ASIA: Singapore-based coliving operator The Assembly Place boosts portfolio
Coliving start-up The Assembly Place (TAP) has acquired Libeto, operator of the Commontown Singapore’s coliving space.
The Commontown coliving brand was created by a Korean construction company in early 2017 and has four locations in Seoul and 10 in Singapore.
Commontown Singapore has 120 rooms and the acquisition means TAP, which was founded three years ago with just six rooms, now operates more than 600 rooms.
As well as the rooms, TAP is taking over Commontown’s operations team and its head leases and subleases.
Eugene Lim founder of The Assembly Place said: “We expect co-living rates to increase by five per cent to seven per cent this year as Singapore’s economy recovers and the country opens more quarantine-free travel arrangements with other countries.”
Following the acquisition, all the Commontown Singapore spaces will be rebranded TAP.
LHN Group recently announced the opening of two properties under Coliving brand Coliwoo in Singapore.
