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Home News Work-life

Coliving Startup To Acquire Libeto Commontown Singapore

The deal will see Libeto be acquired through a share swap agreement, allowing The Assembly Place to add Commontown Singapore’s 10 locations to its portfolio.

Aayat AlibyAayat Ali
March 30, 2022
in Work-life
Reading Time: 1 min read
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Coliving Startup To Acquire Libeto Commontown Singapore

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Singapore coliving company The Assembly Place (TAP) will acquire Libeto, operator of the Commontown Singapore coliving brand. 

According to Eugene Lim, founder and CEO of TAP, the deal will see Libeto be acquired through a share swap agreement, allowing TAP to add Commontown Singapore’s 10 locations to its portfolio.  

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Altogether, this amounts to around 120 rooms, which are fully leased out at the moment. 

Lim added that TAP will also take over the coliving firm’s operations team, giving TAP the ability to continue expanding and scaling its footprint this year. 

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TAP has also acquired straight leases across River Valley, Tiong Bahru, Novena and East Coast in Singapore.  

Through these deals, TAP will grow its footprint by over 600 operational rooms in Singapore and have an additional 200 in the pipeline. 

“Lim and the team at TAP have the resources, vision and determination to excel in this industry, and we are pleased and excited at this opportunity to work with them in changing the face of real estate in South-east Asia and beyond,” said Ian Lau, CEO and cofounder Commontown Singapore. 

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Source: The Business Times
Tags: Coliving
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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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