Pulse

1. The Assembly Place files for Singapore IPO, targeting 10,000-room Southeast Asia portfolio by 2030

• TAP operates 3,422 keys across 100 properties in Singapore (as of 17 December 2025) under asset-light model; brands span coliving, student, hotel, and intergenerational segments.
• Revenue $11.65m H1 2025 (+43.6% YoY); net profit $1.24m (+249% YoY). FY2024: $18.9m revenue (+32.2%), $6.2m profit (vs. $899k loss in 2023).
• Founder/CEO Eugene Lim holds 29.2%; non-exec chairman Eric Low 30.1%; combined 59.3% control. First Malaysia site secured in Bangsar, Kuala Lumpur (hotel with community-living components).
• IPO proceeds earmarked for direct leases, JVs, overseas expansion, and minority co-investment stakes. Listing on SGX Catalist expected 23 January 2026; SAC Capital as sponsor/underwriter.

Why it matters: TAP is the second Singapore coliving operator to pursue public markets within three months (Coliwoo listed November 2025, raising $101m), signaling depth of institutional demand for scalable, digitally enabled community-living platforms in Southeast Asia. The asset-light, multi-segment model—and rapid margin expansion—positions TAP as a potential blueprint for regional consolidation, particularly as it enters Malaysia and targets 10x room growth by decade-end. Success or failure of this IPO will shape access to growth capital for similar operators across APAC.

2. Exeter's 813-unit mixed scheme approved after three-year planning cycle and full redesign

• PBSA Heavitree Road S.A.R.L. and Devon & Cornwall PCC secured consent for 414 coliving studios and 399 PBSA beds across seven buildings (4–6 storeys) on derelict site vacated 2021.
• 20% of coliving units affordable; car-free with 448 cycle spaces. Amenities include gyms, wellness studio, co-working, theatre kitchens. 10%+ biodiversity net gain via 150+ native trees.
• Previous application refused February 2023 after nearly three years; revised design (submitted June 2025) reduced building mass, lowered heights, added public route through site.
• brown + company (architect) and Oobe (landscape) led redesign; DPP planning consultancy. Replaces former magistrates court and police station opposite St Luke's College campus.

Why it matters: The Exeter approval demonstrates that iterative, officer-led redesign can convert refusals into consents—but at the cost of extended timelines and likely compressed returns. The shift from two large blocks to seven smaller, contextual buildings reflects planning authorities' heightened sensitivity to massing and heritage in cathedral cities. The 20% affordable commitment and biodiversity net gain are now table stakes for major schemes in sensitive urban contexts, raising the bar for future applicants and tightening pro formas on brownfield sites.

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

• GLA's time-limited planning route and streamlined affordable housing pathway do not apply where coliving + PBSA together exceed 50% of residential GIA; full viability testing remains mandatory.
• Proposed borough-level CIL relief (consultation open) restricts discount to C3 floorspace only; coliving and PBSA excluded from financial support mechanisms.
• Mixed schemes under 50% shared living may access support for C3 element if 20%+ affordable housing by habitable room is delivered and tenure requirements met.
• Cycle parking reductions (banded by borough mode share) and withdrawal of dual-aspect requirement/eight-units-per-core cap may improve coliving scheme efficiency on constrained sites.

Why it matters: The GLA has drawn a clear line: emergency housing measures prioritize C3 delivery, not shared living. Coliving operators cannot rely on reduced viability burdens, faster consents, or cost relief to compete with BTR or market-sale schemes in London. The exclusion reinforces coliving's position as a niche, higher-risk product in the capital's planning framework, likely steering new supply toward outer boroughs or mixed-use schemes where shared living is ancillary. Operators should engage the consultation, but expectations for near-term policy tailwinds should be reset.

4. Outpost Management acquires 583-studio Enclave Gorton Street scheme in first Northwest move

• Deal completed March 2025 (not disclosed at time); Outpost takes control of consented 42-storey coliving tower in Salford's Greengate district, approved September 2024.
• Units range 226–376 sq ft; 26,500 sq ft communal space includes cinema, gym, wellness centre, co-working, games room, makers space. BDP architect; Turley planning.
• Outpost previously lined up as operator; acquisition represents vertical integration. Portfolio now exceeds 2,300 units across London (four assets), Birmingham (one), and Manchester (one).
• Progressive Living sold post-consent; first purpose-built coliving approval in Salford. Outpost preparing Gateway 2 submission per building safety standards.

