The upgraded four-storey mixed-use development in Bukit Timah includes retail channels on the first two floors, while the top floorings have actually 86 serviced apartments.
Tengah Garden Residences condo floor plan
For its FY2025, TAP documented adjusted revenues of $7.7 million, up 24.2% y-o-y, upheld by a 42.4% rise in profits across the very same duration to $27 million. The mass of TAP’s revenue development was driven by its core community-driven stays section, which made up $25.2 numerous FY2025 revenue, up 42.4% y-o-y. TAP associates the jump to the bigger variety of keys under monitoring and procedure, boosting from 2,106 as at the end of FY2024 to 3,422 in FY2025, in addition to even more master leases became part of throughout the year.
The pipeline features TAP’s first foray into the migrant worker accommodation section. In March, it revealed a mutual endeavor with S11 Group to manage an 886-bed dorm situated at Seletar North Link. The dorm is going to offer designed well-being programmes and technology-enabled procedures aimed at boosting community involvement, health and social cohesion.
In other places, some other new properties in the jobs are expected to add approximately 441 keys. These include Singapore properties at 400 River Valley Road, 63 and 65 South Bridge Road, 101 Lavender Street and 259 Outram Road. Furthermore, TAP is slated to broaden right into Malaysia this year, with an approaching hotel estate in Bangsar, Kuala Lumpur.
The projects cap off a busy year for TAP, which also lately accomplished its IPO and listing on the SGX Catalist board in January. “With the funds strengthened from our IPO, we are well-positioned to better enhance our service services, grow market penetration and increase our reach as we function in the direction of our target of 10,000 keys by 2030,” remarks Eugene Lim, TAP’s exec director and CEO.
The Assembly Place Holdings (TAP), the Singapore Exchange-listed neighborhood living operator, has developed its profile to 100 estates with more than 3,400 keys. In a news release announcing its financial results for FY2025 ended Dec 31, 2025, the business adds that it has also protected a pipeline of around 1,490 keys throughout all new plans over the following two years.
