Co-living provider The Assembly Place files preliminary prospectus for Catalist IPO
Proceeds will be used to grow the company’s portfolio, including its expected expansion into Malaysia
[SINGAPORE] Co-living operator The Assembly Place on Monday (Dec 30) lodged a preliminary prospectus to list on the Catalist board of the Singapore Exchange (SGX).
The Assembly Place operates an asset-light model, managing and operating a portfolio of accommodation assets that ranges from co-living spaces to hotels and student housing.
It describes itself as Singapore’s “largest and most diversified” co-living operator, managing about 3,422 keys across 100 property assets in Singapore as at Dec 17.
The Assembly Place was established in 2019; its listing entity was incorporated in January 2023 and converted into a public company limited by shares in preparation for the IPO.
Its shares are expected to be listed on Jan 23, 2026.
The group’s portfolio also includes brands such as Campus by The Assembly Place and Social by The Assembly Place.
It generates revenue primarily from “community-driven stays”, which accounted for 94.8 per cent of its S$11.6 million revenue in the first half of 2025.
Other property-related services, which made up 5.2 per cent of H1 2025 revenue, include project management and investments, where it acquires minority ownership interests in companies that own property assets.
Several cornerstone investors, including Apricot Capital, Asdew Acquisitions and Cache Capital, have agreed to subscribe for shares in the offering.
Funding for growth
The Assembly Place said net proceeds from the IPO will largely go towards funding the expansion of its portfolio.
This includes sourcing new property assets via direct leases, joint ventures and an expansion into Malaysia, where it has secured a site in Bangsar, Kuala Lumpur, to operate as a hotel.
The funds will also be used for co-investments to acquire minority stakes in entities holding property assets, as well as for digitalisation efforts to enhance its proprietary customer relationship management system and mobile application.
The Assembly Place’s audited financial results showed that it booked a profit after tax of S$6.2 million for FY2024, reversing from a loss of S$899,000 for FY2023.
FY2024 revenue rose 32.2 per cent year on year to S$18.9 million. The Assembly Place attributed this to growth in its community-driven stays and investments segments.
For H1 2025, the group’s unaudited financial results recorded revenue of S$11.6 million, up 43.6 per cent from the S$8.1 million booked for the same period a year earlier. Net profit for the half-year stood at S$1.24 million.
The Assembly Place aims to expand its portfolio to 10,000 keys by the end of 2030.
It acknowledged specific risks, including a high dependency on key personnel such as executive director and CEO Eugene Lim, and non-executive chairman Eric Low, as well as a reliance on Low’s network for securing property assets.
The group also noted that it does not currently have a fixed dividend policy.
SAC Capital is the sponsor, issue manager, underwriter and placement agent for the listing.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
