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1. The Assembly Place files for Singapore IPO, targeting 10,000 keys by 2030

• TAP operates 3,422 keys across 100 properties in Singapore (as of 17 December 2025) under an asset-light model leveraging proprietary digital infrastructure.
• Portfolio spans coliving (TAP brand), student accommodation (Campus by TAP), hotels (Social by TAP), and inter-generational living (Commune).
• FY2024 revenue $18.9m (+32.2% YoY), net profit $6.2m (vs. $899k loss in 2023); H1 2025 revenue $11.65m (+43.6% YoY), net profit $1.24m (+249% YoY).
• IPO proceeds allocated to direct leases, JVs, overseas expansion (first site secured in Bangsar, Kuala Lumpur, as hotel with community-living components), minority co-investments, and digitalisation.
• Controlling shareholders: non-executive chairman Eric Low 30.1%, founder/CEO Eugene Lim 29.2%; SAC Capital sponsor/underwriter; trading expected 23 January 2026.

Why it matters: TAP is Singapore's second coliving IPO in six months (following Coliwoo's $101m mainboard listing in November 2025), signalling depth of institutional appetite for community-living platforms in Asia. The asset-light model, diversified brand portfolio, and target of nearly 3× growth in five years positions TAP as a roll-up vehicle for regional expansion, with Malaysia and adjacent markets in scope. Strong YoY profitability growth and digital infrastructure underpin scalability, but execution risk hinges on lease pipeline velocity and JV partner selection.

2. London emergency housing package explicitly excludes coliving from fast-track planning and CIL relief

• New London Plan Guidance introduces time-limited planning route with reduced affordable thresholds (20% by habitable room) and no upfront viability testing—but excludes schemes where coliving + PBSA ≥50% of residential GIA.
• Proposed borough-level CIL relief for C3 residential delivering ≥20% affordable explicitly excludes coliving and student accommodation floorspace.
• Accelerated Funding Route grant available for qualifying C3 projects on units above 10% affordable; coliving not eligible unless part of mixed scheme where C3 >50% GIA.
• Coliving benefits indirectly: reduced long-stay cycle parking requirements (banded by borough cycle mode share), withdrawal of dual-aspect and eight-dwellings-per-core caps, and more flexible design guidance.
• GLA and central government consultations remain open; stakeholders encouraged to explain coliving's contribution to housing choice, density, and affordability.

Why it matters: London's policy explicitly deprioritises coliving in favour of conventional C3 delivery, removing coliving from the main levers of cost and process relief at a time when the capital needs ~100,000 homes per year. Operators face unchanged viability hurdles and CIL exposure, undermining competitiveness on brownfield sites where C3 schemes now benefit from streamlined approvals. The exclusion reflects persistent ambiguity over coliving's housing contribution and suggests operators must focus on design quality, operational efficiency, and mixed-use integration rather than subsidy. Long-term risk: if C3 delivery accelerates under the package, coliving demand dynamics may shift as supply constraints ease in core rental markets.

3. Exeter approves 414 coliving + 399 PBSA scheme on derelict police and magistrates' court site

• PBSA Heavitree Road S.A.R.L. and Devon & Cornwall PCC secure approval for 813-unit mixed-use scheme on Heavitree Road, derelict since 2021.
• 414 coliving studios aimed at young professionals with shared kitchens, lounges, workspace; 20% affordable; 399 PBSA beds; seven buildings, four to six storeys; car-free with 448 cycle spaces.
• Revised application (submitted June 2025) followed February 2023 refusal; redesign replaced two tall blocks with seven smaller buildings responding to conservation area character and local topography.
• Amenities: gyms, wellness studio, co-working, theatre kitchens; landscaping delivers >10% biodiversity net gain, 150+ new trees, public route through site; student courtyard zoned for events and quiet contemplation.
• Design by brown + company with landscape architects Oobe; planning consultancy DPP; approved December 2025 after officers' recommendation.

