{"id":121542,"date":"2021-08-19T04:11:57","date_gmt":"2021-08-18T21:11:57","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-assembly-place-on-track-to-achieve-1000-room-target-by-q1-2022\/"},"modified":"2021-08-19T12:23:31","modified_gmt":"2021-08-19T05:23:31","slug":"the-assembly-place-on-track-to-achieve-1000-room-target-by-q1-2022","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-assembly-place-on-track-to-achieve-1000-room-target-by-q1-2022\/","title":{"rendered":"The Assembly Place on track to achieve 1,000 room target by Q1 2022"},"content":{"rendered":"


\nFour more buildings on 25A Perak Road, 3 Tank Road, 18 Penhas Road, and 272 East Coast Road, have been secured by The Assembly Place under management contract. Source: The Assembly Place
\nThe Assembly Place (TAP) has secured four more buildings under management contract, putting it on track to have 1,000 rooms by the first quarter of 2022.
\nOne of the key assets is a 171-bed co-living hostel at 25A Perak Road, formerly known as Footprints Hostel.
\nThe three other assets comprise service apartments and residential units at 3 Tank Road, 18 Penhas Road, and 272 East Coast Road.
\nWith these new assets, TAP\u2019s portfolio will comprise close to 550 rooms across 16 purpose built co-living assets. Of the 550 rooms, 95% are under five-plus-five-year management contract, with current rooms having a strong occupancy of 98%.
\n\u201cWe are very excited and humbled that The Assembly Place is the leading purpose built co-living operator through the support and trust of individual asset owners, investment companies and family offices. This is a strong testament that TAP can add value to asset owners through our expertise as a development, asset manager and co-living operator,\u201d said Eugene Lim, Founder and CEO of The Assembly Place.
\n\u201cWhile TAP continue[s] to scale its business through an asset light model, we are also exploring assets on a straight lease model if the location and financial make sense,\u201d added Lim.
\nTAP revealed that it secured a few shophouses and landed properties on a straight lease model, such as 398 Racecourse Road. These assets are expected to be operational by October this year.
\nEarlier in the year, TAP took a straight lease model at The Amerald Studio, which features four studio units, four three-bedders and two penthouses.
\nLocated at No.1 Seraya Lane, The Amerald Studio has achieved 100% occupancy since its launch four months ago.
\nTAP\u2019s strategy for The Amerald Studio involved leasing the whole unit to tenants who want privacy, such as families, instead of leasing individual rooms within the unit.
\n\u201cNot all assets are suitable to be lease out as rooms,\u201d said Lim. \u201cWe must look at the internal space planning and have a strategy that best utilize the space.\u201d
\nMeanwhile, TAP\u2019s co-living assets under management contract at 138-142 Jalan Besar will receive its first member in October this year.
\nPrices for the rooms, which come with a minimum lease of three months, will start at $2,250 per month.
\nAnother asset at 257 Outram Road is also set to receive its first guest by Christmas this year. The two shophouses are classified as conservation properties under the URA Masterplan.
\n\u201cWhat we love about conservation assets is its history behind it, even though there are more restrictions during design and space planning stages, it is the rich history and the opportunity to be part of the gentrification work that makes the design process interesting,\u201d said Lim.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…The Assembly Place on track to achieve 1,000 room target by Q1 2022<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Four more buildings on 25A Perak Road, 3 Tank Road, 18 Penhas Road, and 272...<\/p>\n","protected":false},"author":1,"featured_media":121543,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-121542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/the-amerald-studio.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vCm","jetpack-related-posts":[{"id":125675,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-co-living-tech-start-up-the-assembly-place-tap-acquires-commontown-singapore\/","url_meta":{"origin":121542,"position":0},"title":"Singapore Co-living Tech Start Up The Assembly Place (TAP) Acquires Commontown Singapore","date":"March 31, 2022","format":false,"excerpt":"\r Co-living startup, The Assembly Place (TAP), has acquired Commontown Singapore. Assets acquired include 120 rooms across 10 locations and its head leases and sublease. Source: The Assembly Place Singapore co-living tech startup, The Assembly Place (TAP), has agreed with Libeto Pte Ltd, operator of the co-living spaces under the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/03\/TAP-commontown-singapore-co-living-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":123143,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-assembly-place-raises-5-55mil-in-seed-funding-round\/","url_meta":{"origin":121542,"position":1},"title":"The Assembly Place raises $5.55mil in seed funding round","date":"November 10, 2021","format":false,"excerpt":"\r Co-living tech start up The Assembly Place currently has over 300 rooms in Singapore, with another 200 rooms in the pipeline. 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