Coliwoo - Dominant co-living operator

Initiate with Neutral

Coliwoo offers an exposure into the co-living space rental sector. 

Coliwoo is a spin-off from an established property developer LHN Limited. 

In terms of number of rooms, Coliwoo holds about 19.5% market share of the co-living space in Singapore, it has built a dominant franchise to provide affordable and flexible co-living accommodation.

With strong operating performance and growth opportunities, Coliwoo provides sustainable and attractive investment returns to shareholders.

First pure-play co-living property operator

Coliwoo is the first SGX-listed property developer and operator focused on communal co-living space rental. 

Its portfolio comprises 25 properties in Singapore, with total 2,933 rooms. 

Coliwoo’s portfolio of 11 owned-properties, 10 leased properties and 4 managed properties.   

With a pipeline to add 800 to 1,000 rooms a year, Coliwoo’s aim is to grow the portfolio to 10,000 by 2030.

Attractive end markets

The Singapore co-living space is relatively nascent but has gained popularity amid demographic shifts. 

The growing population of singles and smaller household size could potentially drive future demand. 

According to JLL Singapore, occupancy rates remains in the 85% to 95% range in 2024. 

Co-living rental rates are linked to private residential rents as their products are closely comparable. 

According to Cushman & Wakefield, private residential rents in Singapore are projected to increase by 4.6% per year between 2025 and 2029.

Strong operating track record

Actively managing the assets including taking in short term leases is to fill up the gap of the flexible lease, achieving high occupancy of above 95%. 

Visible growth pipeline 

Currently managing 2,933 keys in Singapore, Coliwoo’s ambition is to reach 10,000 rooms by 2030. 

The expansion spans across the current pipeline and acquisitions.

Initiate with Neutral and target price of S$0.58

Our target price at S$0.58 is based on the peers’ average FY2026 price-to-earnings (PE) ratio. 

We applied a 30% discount to reflect Coliwoo’s smaller scale and less diversified segment/country exposure than the listed REITs. 

At S$0.58, Coliwoo is trading at FY2026E price-to-earnings ratio 11.1x. 

At S$0.58, Coliwoo is trading at dividend yield 4.5% versus the peers’ average dividend yield of 4.7% for FY2026E. 

With the planned expansion, Coliwoo can potentially deliver dividend growth at above-industry dividend growth rate.

Key Risks

Key risks include concentrated exposure to one key asset type, in one country and regulatory requirements, amongst others.

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