Why it matters: Exeter's approval demonstrates that coliving can gain consent on sensitive sites adjacent to conservation areas if masterplanning responds to local character, breaks massing into smaller blocks, and delivers biodiversity uplift and public realm improvements. The 20% affordable commitment and reduced building heights were critical concessions; the shift from two large buildings to seven smaller blocks mirrors Planning Officer concerns about over-development. The scheme also shows growing convergence of coliving and PBSA on shared sites, leveraging common amenity infrastructure and operational know-how. Timeline from refusal (February 2023) to approval (December 2025) underscores planning risk and the cost of design iteration.

4. Outpost Management acquires 583-unit Enclave Gorton Street, Manchester, in first Northwest deal

• Outpost Management completed acquisition in March 2025 (not disclosed at time) of 42-storey Salford scheme originally consented by Progressive Living in September 2024.
• 583 studios (226–376 sq ft); 26,500 sq ft communal space including cinema, gym, wellness centre, co-working, games room, makers space, meeting rooms.
• First purpose-built coliving consent in Salford; Outpost's first asset in Northwest England, expanding portfolio to over 2,300 units across London (four assets), Birmingham (one asset), and now Manchester.
• Design by BDP; team includes Turley (planning), Renaissance, Zerum, OFR, Eddisons, Novo, Exterior Architecture, ERAP, Hydrock, Hann Tucker.
• Outpost progressing detailed design and Gateway 2 building safety submissions; opening timeline not disclosed.

Why it matters: This is the first reported acquisition (vs. development) of a fully consented coliving asset in Manchester, and it confirms secondary market liquidity for permitted schemes where developers exit pre-construction. Outpost's expansion into the Northwest signals confidence in Greater Manchester's demand fundamentals and reflects the operator's strategy of acquiring consented assets to derisk construction timelines and deploy capital at scale. The five-month disclosure lag suggests structuring complexity or developer preference for quiet completion. The 26,500 sq ft amenity offer (4.5% of total GIA) positions Enclave at the high end of co-working and wellness provision, a positioning that will be tested against rent levels in Greengate, where competition from BTR and new-build C3 is intensifying.

5. Re:shape revises Salford Worral Street scheme to 386 coliving units, improving public realm and viability

• Revised application reduces unit count from 426 to 386 in 22-storey scheme on Worral Street, Salford.
• Building form shifts from angled tall block responding to street curve to more linear arrangement; change increases public realm, improves connectivity to riverside towpath (widened), and refines tower massing in key local views.
• Maintains 20% affordable housing commitment; over 50% of units have uninterrupted river views.
• Design by Buttress; planning adviser Stantec; original application lodged ~January 2025.
• Re:shape confirms scheme remains viable post-revision; committee approval targeted for March 2026, with delivery commencing shortly thereafter.

Why it matters: The 9% reduction in units in exchange for enhanced public realm, DDA-compliant riverside access, and refined massing shows how operators can navigate local planning sensitivities by trading density for design quality and amenity. The viability confirmation is critical: it implies that higher per-unit revenues (driven by river views and improved setting) offset the loss of 40 units, or that cost efficiencies in the revised form compensate. Re:shape's emphasis on collaboration with officers and support from neighbours and ward members reflects a more consultative pre-application process—likely a lesson from earlier Salford refusals. If approved in March, construction start in Q2 2026 would make this one of the faster consented-to-delivery transitions in the Northwest pipeline.

6. McAleer & Rushe wins double Green Apple awards for Smugglers Way BTR and Taxi House coliving sustainability performance

• Gold Environment Award for Smugglers Way BTR (554 homes, Wandsworth): 54% residential carbon reduction vs. Part L baseline, 45% site-wide; 490% biodiversity net gain; 99% construction waste diverted from landfill; 3,000 tonnes site-won material reused; BREEAM Excellent and Home Quality Mark 4.
• Silver Environment Award for Taxi House coliving (332 serviced rooms, Westbourne Park, for Cheyne Capital): 60% operational carbon reduction (double GLA requirement); fabric-first design, air-to-water and air-to-air heat pumps; 45% transport emissions reduction via canal barge deliveries; 99.8% waste diversion; BREEAM Outstanding target.
• Both schemes feature HVO fuel trials, hybrid power, affordable workspace, and community partnerships (e.g., Royal College of Art art installations from construction offcuts at Smugglers Way).
• Awards presented 17 November 2025 at House of Lords; over 1,000 global nominations.