Why it matters: Outpost's Northwest entry via acquisition rather than lease signals operator confidence in owning consented assets in tier-two cities, where land values and construction costs remain below London levels. The delayed disclosure suggests the transaction was structured to minimize market signal risk or valuation benchmarking ahead of close. As operators consolidate portfolios and pursue vertical integration, the line between developer and operator continues to blur—creating new M&A patterns and capital requirements that favor balance-sheet-backed platforms over pure management businesses.

5. Re:shape revises Salford Worral Street scheme downward to 386 units, secures officer support

• Revised application reduces unit count from 426 to 386 coliving rooms; building footprint reconfigured from angled, taller block to linear, lower arrangement (22 storeys).
• 20% affordable housing commitment retained; public realm increased; pedestrian route to riverside towpath widened. Changes enable improved DDA-compliant access and unabsorbed river views for 50%+ of units.
• Buttress (architect), Stantec (planning). Scheme maintains viability despite unit reduction. Committee approval targeted March 2026; delivery to commence shortly thereafter.
• Original application lodged circa January 2025; redesign prompted by officer feedback on form, massing, public realm, and local views.

Why it matters: The 9.4% unit reduction to secure planning consent underscores the trade-offs developers are accepting to de-risk approval in Greater Manchester, where coliving is still a nascent format and planning scrutiny is high. Re:shape's willingness to sacrifice GDV while maintaining affordable commitments and viability suggests strong underlying land acquisition terms or favorable debt structures. The case also illustrates how proactive engagement with officers—and flexibility on massing—can compress planning risk, a lesson for other schemes in cities without established coliving precedent.

6. McAleer & Rushe wins double Green Apple award for BTR and coliving sustainability leadership

• Smugglers Way BTR (554 homes, Wandsworth, delivered for L&G): Gold Environment Award. Achieved 54% residential carbon reduction vs. Part L baseline, 45% site-wide; 490% biodiversity net gain; 99% construction waste diverted from landfill. BREEAM Excellent, HQM 4.
• Taxi House coliving (332 rooms, Westbourne Park, delivered for Cheyne Capital): Silver Environment Award. 60% operational carbon reduction (double GLA target); 99.8% construction waste diverted; BREEAM Outstanding target. Fabric-first design, canal barge deliveries cut transport emissions 45%.
• Awards presented November 2025 at House of Lords; 1,000+ global nominations. Both schemes on brownfield sites; Taxi House repurposed London Taxi Drivers' Association HQ.

Why it matters: Sustainability is no longer a differentiator—it is a minimum expectation for institutional offtakers and planning authorities in major UK cities. The 490% biodiversity net gain at Smugglers Way sets a new benchmark that may inform future GLA guidance, while the 60% carbon reduction at Taxi House demonstrates that coliving schemes can outperform C3 on energy efficiency when designed with shared systems and higher density. Developers unable to evidence triple-digit biodiversity gains and deep carbon cuts will face longer planning cycles and higher viability scrutiny.

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

• Auburn City Council approved coliving as permitted use in downtown urban center, residential moderate/high, mixed-use, heavy commercial, and light industrial zones by 31 December 2025 statutory deadline.
• State law requires cities under GMA to allow coliving on lots permitting 6+ multifamily units in urban growth areas; failure to adopt by deadline triggers statutory preemption of conflicting local regulations.
• Ordinance imposes no room size standards, unit-type mix requirements, or mandatory mixed-use components. Off-street parking capped at 25% of sleeping units; zero parking permitted within 0.5 mile of major transit stop.
• Planning Commission recommended approval after 2 December 2025 public hearing; ordinance justified by housing affordability crisis (many households pay 50%+ income on housing).

Why it matters: Washington State's GMA mandate represents the first statewide regulatory tailwind for coliving in the U.S., overriding local exclusionary zoning and establishing coliving as a housing supply tool rather than a discretionary use. Auburn's minimal standards—no room dimensions, no parking mandates near transit—create a permissive environment that could accelerate development, but also risk quality dilution and neighborhood opposition if poorly designed schemes proliferate. The success or failure of early projects will shape whether other GMA cities adopt similarly light-touch frameworks or impose stricter controls.

