Recently listed co-living operator The Assembly Place (TAP) announced that its FY2025 ended Dec 31, 2025, earnings have increased by 6.4% to $6.6 million from $6.2 million a year ago.
The one-off IPO expenses in FY2025 came up to about $1.1 million. Excluding that from the equation, FY2025 earnings would be 24.2% up at $7.7 million.
The earnings growth comes on the back of a 42.4% y-o-y increase in revenue to $27.0 million from $18.9 million. Both of the group’s core revenue contributors – community-driven stays and other property-related services – saw significant growth.
The former saw a 42.4% y-o-y increase to $25.2 million, while the latter was 157.1% higher at $1.8 million. In FY2025, the group did not clock in revenue from investments, as compared to $0.5 million in FY2024.
This growth was underpinned by a larger number of keys under management and operation, from 2,106 to 3,422 as at the end of FY2024 and FY2025 respectively, and more master leases entered into during FY2025. As at Dec 31, 2025, the group’s portfolio covered 100 property assets. Performance was further supported by consistent strong occupancy rates, averaging 94.4% in FY2025, up from 91.0% in FY2024.
Looking forward, the group has an expansion pipeline of about 1,490 keys.
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In March 2026, the group announced its entry into the migrant worker accommodation segment through a joint venture with S11 Granuity Management to develop and operate Singapore’s first purpose-built dormitory incorporating TAP’s signature community-driven concept. The 886-bed dormitory located at 2 Seletar North Link is TAP’s sixth and latest living sector and will be launched under the group’s seventh and newest brand “Habitat”.
TAP also completed the acquisition of 163 Tras Street in March 2026 through its 10%-owned joint venture, 163 TS. The group has received regulatory approval to convert the property into a 163- room hotel.
The group also has a pipeline of projects expected to contribute approximately 441 keys, including properties at 400 River Valley Road, 63 and 65 South Bridge Road, 101 Lavender Street, 259 Outram Road and Kuala Lumpur, Bangsar. This brings total secured additional keys in its pipeline to 1,490 over the next two years.
Eugene Lim, TAP’s executive director and CEO says: “Our FY2025 performance was underpinned by the continued strength of our core Community-Driven Stays segment. Despite the one-off impact of IPO expenses, we maintained our profit momentum, reflecting the resilience of our manpower-lean, asset-light and community-driven model and the growing demand for flexible, lifestyle-oriented living solutions. We expect the new properties being added in FY2026 to contribute positively to our revenue this year. With the funds raised from our IPO, we are well-positioned to further enhance our service offerings, deepen market penetration and expand our reach as we work towards our target of 10,000 keys by 2030.”
As at 12pm, shares in TAP are trading at 24 cents, just slightly higher than its IPO price of 23 cents. The counter listed on Jan 23.
