Coliwoo’s Proposed Listing: A Distinct Investment in Singapore’s Co-Living Boom
The proposed listing of Coliwoo, the co-living business spun off by LHN, offers investors a highly distinct and valuable exposure to a dynamic sector of Singapore’s property market. Rather than a conventional Real Estate Investment Trust (REIT), Coliwoo represents a high-growth operational company that leverages real estate assets to generate scalable revenue. Its unique business model and focus on the burgeoning co-living trend make it an attractive and differentiated investment. Its topline and bottomline were increasing as seen in the tables below.
Income statement
| Metric | FY2023 (Audited) | FY2024 (Audited) | 1H2024 (Unaudited) | 1H2025 (Unaudited) |
| Revenue | 28,034 | 52,154 | 19,819 | 23,053 |
| Gross Profit | 20,066 | 31,367 | 14,810 | 16,645 |
| Profit for the period/year | 8,658 | 31,604 | 8,332 | 9,566 |
| Profit margin | 30.9% | 60.6% | 42% | 41.5% |
Revenue breakdown
| Revenue Source | FY2022 (S$’000) | FY2023 (S$’000) | FY2024 (S$’000) | 1H2024 (S$’000) | 1H2025 (S$’000) |
| Rental income from Leased properties | 12,946 (84.8%) | 21,657 (77.2%) | 30,933 (59.3%) | 15,275 (77.1%) | 15,999 (69.4%) |
| Rental income from Owned properties | 1,429 (9.3%) | 3,943 (14.1%) | 6,024 (11.6%) | 2,756 (13.9%) | 3,772 (16.4%) |
| Facilities services income | 770 (5.0%) | 2,134 (7.6%) | 14,612 (28.0%) | 1,644 (8.3%) | 1,665 (7.2%) |
| Management services fee | 117 (0.8%) | 297 (1.1%) | 569 (1.1%) | 138 (0.7%) | 1,606 (7.0%) |
| Others | 11 (0.1%) | 3 (0.0%) | 16 (0.0%) | 6 (0.0%) | 11 (0.0%) |
| Total Revenue | 15,273 (100.0%) | 28,034 (100.0%) | 52,154 (100.0%) | 19,819 (100.0%) | 23,053 (100.0%) |
Unique Exposure to High-Growth Operational Real Estate
Coliwoo’s investment appeal stems from its specialization in the co-living sector and its agile, asset-hybrid operating strategy, which sets it apart from traditional passive property ownership plays.
Specialization in Singapore’s Modern Living Trend
Coliwoo provides specialized exposure to the rapidly growing demand for flexible, all-inclusive accommodation. In Singapore, the company holds the leading position in the co-living sector, commanding approximately 19.5% of the market. This segment of the market is driven by specific, robust demographics:
- Foreign Students and Expatriates: High demand from international students at Singapore’s universities and professionals seeking fully-furnished, well-located, short-to-medium-term housing solutions.
- High Occupancy and Resilience: The company’s remarkable average occupancy rate of above 95% across its portfolio underscores the stability of demand and the effectiveness of its operating model, suggesting a resilient revenue stream less susceptible to broad commercial property downturns.
Average Occupancy Rate Breakdown
| Category | FY2022 | FY2023 | FY2024 | 1H2025 |
| Owned Properties | 73.0% | 86.6% | 87.9% | 95.5% |
| Leased Properties | 97.3% | 88.0% | 93.4% | 96.6% |
| Managed Properties | N.A. | N.A. | 90.5% | 98.7% |
| Overall Average Occupancy Rate | 95.1% | 87.8% | 92.5% | 96.8% |
The Power of an Asset-Hybrid, Scalable Model
Unlike property owners that rely solely on capital appreciation, Coliwoo employs a hybrid asset and operational model designed for rapid, capital-efficient growth:
- Master Leases (70% of Rooms): By securing properties through long-term master leases, Coliwoo can scale its room count quickly and secure prime locations—like the massive 10,000 rooms target by 2030—without being burdened by the high upfront capital costs of purchasing every asset.
