Eugene Lim, SIM-UOL alumnus, Founder & CEO at The Assembly Place

When we arrived at The Assembly Place’s office, what caught our attention was a painting hung at the centre of the office carrying the Chinese characters to “achieve new heights of greatness”. Indeed, founder and CEO of The Assembly Place, Mr Eugene Lim lived out this motto in the company he founded; The Assembly Place’s net revenue increased by over 50 times from when it first started in 2019.

His journey to success was profoundly influenced by his time at SIM-University of London (UOL). His keen interest in entrepreneurship since he was young led him to study Business Administration and Management, which laid the groundwork for his future successes as they taught him business-relevant topics including accounting, business law, and statistics, and equipped him with the know-how of running a financially sustainable business.

 

Overcoming Challenges with Flexibility

However, Eugene’s path through education was anything but smooth. To fund his studies, his mother, who was a homemaker, had to return to work as a Mandarin teacher. “I still remember the day she gave me a cheque for $7,000 to cover my first year’s tuition fees,” he reminisced. This act of sacrifice instilled in him a drive to achieve financial independence.

With less than $1,000 in his bank account and no prior knowledge of the real estate industry, he chose to become a real estate broker which required no license nor certification, but only a capital of $600 in administrative fees then. His goal was simply to earn enough to fund his school fees independently.

He worked hard on the side, earning $130,000 in his first year. By the time he was 26 years old, he was already the senior vice-president of a local brokerage firm and had about 300 property agents under his wing. However, while scaling peaks in his real estate career, he found it challenging to manage both work and study.

“SIM made it possible for me to balance both by offering part-time study options and allowing me to take fewer modules each year,” Eugene said. “In some schools, there is no such flexibility. This flexibility gave me the confidence to explore and take risks.”

After eight years, Eugene graduated, equipped with the knowledge and skills needed to run a business, as well as years of real-world experience that he accumulated while working during his undergraduate days.

 

Building The Assembly Place

Eugene’s approach to managing The Assembly Place is deeply rooted in the flexible mindset he developed at SIM. With his business acumen, courage to take risks, as well as adaptability, Eugene shelved his original expansion plan when the COVID-19 pandemic hit, and strategically transitioned from renting to purchasing properties via joint ventures, even expanding into the student housing scene. Today, the company oversees over 1,800 rooms spread across 130 locations in Singapore, supported by a team of 32 staff.

Remarkably, the company’s net revenue hit an all-high record of $15.6 million in 2023, a substantial increase from about $280,000 in 2019, despite the challenges posed by the Covid-19 pandemic on the co-living sector.

 

Inspiring Others

Reflecting on his journey, Eugene emphasised the crucial role of perseverance and flexibility. “My years at SIM taught me that flexibility allows you to pivot,” he said. “It was an environment where if there's no option A, there's option B, and option C. And when you start something, no matter what, you have to finish it. You owe it to the people who gave you that flexibility.”

Having achieved significant success, the father to a seven-year-old boy is also dedicated to giving back to the community. He serves on the board of the Arts House and advises the National Arts Council on managing its heritage shophouse on Armenian Street.