Singapore coliving operator eyes IPO

Singapore: Coliv­ing oper­ator The Assembly Place (TAP) is planning an ini­tial pub­lic offer­ing (IPO) on the Singa­pore Exchange’s (SGX) Catal­ist board.

TAP has a port­fo­lio of coliv­ing spaces, hotels and ser­viced apart­ments, as well as accom­mod­a­tion for stu­dents and for­eign health­care pro­fes­sion­als.

It claims to be the largest com­munity liv­ing oper­ator in Singa­pore, man­aging around 3,400 rooms across 100 assets, accord­ing to its pre­lim­in­ary pro­spectus filed on December 30.

The company focuses on build­ing a sense of com­munity for and enhan­cing the well­being of its res­id­ents, which includes plan­ning reg­u­lar events and work­shops to foster social inter­ac­tion and cohe­sion.

“We believe these ini­ti­at­ives increase cus­tomer sat­is­fac­tion, foster cohe­sion and iden­tity within our com­munity, reduce vacancy and turnover, and act as a key dif­fer­en­ti­ator in the mar­ket for our group,” the company said.

For the 2024 fin­an­cial year 2024, TAP recor­ded $18.9 mil­lion in rev­enue, up 32.2 per cent from 2023, and a net profit of $6.2 mil­lion, up from a loss of $899,000.

Rev­enue for the first half of 2025 rose 43.6 per cent to $11.6 mil­lion com­pared with the same period a year ago, with the bulk of it derived from the com­munity-driven-stays seg­ment which grew 41.5 per cent to $11.1 mil­lion.

TAP aims to man­age 10,000 rooms by the end of 2030, and plans to use the net pro­ceeds from its IPO to fund this expan­sion, which includes over­seas prop­er­ties, joint ven­tures, and M&A activity.

Funds will also be used for co-invest­ments in minor­ity stakes in entit­ies hold­ing prop­erty assets, as well as to improve oper­a­tions and cus­tomer exper­i­ence through digit­al­isa­tion.

Chief exec­ut­ive Eugene Lim said: “TAP has been grow­ing well over the last few years after we star­ted our com­munity liv­ing proof-ofconcept. Look­ing at our pipeline, we are con­vinced that this is the right time for us to go pub­lic and scale up our busi­ness.”

“The com­munity-driven strategy has always been in our DNA, and it will always be our unique selling point for TAP which we will not change. Post-list­ing, we will double down on our pro­gram­ming for mem­bers,” he added.

SAC Cap­ital is the spon­sor, issue man­ager, under­writer and place­ment agent for the IPO. Shares of TAP are expec­ted to begin trad­ing on Jan 23, 2026.

SGX saw its first coliv­ing oper­ator IPO in 2025, with Coli­woo’s list­ing on the main­board on November 6. Hived off from main­board-lis­ted LHN Group, the com­pany raised total gross pro­ceeds of $101 mil­lion.

Highlights:
• Singapore: Coliv­ing oper­ator The Assembly Place (TAP) is planning an ini­tial pub­lic offer­ing (IPO) on the Singa­pore Exchange’s (SGX) Catal­ist board
• For the 2024 fin­an­cial year 2024, TAP recor­ded $18.9 mil­lion in rev­enue, up 32.2 per cent from 2023, and a net profit of $6.2 mil­lion, up from a loss of $899,000
• TAP aims to man­age 10,000 rooms by the end of 2030, and plans to use the net pro­ceeds from its IPO to fund this expan­sion, which includes over­seas prop­er­ties, joint ven­tures, and M&A activity
• SGX saw its first coliv­ing oper­ator IPO in 2025, with Coli­woo’s list­ing on the main­board on November 6