- Owned Assets (30%): A foundational base of owned properties provides stability and some potential for long-term asset appreciation.
- Management Contracts: The stated shift towards an “asset-light management model” will boost fee-based revenue, which is high-margin and less capital-intensive, significantly improving profitability and return on equity as the brand expands.
This operational structure allows investors to benefit from the high growth potential of a service-oriented company that leverages real estate, rather than simply investing in the fixed asset itself. The company can also manage its leverage while growing its operations.
Leverage ratio
| Metric (S$’000) | 30 Sept 2022 (Audited) | 30 Sept 2023 (Audited) | 30 Sept 2024 (Audited) | 31 March 2025 (Unaudited) |
| Total Debt (Bank Borrowings + Lease Liabilities) | 99,157 | 120,644 | 223,267 | 217,148 |
| Total Equity | 40,286 | 48,268 | 77,007 | 76,810 |
| Total Capital | 139,443 | 168,912 | 300,274 | 293,958 |
| Gearing Ratio (LHN definition) | 0.71 | 0.71 | 0.74 | 0.74 |
| Net Gearing Ratio | 0.65 | 0.63 | 0.68 | 0.69 |
Value Creation Through Adaptive Reuse
Coliwoo’s strategy actively generates value by engaging in adaptive reuse and space optimisation. It transforms older commercial buildings, shophouses, and unique sites, such as the former Bukit Timah Fire Station, into modern co-living spaces. This active value-add strategy is a source of profit that passive property owners typically cannot achieve. It allows the company to unlock value from existing urban assets, providing a competitive edge in sourcing and developing new inventory.
How Investors Can Benefit
Investing in Coliwoo is a direct play on high operational growth, strong income generation, and exposure to a modern property sub-segment in a stable market.
Direct Exposure to Operational Growth and Profitability
The primary benefit is the potential for significant capital appreciation driven by the company’s ambitious expansion plan. The Group has an ambitious plan to grow its portfolio from just under 3,000 rooms to nearly 4,000 rooms by the end of 2026, targeting the addition of at least 800 new rooms each year.
The company’s ambitions are not limited to Singapore. It is actively planning a regional expansion into high-potential Southeast Asian markets, specifically targeting Jakarta, Bangkok, Kuala Lumpur, and Johor Bahru. These cities are seen as prime opportunities due to their favourable demographics, rapid urbanisation, and a rising demand for the flexible, community-centric living that co-living provides.
Stable Income Stream from Service Operations
The high occupancy rates translate into a stable and predictable stream of rental and service income. Investors benefit from the reliability of a property management and operations business where risk is diversified across thousands of individual tenants, rather than concentrated in a few large commercial leases. This operational stability underpins the company’s financial resilience.
Portfolio Diversification
Coliwoo offers genuine portfolio diversification by allowing investors to move beyond the traditional categories of office, retail, or industrial property. This investment is an entry point into the hospitality-meets-residential hybrid sector, capitalizing on changing urban living preferences for flexibility and community.
In short, Coliwoo’s listing is not a typical real estate acquisition; it is an investment in a high-growth platform that expertly manages and scales a portfolio of operational real estate assets to capture the increasing demand for flexible living in Singapore.
IPO Details
Coliwoo ‘s IPO will open on 29 October at 9am and will close on 4 November at noon.
- Offer size & pricing: 80.3 million shares at S$0.60 each — comprising 75 million placement shares and 5.3 million public‑offer shares.
- Estimated net proceeds: Approx. S$96.2 million from the IPO + cornerstone subscriptions.
- Listing: Mainboard of Singapore Exchange (SGX); expected to begin trading 6 November 2025.
- Estimated post‑listing market capitalisation: Around S$288.5 million upon listing.
Application for the IPO can be made through ATMs, the internet banking websites or the mobile banking interfaces of DBS (including POSB), OCBC and UOB or via the printed application forms.
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