<ul type="disc"><li>The Assembly Place (TAP) is the largest Community Living operator in Singapore. It operates an asset-light model leveraging on digital infrastructure to manage and operate over 3,400 keys across 100 property assets in Singapore.</li><li>TAP is targeting a portfolio expansion to over 10,000 keys by 2030, driven by vertical diversification into new sectors like worker's dormitories and a strategic co-investment model. Strategic alliances enables the Group to share risk, diversify its offering, and rapidly deploy the community-driven operating model in larger scale purpose-built living sectors.</li><li>TAP is offering 50.3 million invitation shares at S$0.23 per share, with an additional 29.5 million shares committed by cornerstone investors. TAP will receive net proceeds of around S$10.8 million, which will primarily be used for portfolio expansion. Based on the offer price, TAP has an estimated market capitalisation of S$88.1 million.</li></ul>TAP is the largest Community Living operator in Singapore. It operates an asset-light model leveraging on its digital infrastructure to manage and operate over 3,400 keys across 100 property assets in Singapore as at Dec 17, 2025 through the Group and Associated Companies.The living sectors that TAP serves include Residential Co-living, Hotels &amp; Serviced Apartments, Students’ Accommodation, Foreign Healthcare Professionals’ Accommodation, and Inter-generational Living. In addition, TAP also offers property asset owners project management, property management, and other services.TAP plans to expand into Malaysia in 2026, and has secured a site in Bangsar, Kuala Lumpur which they intend to operate as a hotel with Community Living elements. Its business comprises three key segments: (a) Community-Driven Stays; (b) Other Property-related Services; and (c) Investments.<img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/cb1e7a79-391a-4070-8c4e-62271f5d01f1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="830" height="468" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/cb1e7a79-391a-4070-8c4e-62271f5d01f1.jpg"/>Competitive Strengths based on the IPO Offer Document<ul><li>Singapore’s largest Community Living operator<ul><li>TAP’s scale presents comparative advantages, including enhanced negotiating leverage with landlords and other service providers, allowing them to secure favourable commercial terms, maintain consistent service standards and achieve economies of scale.</li><li>Diversified portfolio of asset typologies broadens market reach across multiple demographics, strategically positioning TAP to capture opportunities in Singapore’s growing Community Living sector while mitigating concentration risk.</li></ul></li><li>Scalable growth fueled by an asset-light model and in-house capabilities<ul><li>Asset-light business model facilitates scalability without the significant capital outlay typically associated with traditional property ownership models.</li><li>Offers Community Living services through property assets secured under direct lease agreements with property asset owners, without the need to acquire and own such property assets.</li><li>In-house capabilities in interior design, procurement and project management have enhanced the group’s ability to launch new property assets in a timely and cost-efficient manner.</li></ul></li><li>Community driven approach fosters strong portfolio performance<ul><li>TAP adopts progressive and proactive strategies to foster a sense of community and belonging across all accommodation offerings.</li><li>Member engagement is facilitated through a combination of physical communal spaces, digital touchpoints through the group’s mobile application and social media, as well as monthly community-wide events, fostering social connections and a sense of belonging.</li></ul></li></ul>Strategies &amp; Plans<ul><li>Expanding portfolio to over 10,000 keys by end of 2030<ul><li>TAP intends to expand through a mix of direct lease agreements and strategic joint ventures, including a move into the worker’s dormitory sector. Regionally, TAP intends to expand their community-driven living solutions across Southeast Asia.</li></ul></li><li>Pursue co-investments with property asset owners to acquire minority stakes in entities holding property assets<ul><li>TAP intends to actively pursue a strategy of co-investing with property asset owners to acquire minority stakes in entities that hold property assets, leverage on their track record and familiarity with the real estate industry in Singapore to identify and evaluate the right price points of potential property assets, and undertake enhancement works to improve the marketability of such property assets for sale.</li></ul></li><li>Enhance operational excellence through digitalisation and member experience<ul><li>TAP intends to upgrade its in-house CRM system and IT system to further optimise operations and automate backend processes, improve data analytics for their property owners and members, and continue to enhance the TAP App.</li></ul></li></ul>Key risks (Refer to page 44 of the IPO Offer Document for the full list)<ul><li>TAP’s growth is dependent on its Controlling Shareholder and his associates for property sourcing.  While it intends to continue leveraging this network and relationships, the Group also actively engages and will continue to engage with suitable third-party property asset owners to secure alternative sources of property assets to support their goal of increasing its portfolio to over 10,000 keys by the end of 2030.</li><li>TAP’s member base is concentrated in specific demographic segments - primarily expatriates, students, and foreign healthcare professionals - characterised by an emphasis on mobility and stays that are materially shorter than traditional residential leases. This concentration exposes TAP to inherent volatility in occupancy rates and makes its revenue stream highly sensitive to external shifts in immigration policies, visa requirements, and geopolitical stability.