Why it matters: These awards evidence that coliving and BTR can exceed carbon targets by wide margins when developers integrate passive design, low-carbon materials, and innovative logistics early in the design process. The 490% biodiversity net gain at Smugglers Way sets a new benchmark for brownfield regeneration and may influence future planning policy requiring measurable ecological uplift. For coliving specifically, Taxi House's 60% carbon reduction and BREEAM Outstanding pathway demonstrate that the typology can compete with best-in-class C3 on ESG metrics, countering critiques that small-unit formats compromise sustainability. The fabric-first approach and post-tensioned concrete also offer replicable lessons for the sector. However, achieving these outcomes requires patient capital, specialist consultants, and sites with canal or rail access—conditions not available to all schemes.

7. Auburn, Washington, adopts coliving regulations to meet state Growth Management Act deadline

• Auburn City Council approved coliving as permitted use in downtown urban center, residential moderate, residential high, mixed-use, heavy commercial, and light industrial zones, effective 31 December 2025.
• Washington State law requires cities planning under Growth Management Act (GMA) to permit coliving on lots in urban growth areas allowing ≥6 multifamily units by 31 December 2025; non-compliance triggers statutory preemption of local regulations.
• Ordinance imposes no room dimensional standards, no unit-mix requirements, no mandatory mixed-use; off-street parking capped at 25% per sleeping unit, and waived entirely within half-mile of major transit stop.
• Rationale: housing costs exceed 30% (affordability threshold) or 50%+ of household income for many Auburn residents; coliving intended to increase affordable housing supply and typology diversity.
• Planning Commission reviewed and recommended approval after public hearing 2 December 2025.

Why it matters: Auburn's adoption reflects the GMA's state-level mandate forcing municipalities to permit coliving by year-end 2025 or face preemption—a model that contrasts sharply with London's exclusionary approach. The ordinance's light-touch regulation (no room size minimums, no parking mandates near transit, no use mixing) removes common barriers to coliving feasibility, potentially accelerating small-scale projects in car-dependent suburbs. However, the lack of dimensional or quality standards may produce operator-friendly but resident-unfriendly outcomes (e.g., very small rooms, minimal amenity) unless market competition or tenant demand imposes discipline. The December 31 deadline ensured compliance across Washington; other GMA cities will have adopted similar rules, creating a coordinated policy environment for coliving development statewide. This regulatory clarity is a structural advantage over fragmented municipal approaches in the UK.

The Assembly Place (Singapore / Southeast Asia)

• Filed for IPO on SGX Catalist; preliminary prospectus lodged 30 December 2025, trading expected 23 January 2026.
• Operates 3,422 keys across 100 properties in Singapore under asset-light model; brands: TAP (coliving), Campus (student), Social (hotel), Commune (inter-generational).
• FY2024: $18.9m revenue (+32.2% YoY), $6.2m net profit; H1 2025: $11.65m revenue (+43.6% YoY), $1.24m net profit (+249% YoY).
• Expanding into Malaysia in 2026; secured site in Bangsar, Kuala Lumpur (hotel with community-living components); also offering project management and property services in Malaysia.
• Target: 10,000 keys by end-2030; IPO proceeds fund direct leases, JVs, M&A, overseas expansion, minority co-investments, digitalisation.
• Positioning: Singapore's largest and most diversified community-living operator, leveraging proprietary digital infrastructure and community-driven programming to reduce vacancy, increase satisfaction, and support rapid geographic and segment expansion.

