The Assembly Place profit surge caps record 2025 at $7.7m

The newly-listed TAP shrugs off $1.1m in IPO expenses as revenue skyrockets 42.4% to $27.0m.

The Assembly Place Holdings Ltd. (TAP), a newly-listed community living operator, reported a net profit after tax (NPAT) of $6.6m for financial year 2025 (FY2025), up 6.4% year on year, as revenue rose 42.4% to $27.0m over the same period.

Growth was driven by TAP’s Community-Driven Stays segment, which accounted for 93.3% of total revenue and rose 42.4% to $25.2m.

The number of keys under management increased to 3,422 at the end of 2025 from 2,106 at the end of 2024, with average occupancy at 94.4%.

“Despite the one-off impact of IPO expenses, we maintained our profit momentum,” said Eugene Lim, TAP’s Executive Director and CEO. He added that the Group’s asset-light, community-driven model underpins its operational strength.

During FY2025, TAP expanded its brand portfolio, launching “SOCIAL” properties at 261 Outram Road and 9 Jalan Besar, and introducing “COMMUNE on Henderson”, Singapore’s first inter-generational co-living space.

Revenue from Other Property-related Services grew to $1.8m from $700,000 in FY2024.

TAP plans to add around 1,490 keys over the next two years, including an 886-bed migrant workers’ dormitory and a 163-room hotel at 163 Tras Street.

The Group said it is well-positioned to capture demand in Singapore’s co-living market and will use IPO funds to expand services, grow its market presence, and target 10,000 keys by 2030.