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29-10-2026, 02:52 PM
The Assembly Place (TAP) was another IPO that listed on the SGX in early 2026, had a share price pop (~+30%) before starting a steady decline. It is currently ~10-15% below water.
TAP has ~5-6 different living concepts - from co-living to aged, and from capsule to workers' accommodation. It looks to be spread a little too thin here but I suspect what eventually scales up is their core "co living" concept since the demand for long term accommodation stay (students/working professionals) is probably going to outpace supply for quite some time. In Capital Ascott Trust's 3Q26 reporting, they have mentioned converting Lyf One North into longer stay accommodation, and while the ADR is lower but overall profitability is actually higher due to lower operating expenses.
10 in 10 with The Assembly Place - Beyond Co-Living: Building a Community Living Platform
TAP offers investors exposure to a scalable, technology-enabled Community Living platform supported by diversified demand and an asset-light operating model. Our value proposition is underpinned by an accommodation-led earnings base, a strong balance sheet and structural demand for flexible and professionally managed accommodation across multiple sectors.
In terms of earnings quality, accommodation-related income forms the core of the business, with rental income accounting for 84% of the Group’s total revenue in FY2025. This provides the Group with a significant recurring revenue base.
Our balance sheet provides financial flexibility for growth. As at 30 June 2026, equity attributable to shareholders stood at S$41.6 million, while the Group maintained a net cash position of S$11.5 million and had no interest-bearing borrowings. Net cash generated from operating activities remained healthy at S$7.7 million in 1H2026, and the Group had largely preserved its IPO proceeds.
For investors, the longer-term proposition extends beyond traditional co-living. TAP is developing a broader Community Living platform across multiple accommodation sectors, supported by proprietary technology and a secured pipeline of around 2,100 additional keys. This supports the Group’s target of more than 10,000 keys by the end of 2030.
https://www.sgx.com/research-education/m...g-building
TAP has ~5-6 different living concepts - from co-living to aged, and from capsule to workers' accommodation. It looks to be spread a little too thin here but I suspect what eventually scales up is their core "co living" concept since the demand for long term accommodation stay (students/working professionals) is probably going to outpace supply for quite some time. In Capital Ascott Trust's 3Q26 reporting, they have mentioned converting Lyf One North into longer stay accommodation, and while the ADR is lower but overall profitability is actually higher due to lower operating expenses.
10 in 10 with The Assembly Place - Beyond Co-Living: Building a Community Living Platform
TAP offers investors exposure to a scalable, technology-enabled Community Living platform supported by diversified demand and an asset-light operating model. Our value proposition is underpinned by an accommodation-led earnings base, a strong balance sheet and structural demand for flexible and professionally managed accommodation across multiple sectors.
In terms of earnings quality, accommodation-related income forms the core of the business, with rental income accounting for 84% of the Group’s total revenue in FY2025. This provides the Group with a significant recurring revenue base.
Our balance sheet provides financial flexibility for growth. As at 30 June 2026, equity attributable to shareholders stood at S$41.6 million, while the Group maintained a net cash position of S$11.5 million and had no interest-bearing borrowings. Net cash generated from operating activities remained healthy at S$7.7 million in 1H2026, and the Group had largely preserved its IPO proceeds.
For investors, the longer-term proposition extends beyond traditional co-living. TAP is developing a broader Community Living platform across multiple accommodation sectors, supported by proprietary technology and a secured pipeline of around 2,100 additional keys. This supports the Group’s target of more than 10,000 keys by the end of 2030.
https://www.sgx.com/research-education/m...g-building
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
