The Assembly Place Holdings Ltd. (TAP), Singapore’s largest Community Living operator, has announced its investment in a living-sector fund managed by ICHAM, targeting a fund size of S$300m. TAP will invest up to S$2.5m and is proposed to be appointed as the property manager and operator, aligning its interests with the fund’s investors whilst generating recurring income.
This strategic move marks a significant milestone for TAP, which aims to expand its role from a Community Living operator to managing and operating living-sector properties backed by institutional capital. TAP currently manages over 3,520 keys across 103 property assets in Singapore, with more than 2,100 additional keys in development.
Eugene Lim, TAP’s Executive Director and CEO, stated, “Our investment demonstrates our alignment with the Fund and its investors, whilst our strategic involvement allows ICHAM and the Fund to draw from TAP’s track record and expertise in enhancement and management of living-sector assets.”
ICHAM, an affiliate of the ICH Group, will serve as the investment manager of the fund. Vincent Toe, ICHAM’s Investment Manager, highlighted the resilient demand fundamentals in Singapore’s living sector, noting the potential for sustainable growth and long-term value creation.
The establishment of the fund comes amid growing institutional interest in living-sector real estate across the Asia-Pacific region. According to Knight Frank, investment volumes in Asia-Pacific living-sector assets reached approximately US$21b in 2025, a 49% increase year-on-year.
This development positions TAP to capitalise on the increasing demand for flexible, professionally managed accommodation, enhancing its business model with a scalable, recurring-income approach.
