Singapore Co-living Tech Start Up The Assembly Place (TAP) Acquires Commontown Singapore
This acquisition re-affirms TAP’s commitment to increasing its existence in Singapore. TAP will certainly be introducing a 181-bed co-living hostel at 25A Perak Road and also a 4-storey property block at 257 Outram Road in April this year. Preparation and construction are additionally underway for its serviced house assets at 3 Tank Road, 272 East Coast Road, and also 18 Penhas Road, all of which are slated for launch by Q4 this year. All these possessions are under a management agreement model.
TAP has been proactively getting straight leases around the River Valley, Tiong Bahru, Novena and East Coast locations considering that its successful fundraising of $5.55 million in November 2021. Over the past 10 weeks, TAP has actually included near to an added 250 spaces to its portfolio. Presently, the TAP portfolio recognizes a 60-40 split between management agreements as well as straight lease models.
Singapore co-living technology start-up, The Assembly Place (TAP), has agreed with Libeto Pte Ltd, operator of the co-living spaces under the brand, to obtain every one of its assets in Singapore, including its head leases and subleases totaling up to around 120 spaces.
Presently, Commontown Singapore’s occupancy goes to 100%. This acquisition will enhance TAP’s visibility in the Singapore co-living market to over 600 functional spaces with one more 200 spaces in the pipeline prepared to be released by May 2022.
Ian Lau, CEO and co-founder of Commontown Singapore, talks about the view. “Eugene and also the group at TAP have the resources, perspective and also decision to master this sector, and also we delight in and ecstatic at this chance to deal with them in altering the face of real estate in Southeast Asia and also beyond.”
“We are thrilled regarding the procurement of all the rooms presently managed by Commontown Singapore, in addition to its skilled procedures group”, states Eugene Lim, Founder and also CEO of TAP.
“The capability of the inbound group, which flaunts a wide range of worldwide hospitality and operations puts us in a placement to sustain our continuous development. Along with our existing team, we are certain that TAP will certainly continue to range strongly this year whilst offering excellent degrees of service and functional capability.”
On Co-Living Trends In Singapore For 2022
When inquired about what he takes into consideration co-living trends in Singapore, Eugene Lim commented:
Other than creating a safe and pleasant living environment for our members, TAP has a Customer Relationship Management system that benefits them. This varies from month-to-month invoices to upkeep problems and also members’ benefits with various other companions. All these features can be accessed through a mobile application for the benefit of our participants.”
“Co-living areas have been obtaining a lot of traction over the past 2 years. Having to function from home for extensive durations because of the COVID-19 pandemic saw lots of individuals hunger for more exclusive area. This is particularly so for the more youthful specialists that cope with their moms and dads.
As the borders start to open, we are most likely to see even more expatriates returning to Singapore. With the unpredictability caused by the pandemic, it is predicted they will go with co-living spaces as it enables even more flexibility as compared to a typical lease. That’s where TAP comes in.
More About The Assembly Place (TAP)
In 2019, TAP Founder and Chief Executive Officer, Eugene Lim, saw the globe’s demands as well as needs for co-living concepts. With more than 15 years of experience in the building field, having managed many significant possessions for listed property giants, Eugene took a big jump to change the way co-living exists.
From a modest start of 6 rooms in 2019, TAP has now expanded to more than 600 spaces throughout the city-state, with 200 even more rooms in the pipeline. 60% of the spaces are under management contracts instead of a regular straight lease model. On a management agreement front, TAP is currently handling more than $250 countless properties under management.