</li><li>TAP relies on direct lease agreements in desirable locations for a substantial number of its property assets. Any early termination or non-renewal would compel the cessation of operations at the relevant property asset, leading to significant relocation costs, fit-out expenses, and revenue loss from downtime.</li><li>TAP’s reputation and goodwill as a quality Community Living operator underpins its success in terms of customer loyalty, and business growth. Any actual or perceived deterioration in service quality, operational lapses, or adverse publicity could damage its brand and impact business performance.</li></ul>Financials &amp; Valuation<ul type="disc"><li>TAP generates revenue from three business segments: Community-driven stays, Other Property-related Services, and Investments. For FY2024, Community-driven stays - derived from the operation and management of residential and mixed-use property assets - accounted for 93.6% of the TAP’s total revenue. Other Property-related Services, which includes value-added referral and project management services, contributed 3.9%, while the Investments segment, which involves acquiring minority ownership interests in property-holding entities accounted for 2.5% of revenue during this specific six-month period.</li><li>TAP recorded an increase in total revenue from S$6.9 million in FY2022 to S$18.9 million in FY2024. Revenue increased by 108.6% in FY2023 and by 32.2% in FY2024. This was primarily due to higher revenue from the Community-driven stays segment, which increased by 114.0% in FY2023.</li><li>During the same period, Net Profit Attributable to Shareholders rose from S$0.34 million in FY2022 to S$6.20 million in FY2024.</li></ul><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/2e54fcc8-6bff-4796-bbb1-6f96d89f753b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="542" height="348" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/2e54fcc8-6bff-4796-bbb1-6f96d89f753b.png"/><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/af910b07-1370-4576-8c14-b4210757ff79.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="374" height="227" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/af910b07-1370-4576-8c14-b4210757ff79.png"/><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/08149085-b289-4778-9a04-1fb19de20c7f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="353" height="211" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/08149085-b289-4778-9a04-1fb19de20c7f.png"/><table><tbody><tr><td>Securities with Residential Living Exposure on SGXApart from The Assembly Place, other similar SGX-listed companies that offer exposure to residential living including Coliwoo Holdings, City Developments, CapitaLand Ascott Trust, Centurion Corporation and Wee Hur:<table><tbody><tr><td>Stock Name</td><td>Stock Code</td><td>Market Cap (S$M)</td><td>P/B Ratio</td><td>Sub-Sector Exposure</td></tr><tr><td>CapitaLand Ascott Trust</td><td>HMN</td><td>3,735</td><td>0.8</td><td>Co-Living</td></tr><tr><td>Centurion Accommodation REIT</td><td>8C8U</td><td>1,960</td><td>1.3</td><td>PBSA &amp; PBWA</td></tr><tr><td>Centurion Corporation</td><td>OU8</td><td>1,253</td><td>1.1</td><td>PBSA &amp; PBWA</td></tr><tr><td>City Development</td><td>C09</td><td>8,310</td><td>0.9</td><td>PBSA</td></tr><tr><td>Coliwoo Holdings</td><td>W8W</td><td>293</td><td>1.5</td><td>Co-Living</td></tr><tr><td>The Assembly Place</td><td>TAP</td><td>88</td><td>2.8</td><td>Co-living</td></tr><tr><td>Wee Hur</td><td>E3B</td><td>836</td><td>1.3</td><td>PBSA</td></tr></tbody></table>Source: Company filings, SGX Stock Screener, Bloomberg Additional Information from IPO Offer DocumentIPO Details<ul type="disc"><li>Offer price at S$0.23 per share.</li><li>Offered shares of 50,303,000 (comprising 25.6 million new shares and 24.8 milion vendor shares) to public and institutional investors under the Placement Tranche and the Singapore Public Offer.  Assuming the Over-Allotment option is not exercised, Public and Institutional Investors will hold approximately 13.1% of the shares in issue. </li><li>The remaining shares will be held by the following investors:<ul type="circle"><li>Apricot Capital (5.6%)</li><li>Other Cornerstone Investors (6.6%)</li><li>Existing Shareholders (including non-executive chairman Eric Low and CEO Eugene Lim): 303,247,000 shares (74.7%)</li></ul></li><li>Estimated IPO market capitalisation, based on post-offering shares of 383.0 million is SS$88.1 million.</li></ul>Cornerstone Investors<ul type="disc"><li>The following Cornerstone Investors subscribed to 29.5 million Units at the Offer Price:<ol type="1"><li>Apricot Capital</li><li>Asdew Acquisitions</li><li>Cache Capital</li><li>ICH Synergrowth Fund</li><li>Maybank Securities (on behalf of certain HNW clients)</li><li>Maybank Trading Representative - Deepak Lakhi Ramchandani</li><li>Mr Cheah Chi Kong, Johnathan </li></ol></li></ul></td><td> </td><td> </td></tr><tr><td colspan="3">Did you know?TAP’s flagship healthcare residence at 1A Short Street (HHOM) features a deliberate interior and exterior color palette - incorporating specific shades of blue, green, and white - designed to mirror the various nursing uniforms found across Singapore’s public healthcare institutions to create a unique identity and a sense of belonging for healthcare professionals.Enjoying this read?<ul type="disc"><li>Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.</li><li>Stay up-to-date with our SGX Invest Telegram channel. </li></ul></td></tr><tr><td colspan="3"></td></tr></tbody></table>

The Assembly Place Holdings (TAP), Singapore's largest Community Living operator, has debuted on the SGX, offering 50.3 million shares at S$0.23 each, aiming for a market cap of S$88.1 million. TAP operates an asset-light model managing over 3,400 keys across 100 properties, targeting 10,000 keys by 2030. The company plans to expand into Malaysia and diversify into sectors like worker's dormitories. TAP's strategy includes co-investments and enhancing digital operations to foster community engagement and operational excellence.

The Assembly Place Holdings – Leading Asset-Light Co-living Operator – Debuts on SGX