Singapore Co-living Tech Start Up The Assembly Place (TAP) Acquires Commontown Singapore
Singapore co-living tech start-up, The Assembly Place (TAP), has agreed with Libeto Pte Ltd, operator of the co-living spaces under the brand, to get all of its possessions in Singapore, including its head leases and also subleases amounting to around 120 spaces.
” The capacity of the incoming group, which boasts a riches of global friendliness as well as operations places us in a setting to support our continuous development. Together with our existing team, we are confident that TAP will certainly continue to scale strongly this year whilst providing stellar degrees of service as well as functional ability.”
TAP has been proactively acquiring straight leases around the River Valley, Tiong Bahru, Novena as well as East Coast areas given that its effective fundraising of $5.55 million in November 2021. Over the past 10 weeks, TAP has actually included close to an extra 250 rooms to its profile. Currently, the TAP portfolio sees a 60-40 split between management contracts and also straight lease models.
Currently, Commontown Singapore’s occupancy is at 100%. This procurement will increase TAP’s existence in the Singapore co-living market to over 600 functional spaces with one more 200 spaces in the pipeline prepared to be launched by May 2022.
“We are thrilled regarding the purchase of all the spaces presently handled by Commontown Singapore, along with its skilled procedures team”, says Eugene Lim, Establisher and also CEO of TAP.
This purchase re-affirms TAP’s dedication to increasing its existence in Singapore. TAP will certainly be launching a 181-bed co-living hostel at 25A Perak Road as well as a 4-storey property block at 257 Outram Road in April this year. Planning and also construction are additionally underway for its serviced house properties at 3 Tank Road, 272 East Coast Road, and 18 Penhas Road, all of which are slated for launch by Q4 this year. All these possessions are under a management contract model.
Ian Lau, CEO and also co-founder of Commontown Singapore, shares the belief. “Eugene and also the group at TAP have the resources, vision and also determination to excel in this industry, and also we are pleased as well as thrilled at this possibility to deal with them in changing the face of real estate in Southeast Asia as well as past.”
On Co-Living Trends In Singapore For 2022
When asked about what he thinks of co-living trends in Singapore, Eugene Lim commented:
“Co-living rooms have been getting a great deal of grip over the past 2 years. Having to work from house for extensive periods as a result of the COVID-19 pandemic saw many people crave more exclusive space. This is specifically so for the younger specialists that cope with their moms and dads.
Apart from developing a secure and also enjoyable living setting for our participants, TAP has a Customer Relationship Management system that profits them. This ranges from monthly billings to maintenance problems and members’ benefits with various other partners. All these functions can be accessed via a mobile app for the benefit of our participants.”
As the boundaries begin to open up, we are likely to see more expatriates returning to Singapore. With the uncertainty caused by the pandemic, it is predicted they will certainly go for co-living areas as it permits more flexibility as contrasted to a standard lease. That’s where TAP appears.
More About The Assembly Place (TAP)
In 2019, TAP Founder as well as Chief Executive Officer, Eugene Lim, saw the world’s requirements and also demands for co-living concepts. With more than 15 years of experience in the home sector, having handled numerous significant assets for provided property giants, Eugene took a large jump to change the means co-living exists.
From a simple start of six spaces in 2019, TAP has actually since broadened to more than 600 rooms across the city-state, with 200 more spaces in the pipeline. 60% of the rooms are under monitoring contracts as opposed to a regular straight lease model. On a management contract front, TAP is currently handling more than $250 million of assets under management.