Outpost Management (UK)

• Acquired 583-unit Enclave Gorton Street, Salford, in March 2025 (disclosed January 2026); deal completed post-consent (September 2024).
• First Northwest asset; expands portfolio to >2,300 units across London (four assets), Birmingham (one asset), and Manchester.
• Progressing detailed design and Gateway 2 building safety submissions; opening timeline not disclosed.
• Positioning: Expanding into regional markets via acquisition of consented, high-amenity assets with strong design pedigree; Enclave brand emphasises tech-enabled apartments and "unrivalled amenities" including wellness, co-working, and makers space.

Re:shape (UK – Northwest)

• Revised Worral Street, Salford, scheme from 426 to 386 units; improved public realm, riverside access, and tower massing.
• Maintains 20% affordable commitment; over 50% of units with river views.
• Committee approval targeted March 2026; delivery to commence shortly thereafter if approved.
• Positioning: Developer-operator prioritising collaboration with planning officers and local stakeholders to secure consent on sensitive sites; trading density for design quality and viability while retaining affordable housing contribution.

McAleer & Rushe (UK – London)

• Delivered Smugglers Way BTR (554 homes, Wandsworth, for L&G) and Taxi House coliving (332 rooms, Westbourne Park, for Cheyne Capital); both won Green Apple Environment Awards (Gold and Silver respectively) in November 2025.
• Smugglers Way: 54% residential carbon reduction, 490% biodiversity net gain, BREEAM Excellent; Taxi House: 60% operational carbon reduction, BREEAM Outstanding target.
• Positioning: Developer leading on fabric-first, low-carbon design and brownfield regeneration with exceptional biodiversity outcomes; strong ESG credentials position company for institutional capital partnerships and policy-aligned procurements.

1. Policy divergence: state mandates vs. municipal exclusion

• Washington State's GMA mandate forces cities to permit coliving by year-end 2025 with light-touch standards, creating statewide regulatory clarity and feasibility.
• London's emergency housing package explicitly excludes coliving from fast-track planning, CIL relief, and grant funding, prioritising C3 delivery.
• Divergence reflects different policy goals: Washington targets housing diversity and affordability via typology expansion; London targets volume via conventional housing subsidy.
• Constraint: Exclusionary policy in London may accelerate BTR and C3 competitiveness on brownfield sites, squeezing coliving feasibility and market share in core rental markets.

2. Biodiversity net gain as planning currency

• Exeter scheme delivers >10% biodiversity net gain via native planting and 150+ trees; Smugglers Way BTR achieves 490% net gain via biodiverse roofs and landscape-led regeneration.
• Ecological uplift increasingly used to offset density and massing concerns on sensitive or brownfield sites.
• UK policy context: mandatory 10% biodiversity net gain for most developments since November 2023; market responding with higher targets to differentiate schemes and secure consent.
• Constraint: Achieving >100% net gain requires significant site area for planting, biodiverse roofs, or off-site contributions; high land costs and compact footprints may limit feasibility in dense urban cores.

3. Operator diversification across living segments

• The Assembly Place operates coliving, student, hotel, and inter-generational brands under single platform; expanding into Malaysia with hotel-hybrid format.
• UK schemes increasingly combine coliving + PBSA (Exeter 414 + 399, Gorton Street originally part of mixed pipeline) to leverage shared amenity infrastructure and planning narratives.
• Diversification reduces single-market exposure, enables revenue optimisation across segments, and improves asset flexibility if demand shifts.
• Constraint: Operational complexity increases with segment diversification; licensing, safety regulations, and resident programming differ materially across coliving, student, and hotel formats, requiring specialist expertise and systems.

