Singapore Co-living Tech Start Up The Assembly Place (TAP) Acquires Commontown Singapore
Presently, Commontown Singapore’s tenancy goes to 100%. This acquisition will certainly boost TAP’s presence in the Singapore co-living market to over 600 functional spaces with an additional 200 rooms in the pipeline all set to be introduced by May 2022.
Ian Lau, CEO as well as co-founder of Commontown Singapore, shares the sentiment. “Eugene and the team at TAP have the resources, outlook and also resolution to master this sector, as well as we delight in and ecstatic at this possibility to deal with them in transforming the face of property in Southeast Asia as well as beyond.”
Singapore co-living technology startup, The Assembly Place (TAP), has actually agreed with Libeto Pte Ltd, operator of the co-living rooms under the brand, to obtain all of its possessions in Singapore, including its head leases and subleases totaling up to about 120 spaces.
” We are excited regarding the acquisition of all the spaces currently handled by Commontown Singapore, as well as its experienced operations group”, states Eugene Lim, Founder and also CEO of TAP.
” The ability of the incoming group, which boasts a wealth of international hospitality and also procedures puts us in a placement to support our recurring expansion. Along with our existing team, we are certain that TAP will certainly continue to scale strongly this year whilst providing stellar levels of service and also operational capacity.”
TAP has actually been actively acquiring straight leases around the River Valley, Tiong Bahru, Novena and East Coast locations because its successful fundraising of $5.55 million in November 2021. Over the past 10 weeks, TAP has actually included near an extra 250 spaces to its profile. Currently, the TAP profile recognizes a 60-40 split in between administration agreements as well as straight lease models.
This procurement re-affirms TAP’s commitment to increasing its existence in Singapore. TAP will certainly be releasing a 181-bed co-living hostel at 25A Perak Road and a 4-storey property block at 257 Outram Road in April this year. Planning and also construction are additionally underway for its serviced apartment possessions at 3 Tank Road, 272 East Coast Road, and 18 Penhas Road, all of which are slated for launch by Q4 this year. All these properties are under a management contract model.
On Co-Living Trends In Singapore For 2022
When inquired about what he thinks about co-living trends in Singapore, Eugene Lim commented:
Other than creating a safe and positive living atmosphere for our participants, TAP has a Customer Relationship Management system that benefits them. This varies from monthly billings to maintenance concerns as well as participants’ advantages with various other companions. All these features can be accessed through a mobile app for the comfort of our members.”
As the boundaries begin to open, we are likely to see more expatriates coming back to Singapore. With the uncertainty induced by the pandemic, it is forecasted they will certainly go for co-living rooms as it allows for even more adaptability as compared to a typical lease. That’s where TAP comes in.
“Co-living spaces have actually been getting a lot of grip over the past two years. Having to work from residence for prolonged durations as a result of the COVID-19 pandemic saw many people long for more personal area. This is particularly so for the younger professionals that live with their parents.
More About The Assembly Place (TAP)
In 2019, TAP Owner as well as Chief Executive Officer, Eugene Lim, saw the globe’s demands and also needs for co-living concepts. With more than 15 years of experience in the building industry, having managed countless significant possessions for provided home giants, Eugene took a huge leap to revolutionise the means co-living exists.
From a humble start of six rooms in 2019, TAP has actually now broadened to more than 600 spaces throughout the city-state, with 200 even more rooms in the pipeline. 60% of the rooms are under monitoring agreements instead of a common straight lease model. On a monitoring agreement front, TAP is presently handling greater than $250 numerous possessions under administration.