The Assembly Place to invest up to S$2.5 million in S$300 million living-sector fund

[SINGAPORE] Catalist-listed The Assembly Place (TAP) is investing up to S$2.5 million in a living-sector fund targeting S$300 million, as the accommodation operator looks to expand its portfolio.

TAP has also been proposed for appointment as property manager and operator of the fund’s assets, allowing it to earn recurring property management and operating fee income without owning the properties directly.

The fund is targeted for investments in Singapore and the Asia-Pacific region. It will be managed by ICHAM, a Singapore-based multi-family office and alternative asset fund manager and affiliate of the ICH Group.

As at Jun 30, ICHAM managed about US$686 million in assets across private equity, fixed income and hybrid strategies.

In a statement on Monday (Oct 26), TAP said the investment and proposed appointment would align its interests with those of the fund’s investors, while allowing it to leverage its operating expertise in the living sector.

Speaking to The Business Times, TAP CEO Eugene Lim said that growing institutional interest in the sector present opportunities for the group to expand without substantial capital investment in direct property ownership.

“This latest corporate milestone advances our ambition to expand our portfolio to more than 10,000 keys by end-2030, while strengthening our recurring income streams from property management and operating fees,” he said.

TAP manages more than 3,520 keys across 103 property assets in Singapore, with more than 2,100 additional keys in its development pipeline. Its portfolio spans six living sectors:

• Residential co-living;
• Hotels and serviced apartments;
• Student accommodation;
• Inter-generational living;
• Accommodation for healthcare professionals; and
• Migrant worker dormitories.

TAM did not disclose in its statement which assets the fund intends to acquire or develop.

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Vincent Toe, ICHAM’s investment manager, said that Singapore’s living sector is supported by “resilient demand fundamentals, evolving lifestyle preferences and demand for flexible, professionally managed accommodation”. The firm aims to draw on TAP’s expertise to enhance the fund’s assets and support its expansion in the living sector.

TAP reported higher earnings for the first half ended Jun 30, with revenue rising 33.9 per cent year on year to S$15.6 million, while net profit grew 80.7 per cent to S$2.2 million, driven largely by residential co-living and student accommodation.

Founded in 2019, TAP listed on the Catalist board of the Singapore Exchange in January.

Tracked investment volumes in the region’s living-sector assets reached about US$21 billion in 2025, up 49 per cent year on year and nearly three times the level recorded a decade earlier.