The Assembly Place (Singapore / Southeast Asia)

• Filed preliminary prospectus for SGX Catalist IPO; manages 3,422 keys across 100 properties in Singapore as at 17 December 2025
• Expanding to Malaysia in 2026 with Bangsar, Kuala Lumpur site (hotel with community-living components); also to provide project/property management services in Malaysia
• Revenue $11.65m H1 2025 (+43.6% YoY); targeting 10,000 rooms by end-2030 via direct leases, JVs, overseas expansion, and minority co-investments
• Positioning: Asset-light, community-driven, multi-segment operator leveraging proprietary digital infrastructure to scale across coliving, student, hotel, and intergenerational formats

Outpost Management (UK: London, Birmingham, Manchester)

• Acquired consented 583-studio Enclave Gorton Street scheme in Salford (completed March 2025, disclosed January 2026); first Northwest asset
• Portfolio now exceeds 2,300 units across six assets (four London, one Birmingham, one Manchester); vertical integration model—shifted from operator to owner-operator on Gorton Street
• Preparing Gateway 2 building safety submission for Salford scheme; committed to delivering Enclave brand to Northwest market
• Positioning: Scaling beyond London via selective acquisitions of consented, high-amenity coliving towers in tier-two cities with lower capex and shorter planning risk

McAleer & Rushe (UK: London, Build-to-Rent & Coliving Developer)

• Secured Gold Environment Award for Smugglers Way BTR (554 homes, Wandsworth, L&G) and Silver for Taxi House coliving (332 rooms, Westbourne Park, Cheyne Capital) at November 2025 Green Apple Awards
• Smugglers Way: 54% residential carbon reduction, 490% biodiversity net gain, 99% waste diversion; Taxi House: 60% carbon reduction, BREEAM Outstanding target
• Positioning: Leading on brownfield regeneration with sustainability-first design, targeting institutional capital via deep ESG credentials and award-backed track record

1. Institutional capital embedding sustainability as baseline underwriting criteria

• Smugglers Way (L&G) and Taxi House (Cheyne Capital) delivered 54–60% carbon reductions vs. regulatory baselines; Smugglers Way achieved 490% biodiversity net gain via biodiverse roofs and native planting
• Both schemes achieved 99%+ construction waste diversion and secured BREEAM Excellent/Outstanding; award recognition (Green Apple Gold/Silver) validates ESG credentials for institutional offtakers
• GLA and local planning authorities increasingly expect triple-digit biodiversity gains and deep carbon cuts as table stakes for consents on major brownfield sites
• Constraint: Achieving these benchmarks requires fabric-first design, post-tensioned concrete, recycled-content materials, and alternative logistics (e.g., canal barge deliveries)—raising capex and design complexity, particularly on contaminated or constrained sites where cost control is critical to viability.

2. Iterative planning redesign extending timelines but converting refusals into consents

• Exeter scheme refused February 2023 after nearly three years, approved December 2025 after full redesign reducing massing (two large blocks to seven smaller, 4–6 storeys) and enhancing public realm
• Salford Worral Street revised from 426 to 386 units, reconfiguring footprint and increasing public realm to secure officer support; committee approval targeted March 2026
• Both schemes maintained affordable commitments (20% in Exeter, 20% in Salford) and viability despite unit reductions, suggesting favorable land terms or conservative initial pro formas
• Constraint: Extended planning cycles (3+ years in Exeter) compress IRRs and increase hold costs; developers must budget for multiple redesign iterations and accept GDV reductions to de-risk approval in sensitive or precedent-setting locations.

3. Operator M&A shifting toward vertical integration and tier-two city expansion

• Outpost Management acquired consented 583-studio Gorton Street scheme in March 2025 (disclosed January 2026), transitioning from operator to owner-operator; first Northwest asset in portfolio of 2,300+ units
• Transaction represents vertical integration (capture development upside) and geographic expansion beyond London/Birmingham into Manchester, where land/construction costs lower and planning precedent established
• Delayed disclosure suggests deal structured to minimize valuation benchmarking or market signal risk prior to close
• Constraint: Vertical integration requires balance-sheet capacity and construction/building safety expertise; smaller, pure-play operators without access to equity or debt may struggle to compete as sector consolidates around capital-backed platforms.

