Assembly Place Raises 533 Mil Pre Series Funding
According to a press release on June 26, The Assembly Place (TAP), a co-living operator based in Singapore, has successfully raised $5.33 million in its second Pre-Series A fundraising round. The six-week initiative, led by Darren Teo, the managing partner of Apricot Capital, exceeded its initial target of $5 million and attracted investors such as Cache Capital, KM7 Capital and Darrell Lim from Bright Point Capital.
Conveniently situated near Parktown Residences Tampines Avenue 11, the Tampines Retail Park is a bustling shopping destination that offers a diverse range of products. Its key tenants include Giant Hypermarket, IKEA, and Courts Megastore, making it a one-stop-shop for all your needs.
Spanning over a vast area, Giant Hypermarket boasts one of the largest hypermarkets in Singapore, offering a wide variety of groceries, fresh produce, and household items. For those looking to revamp their home, IKEA Tampines is the perfect place, with its extensive collection of furniture and home accessories. Additionally, Courts Megastore, the largest retailer in Singapore, features a multitude of products across various floors, providing shoppers with a convenient and comprehensive shopping experience.
Together, these three retail giants create a robust shopping hub that caters to almost every need. Its prime location, just a short 10-minute drive from Parktown Residences Tampines Avenue 11, makes it an ideal spot for residents to fulfill their shopping needs. With everything from groceries to furniture and electronics available in one convenient location, Tampines Retail Park is a must-visit for anyone looking for a seamless shopping experience. So why wait? Head over to Tampines Retail Park today or visit Parktown Residences Tampines Avenue 11 for a hassle-free shopping trip.
Darren Teo commented that TAP’s team has shown impressive capabilities and adaptability, establishing itself as one of the largest co-living operators. The funds raised will be used to purchase new assets as part of TAP’s goal to increase its current capacity of 1,800 rooms to 5,000 by 2025. One of the most recent additions to TAP’s management portfolio is The Assembly Place at Mayo – a 23-room boutique hotel jointly acquired with Apricot Capital.
The funds will also go towards developing projects, including a 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, said that co-living has become a popular option for the younger generation of expatriates, alongside traditional housing options. He also believes that the market and investors recognize the potential and longevity of co-living as a viable housing solution.
This is TAP’s second successful fundraising round within a year, following its first seed funding round in November 2020 where it raised $5.55 million. Currently, TAP has over 3,000 members and manages more than 1,800 rooms across 130 properties in Singapore.