The Assembly Place to invest up to S$2.5m in S$300m living sector fund
Singapore co-living operator The Assembly Place (TAP) will invest up to S$2.5 million in a living sector fund targeting S$300 million. TAP is proposed to serve as property manager and operator of the fund's assets, expanding its managed portfolio under an asset-light strategy.
Singaporean co-living operator The Assembly Place (TAP) will invest up to S$2.5 million in a living sector fund targeting S$300 million, pairing a small capital commitment with a proposed operating mandate to expand its recurring fee income. TAP will participate through a subsidiary and is proposed to be appointed property manager and operator of the fund's assets, the company said Monday in a stock filing. ICHAM, an affiliate of Singapore-based financial services firm ICH Group, will manage the investment vehicle.
TAP's maximum contribution would equal 0.83 per cent of the target fund size if fundraising reaches S$300 million. The arrangement would allow the company to expand its managed portfolio with third-party capital while earning property management and operating fees. “Representing another extension of our asset-light strategy, we are pleased to participate in the fund as both an investor and the proposed property manager and operator of its property assets,” said TAP executive director and CEO Eugene Lim.
TAP expects the fund to draw on the company's experience in enhancing and managing accommodation assets, with its co-investment intended to align its interests with those of other investors. The Catalist-listed operator did not identify the fund's initial properties, disclose fee rates or announce a fundraising close. “ICHAM aims to leverage on TAP's expertise and track record in the community living sector in Singapore to unlock differentiated value propositions of the fund's real estate assets and maximise asset value,” said ICHAM managing director Vincent Toe.
Founded in 2019, ICHAM is a Singapore-based family office and alternative asset fund manager serving accredited and institutional investors. It managed S$686 million across private equity, fixed income and hybrid strategies at the end of June. Toe co-founded ICH Group in 2000 and served as Yangzijiang Financial's inaugural CEO from 2022 to 2024. The ICH relationship with TAP predates the operator's January listing. Affiliated ICH Capital acquired shares from Lim and chairman Eric Low in August 2025, while ICHAM-managed ICH Synergrowth Fund participated as a cornerstone investor in the IPO, according to TAP's offer document.
The fund partnership adds another avenue towards TAP's goal of managing 10,000 keys by the end of 2030. The operator managed 3,520 keys across 103 properties at the end of June and has a secured pipeline of about 2,100 keys to be added over the next two years, according to a recent Business Times interview. In June, TAP announced a 39 per cent stake in an operating joint venture with TS Home to transform Phoenix Park on Tanglin Road into a community living destination with more than 700 keys. The 610,487 square foot (56,716 square metre) site comprises 33 conserved colonial buildings, with residences planned alongside wellness, sports and dining facilities and operations expected to begin in early 2027.
TAP's expansion beyond residential co-living includes the 273-key Commune at Henderson intergenerational residence and a planned 886-bed migrant worker dormitory with S11. TAP has also launched premium capsule hostel brand Gather House and soft-launched a 66-bed hotel in Kuala Lumpur's Bangsar district. The push comes as institutional investors increase allocations to operational housing: tracked Asia Pacific living sector investment reached US$21 billion in 2025, up 49 per cent, according to Knight Frank.
TAP's shares rose 5.7 per cent to close at S$0.205 on Monday following the announcement, leaving the stock 10.9 per cent below its S$0.23 IPO price and 29.3 per cent below its S$0.29 debut close. The stock had jumped 26.1 per cent on its first day of trading on 23 January.
