Singapore Co-living Tech Start Up The Assembly Place (TAP) Acquires Commontown Singapore
“The capacity of the incoming team, which flaunts a wide range of international hospitality and procedures puts us in a position to support our ongoing expansion. Along with our existing team, we are certain that TAP will continue to range boldy this year whilst giving stellar levels of service and also functional capability.”
TAP has been proactively obtaining straight leases around the River Valley, Tiong Bahru, Novena and also East Coast locations since its effective fundraising of $5.55 million in November 2021. Over the past 10 weeks, TAP has actually included near an additional 250 spaces to its portfolio. Currently, the TAP profile views a 60-40 split in between administration contracts and straight lease models.
Singapore co-living tech startup, The Assembly Place (TAP), has actually agreed with Libeto Pte Ltd, operator of the co-living areas under the brand name, to obtain all of its assets in Singapore, including its head leases and also subleases totaling up to about 120 spaces.
“We are delighted concerning the procurement of all the rooms presently managed by Commontown Singapore, in addition to its seasoned operations team”, states Eugene Lim, Founder and Chief Executive Officer of TAP.
Ian Lau, CEO as well as founder of Commontown Singapore, shares the sentiment. “Eugene and also the group at TAP have the resources, outlook and decision to master this market, as well as we delight in and thrilled at this chance to deal with them in transforming the face of real estate in Southeast Asia and beyond.”
Currently, Commontown Singapore’s occupancy is at 100%. This acquisition will enhance TAP’s presence in the Singapore co-living market to over 600 functional spaces with another 200 rooms in the pipeline all set to be launched by May 2022.
This purchase re-affirms TAP’s dedication to broadening its visibility in Singapore. TAP will be introducing a 181-bed co-living hostel at 25A Perak Road and a 4-storey residential block at 257 Outram Road in April this year. Preparation and also building and construction are additionally underway for its serviced unit assets at 3 Tank Road, 272 East Coast Road, as well as 18 Penhas Road, every one of which are slated for launch by Q4 this year. All these properties are under a management agreement model.
On Co-Living Trends In Singapore For 2022
When asked about what he takes into account co-living trends in Singapore, Eugene Lim commented:
As the borders start to open up, we are likely to see even more expatriates coming back to Singapore. With the unpredictability induced by the pandemic, it is forecasted they will certainly go for co-living rooms as it allows for more adaptability as compared to a traditional lease. That’s where TAP comes out.
Besides creating a risk-free and enjoyable living atmosphere for our participants, TAP has a Customer Relationship Management system that profits them. This varies from month-to-month billings to maintenance problems as well as members’ benefits with various other companions. All these attributes can be accessed through a mobile application for the benefit of our participants.”
“Co-living areas have actually been gaining a lot of grip over the past two years. Needing to work from residence for extended periods due to the COVID-19 pandemic saw several people long for more personal area. This is particularly so for the younger professionals who cope with their moms and dads.
More About The Assembly Place (TAP)
In 2019, TAP Founder and Chief Executive Officer, Eugene Lim, saw the world’s needs as well as needs for co-living ideas. With more than 15 years of experience in the home sector, having actually handled plenty of significant possessions for noted home giants, Eugene took a huge leap to change the way co-living exists.
From a humble beginning of 6 rooms in 2019, TAP has actually since increased to greater than 600 spaces across the city-state, with 200 even more rooms in the pipeline. 60% of the spaces are under management agreements rather than a typical straight lease version. On a management agreement front, TAP is currently taking care of more than $250 numerous assets under monitoring.