Singapore Co-living Tech Start Up The Assembly Place (TAP) Acquires Commontown Singapore
Presently, Commontown Singapore’s occupancy is at 100%. This acquisition will raise TAP’s presence in the Singapore co-living market to over 600 operational spaces with an additional 200 spaces in the pipeline prepared to be introduced by May 2022.
This acquisition re-affirms TAP’s dedication to broadening its existence in Singapore. TAP will be introducing a 181-bed co-living hostel at 25A Perak Road as well as a 4-storey domestic block at 257 Outram Road in April this year. Preparation and construction are likewise underway for its serviced condo 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 assets are under a management agreement model.
“We are delighted regarding the acquisition of all the rooms currently handled by Commontown Singapore, in addition to its knowledgeable operations team”, states Eugene Lim, Establisher as well as Chief Executive Officer of TAP.
“The capability of the incoming team, which boasts a wealth of worldwide friendliness as well as procedures puts us in a setting to sustain our recurring growth. Along with our standing team, we are positive that TAP will remain to scale aggressively this year whilst providing outstanding degrees of service and also operational capability.”
TAP has been actively obtaining straight leases around the River Valley, Tiong Bahru, Novena as well as East Coast locations because its successful fundraising of $5.55 million in November 2021. Over the past 10 weeks, TAP has included near to an additional 250 spaces to its portfolio. Currently, the TAP profile sees a 60-40 split between management contracts and straight lease models.
Ian Lau, CEO and also co-founder of Commontown Singapore, talks about the belief. “Eugene and the team at TAP have the sources, outlook and determination to excel in this industry, and we delight in and thrilled at this opportunity to collaborate with them in altering the face of property in Southeast Asia and also beyond.”
Singapore co-living tech startup, The Assembly Place (TAP), has actually agreed with Libeto Pte Ltd, operator of the co-living spaces under the brand name, to obtain all of its properties in Singapore, including its head leases and subleases totaling up to around 120 rooms.
On Co-Living Trends In Singapore For 2022
When inquired about what he thinks about co-living trends in Singapore, Eugene Lim commented:
Besides creating a secure and also enjoyable living setting for our members, TAP has a Customer Relationship Management system that profits them. This ranges from month-to-month billings to maintenance concerns and also members’ advantages with various other partners. All these features can be accessed via a mobile app for the benefit of our participants.”
” Co-living spaces have actually been obtaining a great deal of traction over the past 2 years. Needing to work from home for extensive periods as a result of the COVID-19 pandemic saw numerous individuals yearn for even more exclusive area. This is particularly so for the more youthful specialists that cope with their moms and dads.
As the boundaries begin to open, we are likely to see even more expatriates returning to Singapore. With the unpredictability induced by the pandemic, it is forecasted they will certainly go with co-living spaces as it enables even more flexibility as contrasted to a standard lease. That’s where TAP comes in.
More About The Assembly Place (TAP)
In 2019, TAP Founder and also CEO, Eugene Lim, saw the globe’s requirements and also needs for co-living principles. With greater than 15 years of experience in the building field, having actually managed plenty of major assets for noted building giants, Eugene took a big leap to revolutionise the means co-living exists.
From a modest beginning of 6 spaces in 2019, TAP has actually since increased to greater than 600 rooms throughout the city-state, with 200 more rooms in the pipeline. 60% of the rooms are under monitoring contracts instead of a regular straight lease version. On a monitoring agreement front, TAP is currently handling more than $250 million of possessions under management.