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Co-living operator The Assembly Place files preliminary prospectus for Catalist IPO
https://www.straitstimes.com/busine...y-prospectus-for-catalist-ipo?ref=top-stories
SINGAPORE - Co-living operator The Assembly Place (TAP) is eyeing an initial public offering (IPO) on the Singapore Exchange’s (SGX) Catalist board.
If successful, it will be the second co-living operator to list on SGX.
TAP runs a portfolio of residential co-living spaces, hotels and serviced apartments, and accommodation for students and foreign healthcare professionals.
First established in 2019, the co-living operator began its community living model as a social experiment in 2021 with just six rooms.
It now claims to be the “largest community living operator in Singapore”, managing about 3,422 rooms across 100 property assets, according to its preliminary prospectus filed on Dec 30.
Setting TAP apart in a highly competitive market is its “community-driven stays” segment, a core tenet of its business model. It focuses on building a sense of community for and enhancing the well-being 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,” it said.
For the 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, reversing from the previous year’s 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 mergers and acquisitions.
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.
It has secured a site for a 66-room hotel in the Bangsar area of Kuala Lumpur, Malaysia, slated to open in 2026.
Targeted at young professionals who are primarily based in other states but have moved to the capital city to work for a few months, the hotel will incorporate elements of its community-driven segment, focusing on fitness and wellness for its guests, said chief executive Eugene Lim.
TAP’s prospectus also listed specific business risks, including a high dependency on key personnel such as Mr Lim and non-executive chairman Eric Low, as well as a reliance on Mr Low’s network for securing property assets.
It also noted that the group currently does not have a fixed dividend policy.
Mr Lim told The Straits Times that the company began preparations for its IPO six months ago, after two rounds of fund-raising exercises.
“TAP has been growing well over the last few years after we started our community living proof-of-concept.
“Looking at our pipeline, we are convinced that this is the right time for us to go public and scale up our business.”
He noted that the Catalist board was the ideal platform for the company to begin its IPO journey and a better fit for its growth plans.
“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 co-living operator IPO in 2025, with Coliwoo’s listing on the mainboard on Nov 6. Hived off from mainboard-listed LHN Group, the company raised total gross proceeds of $101 million. It closed flat on Dec 30 at 55.5 cents.