4. Secondary market liquidity for consented coliving assets

• Outpost Management's acquisition of Enclave Gorton Street (consented September 2024, acquired March 2025) is first reported sale of fully permitted coliving scheme in Manchester.
• Transaction confirms that developers can exit post-consent, pre-construction, transferring delivery risk to operators with balance-sheet capacity and operational platforms.
• Secondary liquidity enables developers to recycle capital into land assembly and planning, while operators deploy at scale with shorter risk windows.
• Constraint: Buyer pool for consented coliving remains shallow; most operators prefer ground-up development for control over design and build cost; secondary deals likely concentrated among platform operators (Outpost, Greystar, Vita, L&G) with acquisition capacity.

5. Carbon performance as competitive differentiator

• McAleer & Rushe schemes achieve 45–60% operational carbon reductions vs. Part L baselines, double GLA requirements; BREEAM Outstanding and Excellent targets.
• Fabric-first design, post-tensioned concrete, HVO fuel trials, and canal/barge logistics reduce embodied and operational carbon at scale.
• Green Apple awards and ESG credentials support institutional capital partnerships and policy-aligned procurement (e.g., public-sector land disposals, social housing partnerships).
• Constraint: Achieving >50% carbon reduction requires upfront investment in passive design, specialist materials, and logistics planning; not all sites have canal/rail access; payback periods may exceed hold periods for short-term capital.

6. Asia-Pacific IPO momentum for asset-light operators

• Singapore saw two coliving operator IPOs in six months: Coliwoo (mainboard, $101m, November 2025) and TAP (Catalist, January 2026 expected).
• Both operate asset-light models leveraging digital infrastructure, direct leases, and multi-brand portfolios; TAP targets 10,000 keys by 2030 (3× current scale).
• IPO proceeds fund geographic expansion (Malaysia, adjacent markets), JVs, M&A, and minority co-investments, positioning platforms as regional consolidators.
• Constraint: Asset-light models rely on lease pipeline velocity and landlord partnerships; if property owners shift to direct operation or institutional capital enters via REITs, operators face disintermediation risk. Profitability hinges on occupancy, pricing power, and cost discipline; margin compression if competition intensifies or lease terms reset unfavourably.

7. Massing and public realm trade-offs to secure consent

• Exeter scheme revised from two tall blocks to seven smaller buildings (four–six storeys) responding to conservation area character; Re:shape reduced Worral Street from 426 to 386 units, improving public realm and riverside access.
• Both schemes maintained affordable housing commitments (20%) and confirmed viability post-revision, implying revenue uplift from improved setting and design quality offset lost density.
• Pattern reflects planning officers' preference for finer-grain massing, enhanced public realm, and demonstrable local character response over maximum density.
• Constraint: Trading density for design quality and public realm improvements increases per-unit land and construction costs; viability depends on operators' ability to command premium rents for river views, better aspect, and amenity, which may not hold in weaker markets or during downturns.

The Assembly Place IPO Trading Commencement – 23 January 2026

• Singapore operator TAP expected to begin trading on SGX Catalist; first post-IPO price discovery will test institutional appetite for asset-light, multi-brand community-living platforms in Southeast Asia.
• Watch: IPO pricing, allocation to institutional vs. retail investors, and early trading liquidity; comparison to Coliwoo's November 2025 IPO performance will inform sector sentiment and pipeline for future operator listings.

Re:shape Worral Street Planning Committee – March 2026 (target)

• Salford scheme (386 coliving units) targeting committee approval; if consented, delivery expected to commence shortly thereafter, making it one of faster consented-to-construction transitions in Northwest.
• Watch: Councillor response to revised massing, public realm improvements, and 20% affordable commitment; approval would confirm efficacy of density-for-design trade-offs on riverside sites. Refusal would signal tightening standards in Salford and increase regional planning risk.

London Emergency Housing Package Consultation Deadlines – Ongoing

• GLA and central government consultations on time-limited planning route, CIL relief, and design guidance remain open; coliving stakeholders encouraged to submit evidence of asset class's contribution to housing choice, density, and affordability.
• Watch: Whether coliving exclusion from main support mechanisms is softened in final guidance, or whether policy remains focused exclusively on C3 delivery; outcome will shape feasibility and competitiveness of London coliving pipeline through 2026–27.