Assembly Place Raises 533 Mil Pre Series Funding
Singapore-based co-living operator The Assembly Place (TAP) has successfully raised $5.33 million in its second Pre-Series A fundraising exercise, according to a June 26 press release. TAP was able to surpass its initial target of $5 million within just six weeks thanks to strong support from investors such as Darren Teo, the managing partner of Apricot Capital, Cache Capital, KM7 Capital, and Darrell Lim, a director at Bright Point Capital.
Jurong East MRT Station serves as a vital interchange point for the North-South and East-West Lines, offering extensive connectivity throughout Singapore and serving as a crucial transit hub for those travelling westward. In addition to connecting commuters to various parts of the country, the station also plays a key role in facilitating transportation within the western region. Due to its convenient location and accessibility, Jurong East MRT Station is a top choice for commuters, and with the recent integration of Novo Place, a new development promising to enhance the overall commuting experience, its popularity is sure to grow even more. Adding Novo Place to the station brings added convenience and accessibility to an already thriving and well-connected transportation hub.
Teo, who led the fundraising initiative, praised TAP for its outstanding capabilities and resourcefulness, which have made it one of the largest co-living operators in Singapore. The raised funds will be used to purchase new assets as TAP aims to increase its capacity from the current 1,800 keys to 5,000 by the end of 2025.
One of the latest additions to TAP’s portfolio is The Assembly Place at Mayo, a 23-room boutique hotel located at 9 Jalan Besar, which it acquired jointly with Apricot Capital. In addition to expanding its property portfolio, the funds will also support TAP’s joint venture with TS Group to provide lodging facilities for foreign healthcare professionals under a contract with MOH Holdings.
TAP Founder and CEO Eugene Lim believes that co-living has become a popular housing option for the younger generation of expatriates in Singapore. He also noted that the steady support from the market and investors is a clear indication that co-living is here to stay.
This is the second successful fundraising for TAP, following its first seed funding round in November 2021, which raised $5.55 million. With over 3,000 members and managing more than 1,800 rooms in 130 properties across the island, TAP is well on its way to becoming a leader in the co-living market.