# The Assembly Place net profit climbs 80.7% on co-living expansion, looks ahead to 'robust' pipeline

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-07T01:12:59.000Z
- **Author:** Fiona Lam
- **Original:** https://www.edgeprop.sg/property-news/assembly-place-net-profit-climbs-807-co-living-expansion-looks-ahead-robust-pipeline
- **Topics:** Transactions & Deals

## Featured rationale

The earnings growth and expansion pipeline signal rising demand and operator confidence in professionally managed co-living, potentially increasing Singapore’s flexible-accommodation supply.

## AI summary

The Assembly Place’s 1H2026 net profit rose 80.7% year on year to $2.2 million, with roughly 2,100 additional keys secured through 2028.

## Original article

Co-living operator The Assembly Place (TAP) saw improved profitability for the first half of this year amid revenue growth as it continued to expand its core segment of community-driven stays.

It also comes as TAP eyes a “robust” upcoming slate of new projects, with more than 2,100 additional keys in its development pipeline, against a backdrop of growing demand for professionally-managed community living solutions, the company said.

Net profit increased by 80.7% y-o-y to $2.2 million while revenue rose 33.9% to $15.6 million for 1H2026, according to an Aug 7 bourse filing by TAP, which listed on the Catalist board in January.

Read also: JustCo revenue rises 24% to US$80.8 mil in 1H2026; plans expansion to 78 centres

An increase in master lease agreements and a larger portfolio of keys under operation and management were the main reasons for the higher revenue. The group’s total number of keys expanded to 3,520 as at the end of June 2026, from 3,018 a year ago.

Higher rental income during the latest half-year period pushed gross profit up by 22.7% to $11.2 million, even as cost of sales rose 75.1% to $4.4 million.

Looking ahead, its total secured pipeline over the next two years comprises roughly 2,100 keys.

This includes seven properties in Singapore: 282 and 400 River Valley Road; 63 and 65 South Bridge Road; 101 Lavender; 259 Outram; 27 and 29 Lorong 22 Geylang (Dabu); 300-320 Tanglin Road (Phoenix Park); and the recently announced 50 Jalan Harom Setangkai (JHS) acquisition.

In Malaysia, the 66-key Social hotel with co-living elements in Bangsar, Kuala Lumpur, is expected to launch in the second half of 2026.

Eugene Lim, executive director and CEO of TAP, said the first-half performance reflects the scalability and resilience of the group’s community living business platform.

“Through the continued expansion of our master lease portfolio, we increased the number of keys under operation and management, driving healthy revenue growth, strengthening operating cash flow and delivering improved financial performance, despite the one-off IPO-related expenses and continued investments to support our growth,” he noted.

Read also: The Assembly Place enters JV to redevelop Jalan Harom Setangkai site into five terraced houses

Singapore is also seeing demand for flexible accommodation options, as some younger Singaporeans are looking to rent so they can live independently or enjoy greater flexibility.

Earlier this week, Minister for National Development Chee Hong Tat said the government is working with the private sector to explore a wider range of housing typologies such as long-stay serviced apartments and co-living.

TAP said in its Aug 7 filing that such demographic trends “reflect the growing role of co-living and the recognition of professionally-managed community living as part of Singapore’s evolving housing landscape”.

Milestones since the company’s IPO at the start of this year included entering into a strategic joint venture that will operate Singapore’s first purpose-built workers’ dormitory designed around a community-driven concept, at 2 Seletar North Link. This will house about 886 beds and be branded under its new brand, Habitat.

Also in March, TAP acquired 163 Tras Street, an 11-storey freehold commercial building in Singapore earmarked for conversion into a 168-room hotel.

The company in May inked a 15-year lease, with an option for a further five-year renewal, for Char Yong (Dabu) Building on Lorong 22 Geylang. It has about 80 rooms and will become TAP’s flagship AI-powered co-living property.

Read also: Why some young Singaporeans are opting out of the homeownership path

TAP also entered into a strategic joint venture in June to transform the historic Phoenix Park into Singapore’s largest co-living destination, with more than 700 keys and an integrated wellness, F&B and sports lifestyle ecosystem.

Just a day before its 1H2026 earnings release, TAP announced it had taken a 10% stake in a joint venture that has acquired the freehold residential property at 50 Jalan Harom Setangkai. It is located within the Chip Hock Gardens enclave at Gallop Park in prime District 10. The property will be redeveloped into five terraced houses for sale.

Operating an asset-light model with proprietary digital infrastructure, TAP manages more than 3,520 keys at 103 property assets in Singapore, across seven co-living brands.

TAP has three key business segments, one of which is in community-driven stays, whereby it operates and manages co-living assets, as well as provides property management services for mixed-use and commercial properties.

Its other two business segments include other property-related services such as referral services and project management for renovation and refurbishment works; as well as acquiring minority ownership interest in companies that own property assets.

The company declared its inaugural interim dividend of 0.1 cent per ordinary share for 1H2026.

Following its IPO in January this year, TAP has largely preserved the $10.6 million in net proceeds raised. The improved liquidity position reflects the strength of the cash-generative business model, Lim said in the Aug 7 press release.

