The Assembly Place Holdings Ltd: In-Depth Corporate Presentation Analysis Ahead of Catalist IPO

Date: January 2026

Overview: Singapore’s Largest and Fastest-Growing Community Living Operator

The Assembly Place Holdings Ltd (“TAP” or “the Company”) is preparing for its listing on the SGX Catalist board on January 23, 2026, following a robust growth trajectory since its inception in 2021. TAP currently manages approximately 3,422 keys across 100 property assets, spanning six brands and five living sectors. The Company has been named “Best Co-Living Operator” for five consecutive years and ranked #8 in Singapore’s Fastest-Growing Companies 2025 by The Straits Times and Statista.

Key Investment Merits

• Scalable Asset-Light Model: TAP operates under a business model that enables rapid expansion without significant capital outlay, relying on direct lease agreements rather than property ownership. This approach provides financial flexibility and the ability to pursue opportunistic investments.
• Diversified Portfolio: The Company’s portfolio covers residential co-living, hotels and serviced apartments, student accommodation, inter-generational living, and foreign healthcare professionals’ accommodation, making it the most diversified operator in the sector.
• Operational Excellence & Proprietary Technology: TAP leverages an in-house developed CRM system and mobile application (“TAP App”), enabling its lean team of 42 employees to manage over 3,422 keys with a low employee-to-key ratio (~1:81). This tech-driven approach enhances operational efficiency and member experience.
• Experienced Leadership: The management team includes industry veterans from leading real estate and finance firms, including Oxley Holdings, Knight Frank, and prominent local banks.
• Award-Winning Track Record: TAP has consistently received accolades for its co-living spaces and operational excellence, including PropertyGuru Asia Property Awards and EdgeProp Singapore Excellence Awards.

Financial Highlights & Growth Trajectory

• Revenue: TAP’s revenue grew at a CAGR of 66.0% from S\$6.9 million in FY2022 to S\$18.9 million in FY2024.
• Net Profit: Net profit attributable to owners reached S\$6.2 million in FY2024, up from S\$337,000 in FY2022, representing a CAGR of 329.6%.
• Occupancy Rates: Average occupancy rates have remained above 90% since FY2022, peaking at 94.4% as at the latest practicable date.
• Balance Sheet: TAP maintains a minimal external debt position (S\$0.26 million in FY2024) and a net cash position of S\$2.71 million. The asset-light model is reflected in increasing lease liabilities, aligned with portfolio expansion.
• Cash Flows: Strong operating cash flows support portfolio growth and strategic investments, with net cash generated from operations rising to S\$12.68 million in FY2024.

Strategic Expansion & Pipeline

• Ambitious Growth Plans: TAP intends to expand its portfolio to over 10,000 keys by end-2030 through direct lease agreements, joint ventures, and overseas expansion (notably in Kuala Lumpur, Malaysia).
• Upcoming Projects: The pipeline includes 544 keys in Singapore and 66 keys in Kuala Lumpur, with new developments at River Valley Road, South Bridge Road, Lavender, Tras Street, and Outram, among others.
• Co-Investment Strategy: TAP is actively pursuing minority stakes in property assets, enhancing its market reach and leveraging project management expertise to uplift asset values.

IPO Details & Shareholder Information

• Invitation Price: S\$0.23 per share, implying a market capitalisation of S\$88.1 million.
• Offering Breakdown: S\$6.8 million from cornerstone shares and S\$11.6 million from the public invitation, raising a total of S\$18.3 million (gross proceeds).
• Use of Proceeds: 45.1% for portfolio expansion, 31.6% for investments, and 8.3% for general working capital.
• Shareholding Structure: Post-IPO, promoters (Eric Low and Eugene Lim) will hold ~50% with strict moratoriums (100% for 6 months, 50% for subsequent 6 months). Public shareholders will hold 13.1%, with a total public float of 19.9%.
• IPO Timeline: Offer period opens January 15, closes January 21, and listing commences January 23, 2026.

Potential Price Sensitive Information

• Rapid Portfolio Expansion: The aggressive plan to scale from 3,422 keys to over 10,000 by 2030, including overseas ventures, signals significant growth potential but also increased operational risks and capital requirements.
• Asset-Light Model: While this model supports fast expansion, it also exposes the Company to lease liability risks and possible volatility in lease terms or asset availability.
• Consistent Industry Recognition: Continued award wins and strong occupancy rates could drive investor confidence and premium valuation.
• Minimal Debt & Healthy Cash Position: Financial flexibility enhances TAP’s capacity for opportunistic investments, which may impact future earnings positively.
• Moratorium Details: Significant lock-up periods for promoters and certain shareholders may affect liquidity and share price volatility post-IPO.
• Upcoming Pipeline and Overseas Expansion: Execution risk associated with new projects and international entries, especially in Kuala Lumpur, should be closely monitored by investors.

Operational & Management Strengths

• Experienced Management: The executive team’s background in large listed companies and real estate management is a critical asset for execution of TAP’s ambitious plans.
• Lean Operations: A small team supported by proprietary technology is able to deliver industry-leading occupancy and portfolio growth.
• Community Engagement: TAP’s focus on community-driven experiences, including frequent member events and partnerships, reinforces brand loyalty and higher occupancy rates.

Risks

• Lease Liability Growth: Increased lease liabilities could impact future cash flows if occupancy or rental rates decline.
• Execution Risk: The rapid expansion strategy, especially into new geographic markets, adds execution and integration risks.
• Regulatory Changes: Changes in Singapore’s property or housing regulations could affect TAP’s business model and growth prospects.

Conclusion

The Assembly Place Holdings Ltd stands out as Singapore’s largest and fastest-growing community living operator, with a compelling asset-light business model, strong financial performance, and ambitious expansion plans. The upcoming IPO offers investors exposure to a unique, diversified real estate platform with a proven track record of operational excellence and industry recognition.

Shareholders should closely monitor TAP’s execution of its expansion pipeline, management of lease liabilities, and overseas ventures, as these factors present both significant upside and potential risks that may materially affect share values post-listing.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities. Investors should conduct their own due diligence and consult their financial advisers before making investment decisions. The information herein is derived from the Company’s corporate presentation and public sources as of January 2026, and may be subject to change.

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