The Assembly Place IPO
The Assembly Place Holdings Ltd. IPO Overview
Company: The Assembly Place Holdings Ltd.
Listing venue: Singapore Exchange (SGX) — Catalist board
Offer type: IPO (Public Offer + Placement + Cornerstone)
Sponsor / Issue Manager: SAC Capital Private Limited
The Company is offering 50.3m shares of which 48.3 will be via placement and the balance 2m shares via public offering. The IPO will close on 21 Jan 2026 noon and start trading on 23 Jan 2026 at 9am.
Business Description
The Assembly Place (TAP) is Singapore’s largest community living operator* by number of keys under management, operating under an asset-light model that leases and manages accommodation properties rather than owning them outright. As at 17 Dec 2025, TAP managed ~3,422 keys across ~100 property assets in Singapore, spanning multiple living sectors.
TAP’s portfolio includes:
Residential co-living spaces (for singles and professionals)
Hotels and serviced apartments
Student accommodation
Foreign healthcare professionals’ housing
Intergenerational living concepts
TAP operates these segments under six distinct brands, tailored across demographics, price points, and lifestyle needs.
The company promotes a community-driven living experience supported by its proprietary CRM and digital infrastructure (including a mobile app) — touted as a differentiator in customer engagement and operational efficiency.
Key Deal Terms
| Term | Detail |
|---|---|
| Public Offer Shares | 2,000,000 shares |
| Placement Shares | 48,303,000 shares |
| Cornerstone Shares | 29,450,000 shares |
| Offer Price | S$0.23 per share |
| Total Invitation Shares | 50,303,000 |
| Market Cap (approx.) | ~S$88.1m (post-IPO estimate) |
| IPO Proceeds Target | ~S$18.3m |
| Trading Commences | 23 Jan 2026 (ready basis) |
Use of Proceeds:
IPO funds are earmarked primarily to expand TAP’s portfolio of keys (targeting 10,000 keys by 2030) through direct leasing and co-investments with property owners, strengthen digital capabilities, and pursue strategic alliances and joint ventures.
Investment Merits
1. Leading Market Position
TAP claims ~34% market share by keys in Singapore’s community-living sector — a significant position given the fragmented nature of the space. The Company has also been growing very strongly over the last few years.
2. Diversified Revenue Streams
Unlike pure co-living players, TAP generates income across five accommodation segments, reducing reliance on a single demographic or economic cycle.
3. Asset-Light Scalability
An asset-light model reliant on leases and management contracts (versus heavy property ownership) offers scalability with limited capital expenditure — important for rapid geographic and portfolio expansion.
4. Strong Occupancy Metrics
Historical and ongoing >90% occupancy rates signal robust demand for community living spaces across cohorts (students, professionals, and workers).
5. Proprietary Digital Infrastructure
The in-house CRM and TAP mobile ecosystem provides operational leverage and potential upselling/cross-selling opportunities.
Risk Factors
Potential investors should consider the following risks typically highlighted in the prospectus:
Catalist small-cap risks: Companies listed on Catalist often lack long operating histories or have limited profitability track records.
Lease-related costs and terms: An asset-light model means exposure to rental market dynamics and lease renewals.
Competition and supply: Increasing supply of alternative living spaces (co-living, serviced apartments, budget hotels) could pressure pricing.
Regulatory and macro conditions: Tourism, student inflows, and foreign workforce trends materially affect demand.
Peer Comparison (SGX Listed / Similar Singapore Operators)
| Company | SGX Status | Business Focus | Portfolio Size Notes |
|---|---|---|---|
| Coliwoo Holdings Ltd. | Listed (Mainboard) | Co-living operator spin-off from LHN Group | ~25 properties, ~2,900 rooms (co-living) as of listing in Nov 2025. |
| The Assembly Place | IPO (Catalist) | Community living across co-living, student, hotel, healthcare housing | ~3,422 keys across 100 assets — diversified beyond pure co-living. |
| Ascott Group (Ascott’s lyf brand) | Parent listed (FRAs) | Co-living / hybrid hospitality | Not SGX pure play; brand within larger hospitality portfolio (no direct SGX co-living listing). |
| Hmlet / Cove | Privately held (not SGX) | Co-living spaces | Not currently publicly traded on SGX — limits direct valuation comparison. |
Comparison Highlights
Scale & Diversification: TAP’s portfolio (~3,422 keys across multi-formats) may exceed Coliwoo’s ~2,900 rooms in numeric scale and product diversification at IPO.
Public Market Position: Coliwoo is the first pure co-living operator to list on SGX’s Mainboard, providing a structural precedent and valuation benchmark for co-living assets.
Strategy Differences: TAP’s multi-segment strategy (including foreign worker housing and intergenerational living) contrasts with Coliwoo’s core co-living focus — offering investors exposure to wider accommodation demand drivers.
Valuation & Market Signals
Coliwoo’s IPO priced around S$0.60 per share and raised ~S$101m in gross proceeds, reflecting strong investor appetite for communal and flexible living solutions. The share price did not debut well and languished for a while before hitting the IPO price only recently. The valuation metrics of Coliwoo is presented below.
Assuming a fair value of 10x-13x, the fair value will be between 22 cents and 28 cents.
IPO Verdict: 2-Chilli Rating
At the IPO price of S$0.23, The Assembly Place is not obviously cheap, but also not aggressively priced, assuming management can deliver on growth.
Using a 35% FY2025 earnings growth assumption, TAP would generate ~2.18 cents EPS, implying a fair value range of ~22–31 cents based on a 10x–14x PER. At the offer price, the stock is therefore priced near the lower end of fair value, with upside dependent on execution rather than valuation re-rating alone.
Do note that Mr. IPO is vested. He was allocated 44% of what he asked for. There are a few common shareholders across Toku Limited and The Assembly Place, so how Toku perform may have some implication on The Assembly Place even though they are in totally different businesses.
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