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.
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.
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.