• Co-living has gained much popularity in Singapore real estate, but for investors, the recent stock market debut of its biggest players has been a letdown. • The Assembly Place (TAP) and Coliwoo have struggled to win investors since their respective IPOs. • The Assembly Place started life as a listed entity at S$0.23, and while it saw an initial pop to S$0.30, it has since cooled off to S$0.23. Coliwoo has faced a worse fate -- falling from 60 cents to 50 cents.
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Excerpts from SAC Capital
Analysts: Matthias Chan & Zach Khor
The Assembly Place Holdings Ltd (“TAP” or “The Group”) is Singapore’s largest community living (“co-living”) operator, managing approximately 3,422 keys across 100 properties islandwide as of Dec 2025.
FY2024 signaled a pivotal turnaround; revenue surged to S$18.9m and net profit swung toS$6.2m, driven by a critical mass efficiency and sustained high occupancy rates exceeding 90%. The successful January 2026 IPO allowed TAP to fortify their balance sheet, providing TAP with“firepower” to fund their aggressive portfolio expansions locally and regionally. |
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Investment Catalysts: TAP operates on a scalable asset-light model, leasing or managing properties rather than owning them.
Eugene Lim, Founder and CEO, The Assembly PlaceTAP controls over one-third of Singapore’s co-living market space and is significantly ahead of their peers.
TAP has also secured anew foothold in Malaysia, expecting to add approximately 1,490 keys to their portfolio in the next 2 years.
TAP is also a direct beneficiary of persistent structural tailwinds with the sustained inflow of foreign talents and students seeking accommodations in Singapore.
The Group has also secured a new 886-bed dormitory project designed to capture high-value demand within the underserved niche of foreign foremen and supervisors.
TAP’s occupancy rate has remained resilient above 90% despite market volatility, proving the “stickiness” of this demand.
Financial Highlights: TAP delivered a standout FY2025 performance, with revenue surging 42.4% YoY from S$18.9m toS$27.0 in FY2025 delivering a remarkable 57.8% 3-year CAGR.
This was anchored by a 62.4% expansion in keys under management growing from 2,106 keys to 3,422 keys.
Net Profit after tax rose from S$6.2m to S$6.6m, improving by 6.4% while the final adjusted net profit stood at S$7.7m after excluding oneoff IPO expenses which represented a 24.2% increase in net profit.
We initiate coverage on The Assembly Placewith a target price of S$0.36, based on The Assembly Place forward EPS against the average forward PER of 13.3x of itspeers, representing a 53.2% upside from current levels.  Matthias Chan, analystRisks: TAP is heavily dependent on its ability to maintain high occupancy rates.The reliance on short-term tenancy agreements offers limited long-term visibility, making it highly susceptible to occupancy fluctuations. Furthermore, any potential relaxation of Singapore’s short-term rental regulations (e.g. Airbnb) would introduce a surge of alternative supply, directly threatening TAP’s rates and pricing power. |
→ See SAC Capital's report here
