Singapore Co-living Tech Start Up The Assembly Place (TAP) Acquires Commontown Singapore
Presently, Commontown Singapore’s occupancy is at 100%. This procurement will boost TAP’s presence in the Singapore co-living market to over 600 operational spaces with one more 200 spaces in the pipeline prepared to be released by May 2022.
“The capacity of the incoming team, which boasts a wealth of global hospitality and procedures puts us in a setting to support our recurring expansion. Along with our existing group, we are certain that TAP will continue to scale strongly this year whilst giving stellar levels of service as well as functional ability.”
“We are thrilled concerning the procurement of all the rooms presently managed by Commontown Singapore, along with its knowledgeable procedures group”, says Eugene Lim, Establisher as well as Chief Executive Officer of TAP.
This procurement re-affirms TAP’s commitment to increasing its existence in Singapore. TAP will be launching a 181-bed co-living hostel at 25A Perak Road and a 4-storey domestic block at 257 Outram Road in April this year. Preparation as well as building are additionally underway for its serviced home assets at 3 Tank Road, 272 East Coast Road, as well as 18 Penhas Road, all of which are slated for launch by Q4 this year. All these possessions are under a management agreement model.
Ian Lau, chief executive officer as well as co-founder of Commontown Singapore, shares the sentiment. “Eugene and also the team at TAP have the resources, outlook and also determination to master this industry, and we are pleased and ecstatic at this chance to work with them in changing the face of realty in Southeast Asia and also beyond.”
Singapore co-living tech start-up, The Assembly Place (TAP), has actually agreed with Libeto Pte Ltd, operator of the co-living areas under the brand name, to get all of its assets in Singapore, including its head leases and also subleases amounting to about 120 spaces.
TAP has been actively obtaining straight leases around the River Valley, Tiong Bahru, Novena and also East Coast areas considering that its effective fundraising of $5.55 million in November 2021. Over the past 10 weeks, TAP has actually included near an added 250 spaces to its profile. Currently, the TAP portfolio sees a 60-40 split between administration agreements and straight lease models.
On Co-Living Trends In Singapore For 2022
When questioned what he thinks about co-living trends in Singapore, Eugene Lim commented:
As the boundaries begin to open up, we are likely to see even more migrants coming back to Singapore. With the unpredictability prompted by the pandemic, it is forecasted they will go for co-living areas as it permits even more versatility as compared to a traditional lease. That’s where TAP comes in.
Other than creating a secure and also positive living atmosphere for our participants, TAP has a Customer Relationship Management system that benefits them. This varies from monthly invoices to upkeep problems and members’ advantages with other partners. All these functions can be accessed via a mobile application for the convenience of our members.”
“Co-living spaces have been obtaining a lot of traction over the past 2 years. Needing to work from house for extended periods because of the COVID-19 pandemic saw several individuals crave more private space. This is specifically so for the more youthful professionals who live with their parents.
More About The Assembly Place (TAP)
In 2019, TAP Owner and also CEO, Eugene Lim, saw the world’s needs and also demands for co-living principles. With greater than 15 years of experience in the building industry, having actually taken care of plenty of major possessions for detailed residential property giants, Eugene took a large jump to revolutionise the method co-living exists.
From a modest start of six spaces in 2019, TAP has actually now expanded to more than 600 spaces across the city-state, with 200 even more spaces in the pipeline. 60% of the rooms are under management contracts as opposed to a regular straight lease version. On a monitoring agreement front, TAP is currently managing more than $250 million of assets under administration.
