On Dec 30, co-living operator The Assembly Place (TAP) Holdings lodged its preliminary offer document with the Monetary Authority of Singapore (MAS) for its proposed initial public offering (IPO) on the Catalist board of the Singapore Exchange.

TAP is Singapore’s largest and most diversified co-living operator, operating under an asset-light model. It leverages its proprietary digital infrastructure to manage and operate 3,422 keys across 100 properties in Singapore as at Dec 17, 2025.

TAP also plans to expand into Malaysia in 2026, having secured a site in Bangsar, Kuala Lumpur. The property will be operated as a hotel with community-living components. In Malaysia, TAP also intends to provide project management, property management and other related services to property owners.

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The group operates across multiple living segments, including residential co-living, hotels and serviced apartments, student accommodation, housing for foreign healthcare professionals, and inter-generational living.

Its portfolio of brands includes TAP (co-living); Campus by The Assembly Place (student accommodation); Social by The Assembly Place (hotel); and Commune, managed by TSAP (inter-generational co-living).

Incorporated in Singapore in January 2023, TAP reported revenue of $11.65 million for 1H2025, up 43.6% year-on-year, alongside a net gain of $1.24 million, a 249% increase year-on-year.

The community-driven stays business segment accounted for 95.1%, 97.7%, 93.6%, 96.3% and 94.8% of total revenue in FY2022, FY2023, FY2024, 1H2024 and 1H2025, respectively.

Revenue from property-related services contributed 4.9%, 2.3%, 3.9%, 3.7% and 5.2% of total revenue over the same periods. Meanwhile, revenue from investments — primarily minority ownership interests in companies that own property assets — contributed 2.5% of total revenue in FY2024.

Non-executive chairman Eric Low is a controlling shareholder of TAP, holding 30.1% of its shares, while founder and CEO Eugene Lim owns 29.2%. Together, they control 59.3% of the company’s issued and paid-up share capital.

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Low and his associates — whose network, investment vehicles and relationships within the real estate sector have supplied or facilitated access to property assets leased to TAP — accounted for approximately 61.2% of the group’s lease liabilities as at June 30, 2025.

Cornerstone investors include Apricot Capital, a private investment office of the Teo family, founders of Super Group; family office Asdew Acquisitions; Cache Capital, owned by Loi Pok Yen; institutional investment fund ICH Synergrowth Fund; Maybank Securities (on behalf of selected high-net-worth clients); Cheah Chi Kong, founder of S11 Group dormitories; and Deepak Ramchandani, senior vice president of equity sales at Maybank Securities.

According to the company, proceeds from the IPO are intended to be used to expand its portfolio through direct lease agreements with property owners; form joint ventures and strategic alliances to pool operational expertise and enter new community-living segments; expand overseas into regional markets; and co-invest in properties by acquiring minority stakes.