4. APAC operators pursuing public markets to fund regional expansion

• The Assembly Place filed for SGX Catalist IPO with 3,422 keys under management, targeting 10,000 rooms by 2030; second Singapore coliving IPO in three months (Coliwoo raised $101m November 2025)
• TAP revenue $11.65m H1 2025 (+43.6% YoY), net profit $1.24m (+249% YoY); asset-light model across coliving, student, hotel, intergenerational segments
• IPO proceeds earmarked for direct leases, JVs, overseas expansion (Malaysia entry confirmed), and minority co-investment stakes; founder/chairman retain 59.3% control
• Constraint: Public market listing imposes disclosure, governance, and quarterly performance pressures that may constrain operational flexibility; if TAP or Coliwoo underperform post-IPO, access to growth capital for other APAC operators could tighten rapidly.

5. U.S. state-level mandates creating first regulatory tailwind for coliving, but with minimal quality controls

• Washington State GMA requires cities to permit coliving as-of-right on multifamily-zoned lots by 31 December 2025; Auburn adopted ordinance with no room size standards, no unit-type mix mandates, parking capped at 25% of units (zero near transit)
• Ordinance justified by housing affordability crisis (many households pay 50%+ income on housing); coliving framed as supply tool rather than discretionary use
• Permissive framework reduces barriers but risks quality dilution if poorly designed schemes proliferate; early projects will shape whether other GMA cities adopt light-touch or stricter controls
• Constraint: Absence of minimum room sizes or amenity standards may enable low-quality, SRO-style conversions that trigger neighborhood opposition and backlash, jeopardizing long-term policy support for coliving as legitimate housing format.

6. London policy architecture explicitly sidelining coliving in favor of C3 delivery

• GLA's emergency housing package excludes coliving from time-limited planning route, CIL relief, and grant funding where coliving + PBSA exceed 50% of residential GIA; full viability testing remains mandatory
• Mixed schemes under 50% shared living may access support for C3 element, but coliving component remains outside financial/procedural support mechanisms
• Cycle parking reductions and design standard flexibility (dual-aspect, units-per-core) may improve efficiency on constrained sites, but do not offset exclusion from core policy levers
• Constraint: Coliving operators in London face higher planning risk, longer timelines, and no cost relief relative to BTR/C3 competitors; policy headwinds likely to steer new supply toward outer boroughs or mixed-use schemes where shared living is ancillary, not primary.

7. Communal amenity packages exceeding 15,000–26,000 sq ft becoming baseline for institutional-grade schemes

• Exeter: 414 coliving studios + 399 PBSA with gyms, wellness studio, co-working, theatre kitchens across seven buildings; Manchester Gorton Street: 583 studios with 26,500 sq ft communal (cinema, gym, wellness, co-working, games, makers space)
• Taxi House: 332 rooms with wellness centre and 15,000 sq ft affordable workspace; amenity density and programming increasingly central to planning consents and operator differentiation
• High-amenity offer supports premium pricing, resident retention, and community programming—but increases capex, operational complexity, and space inefficiency
• Constraint: Operators must balance amenity breadth with utilization rates and opex; underused spaces (e.g., makers rooms, wellness studios) add cost without driving NOI, particularly in smaller schemes where critical mass for programming is harder to achieve.

The Assembly Place IPO – Expected 23 January 2026

• Singapore operator TAP to begin trading on SGX Catalist; second coliving IPO in Singapore within three months
• Watch for: Pricing, demand from institutional investors, and post-listing performance as bellwether for APAC coliving sector access to growth capital

Re:shape Worral Street Planning Committee – March 2026

• Revised 386-unit coliving scheme in Salford targeting committee approval; officer support secured
• Watch for: Approval outcome and timeline to delivery commencement; signals Greater Manchester appetite for high-density coliving and viability of linear, lower-massing designs in riverside contexts

Washington State GMA Compliance Deadline – 31 December 2025 (passed)

• Cities under GMA required to adopt coliving-permitting ordinances by year-end; Auburn completed adoption
• Watch for: Compliance status of other Washington cities and first wave of coliving applications under new as-of-right frameworks in Q1 2026