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Co-living player The Assembly Place eyes pole position, overseas expansion

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Samuel Oh

Published Thu, Feb 22, 2024 · 09:09 PM
    • The Assembly Place's chief executive Eugene Lim wants 4,000 rooms in TAP's portfolio by year's end, and to be No. 1 in the market.
    • The Assembly Place's chief executive Eugene Lim wants 4,000 rooms in TAP's portfolio by year's end, and to be No. 1 in the market. PHOTO: THE ASSEMBLY PLACE

    HOMEGROWN co-living player The Assembly Place (TAP) is not sitting on its laurels, even after having racked up exponential growth in the last five years.

    Started in 2019 with just six rooms in a landed home, the startup surpassed 1,800 rooms in 102 assets by end-2023, and manages S$500 million in assets. In 2021, it was managing 550 rooms in 16 assets worth S$250 million.

    Net revenue shot from S$282,851 in 2019 to S$15.6 million in 2023; earnings before interest, taxes, depreciation and amortisation (Ebitda) have been positive since 2020, with the latest figure at S$1.18 million in 2023. 

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