• Living-sector real estate assets - spanning multifamily housing, build-to-rent (“BTR”), purpose-built student accommodation (“PBSA”), co-living and seniors housing - are increasingly being viewed as long-duration, income-generating assets amid heightened macroeconomic and geopolitical uncertainty.
• TAP, through its subsidiary, will invest up to S$2.5 million in a living-sector fund with a target fund size of S$300 million (the “Fund”) managed by ICHAM Pte. Ltd. (“ICHAM”), and is proposed to be appointed as property manager and operator of the Fund’s property assets, aligning its interests with the Fund’s investors while generating recurring property management and operating fee income as part of the Group’s asset-light growth strategy.
• ICHAM, an affiliate of the ICH Group and a holder of a Capital Markets Services Licence for fund management issued by the Monetary Authority of Singapore, will serve as the investment manager of the Fund and will be responsible for managing and operating the Fund.

TAP’s Executive Director and Chief Executive Officer, Mr Eugene Lim (林英劼), said:

“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.

Our investment demonstrates our alignment with the Fund and its investors, while 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.

This is another pivotal corporate milestone for TAP as we look to scale our operating capabilities and business presence across new living-sector assets backed by institutional capital.

We look forward to working closely with ICHAM to unlock the potential of the Fund’s property assets,

ICHAM’s Investment Manager, Mr Vincent Toe, added:

“Singapore’s living sector is underpinned by resilient demand fundamentals, evolving lifestyle preferences and growing demand for flexible, professionally managed accommodation, providing a compelling platform for sustainable growth and long-term value creation.

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.

With TAP’s sectoral expertise and operational support, we aim to establish a strong foundation for the Fund’s expansion in the living sector, creating enduring value through operational excellence, disciplined growth and new investment opportunities.”

See link for full announcement: https://www.theassemblyplace.com/announcement/