Co-living operator The Assembly Place's annual net profit increased by 6.4% | Lianhe Zaobao
I'm LongbridgeAI, I can summarize articles.Co-living operator The Assembly Place announced its fiscal year 2025 performance, with net profit increasing by 6.4% year-on-year to 6.6 million yuan, and revenue rising by 42.4% year-on-year to 27 million yuan. The number of rooms increased from 2,106 to 3,422, with an average occupancy rate of 94.4%. Adjusted net profit was 7.7 million yuan, a growth of 24.2%. The co-living business accounted for 93% of total revenue, with income growing by 42.4% to 25.2 million yuan
The Assembly Place announced its first full-year results since going public in January this year, with the group's net profit increasing by 6.4% year-on-year to HKD 6.6 million.
According to the group's full-year results for the year ending December 2025, announced before the market opened on Monday (March 30), the group's revenue for the fiscal year 2025 grew by 42.4% year-on-year to HKD 27 million. This was mainly due to the increase in the number of managed and operated rooms, which rose from 2,106 at the end of 2024 to 3,422 at the end of 2025, with an average occupancy rate of 94.4% for the year.
The group's net profit increased by 6.4% year-on-year to HKD 6.6 million. Excluding one-time listing expenses of approximately HKD 1.1 million, the adjusted net profit was HKD 7.7 million, an increase of 24.2%.
From a business perspective, the group's main revenue comes from the co-living business, accounting for about 93% of total revenue, with this segment's revenue growing by 42.4% year-on-year to HKD 25.2 million. Revenue from other real estate-related services increased from HKD 700,000 to HKD 1.8 million.
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The Assembly Place completes acquisition of Lian Huat Building, to be converted into a hotel The Assembly Place surges about 35% on its first day of trading
Despite significant revenue growth, the group noted that rising operating costs due to the expansion of business scale offset some of the profit contributions from revenue growth.
Looking ahead, the group has secured approximately 1,490 new rooms over the next two years, including the development of a foreign worker dormitory with 886 beds in partnership with others, as well as the conversion of the Lian Huat Building at 163 Tras Street into a hotel with 163 guest rooms. Additionally, the group has new projects in areas such as Joo Chiat Road, Kallang Road, and Kuala Lumpur, Malaysia The group pointed out that the demand for co-living spaces in Singapore is expected to continue growing, driven mainly by factors such as labor mobility, high housing prices, and increased demand for rental flexibility. The group's goal is to expand the number of rooms to 10,000 by 2030.
The Assembly Place opened at HKD 0.24 on Monday, unchanged