## Chinese translation

> Translation model: openai_codex_cli

### The Assembly Place 净利润随共居业务扩张攀升 80.7%，展望“稳健”项目储备

随着共居解决方案需求上升，The Assembly Place 的开发储备中还有超过 2,100 个新增 keys

共居运营商 The Assembly Place（TAP）在今年上半年随着收入增长而盈利能力改善，同时继续扩大其以社区驱动住宿为核心的业务板块。

该公司表示，在对专业管理的社区生活解决方案需求不断增长的背景下，TAP 也看好即将推出的“稳健”新项目组合，其开发储备中还有超过 2,100 个新增 keys。

根据 TAP 于 8 月 7 日提交的交易所文件，2026 年上半年净利润同比增长 80.7%，至新币 220 万元；收入增长 33.9%，至新币 1,560 万元。TAP 于 1 月在 Catalist 板上市。

延伸阅读：JustCo 2026 年上半年收入增长 24% 至 US$80.8 mil；计划扩张至 78 个中心

主租赁协议增加，以及运营和管理中的 keys 组合扩大，是收入上升的主要原因。截至 2026 年 6 月底，集团 keys 总数从一年前的 3,018 个增至 3,520 个。

最近半年度期间租金收入上升，推动毛利增长 22.7% 至新币 1,120 万元，尽管销售成本增长 75.1% 至新币 440 万元。

展望未来，其未来两年已落实项目储备合计约 2,100 个 keys。

其中包括新加坡的七处物业：282 和 400 River Valley Road；63 和 65 South Bridge Road；101 Lavender；259 Outram；27 和 29 Lorong 22 Geylang（Dabu）；300-320 Tanglin Road（Phoenix Park）；以及最近宣布收购的 50 Jalan Harom Setangkai（JHS）。

在马来西亚，位于吉隆坡 Bangsar、带有共居元素并拥有 66 个 keys 的 Social hotel，预计将于 2026 年下半年开业。

TAP 执行董事兼首席执行官 Eugene Lim 表示，上半年业绩反映了集团社区生活业务平台的可扩展性和韧性。

他指出：“通过持续扩大我们的主租赁组合，我们增加了运营和管理中的 keys 数量，推动健康的收入增长，增强经营现金流，并交出改善的财务表现，尽管存在一次性 IPO 相关费用，以及为支持增长而持续进行投资。”

延伸阅读：The Assembly Place 进入合资项目，将 Jalan Harom Setangkai 地块重建为五栋排屋

新加坡也出现了对灵活住宿选择的需求，因为一些较年轻的新加坡人希望租房，以便独立生活或享有更大灵活性。

本周早些时候，国家发展部部长徐芳达表示，政府正与私营部门合作，探索更广泛的住房类型，例如长住服务式公寓和共居。

TAP 在其 8 月 7 日文件中表示，这类人口趋势“反映了共居日益增长的作用，以及专业管理的社区生活作为新加坡不断演变的住房格局一部分所获得的认可”。

自公司今年初 IPO 以来的重要里程碑包括达成一项战略合资，该合资将运营新加坡首个围绕社区驱动概念设计的专建工人宿舍，地址为 2 Seletar North Link。该项目将容纳约 886 个床位，并以其新品牌 Habitat 命名。

同样在 3 月，TAP 收购了 163 Tras Street，这是一栋位于新加坡、楼高 11 层的永久地契商业楼，计划改建为拥有 168 间客房的酒店。

公司在 5 月签署了一份为期 15 年的租约，并可选择再续约五年，租赁 Lorong 22 Geylang 的 Char Yong（Dabu）Building。该物业约有 80 间客房，将成为 TAP 的旗舰 AI 驱动共居物业。

延伸阅读：为什么一些年轻新加坡人选择退出购房路径

TAP 还于 6 月达成战略合资，将历史悠久的 Phoenix Park 改造为新加坡最大的共居目的地，拥有超过 700 个 keys，并配备综合健康、餐饮和运动生活生态系统。

就在发布 2026 年上半年业绩前一天，TAP 宣布已在一家合资企业中持有 10% 股权，该合资企业收购了位于 50 Jalan Harom Setangkai 的永久地契住宅物业。该物业位于第 10 邮区黄金地段 Gallop Park 的 Chip Hock Gardens 私宅区内，将重建为五栋排屋出售。

TAP 以轻资产模式运营，并拥有自有数字基础设施，在新加坡 103 项物业资产中管理超过 3,520 个 keys，涵盖七个共居品牌。

TAP 有三大核心业务板块，其中之一是社区驱动住宿，即运营和管理共居资产，并为混合用途和商业物业提供物业管理服务。

另外两个业务板块包括其他房地产相关服务，例如转介服务，以及翻新和改造工程的项目管理；以及收购持有物业资产公司的少数股权。

公司宣布派发 2026 年上半年首次中期股息，每股普通股 0.1 分。

Lim 在 8 月 7 日新闻稿中表示，继今年 1 月 IPO 后，TAP 基本保留了所筹集的新币 1,060 万元净 proceeds。改善的流动性状况反映了现金创造型商业模式的实力。