The way Maybank’s Eric Ong sees it, Singapore’s safe-haven status as a regional business, medical and educational hub makes co-living a preferred option for many young professionals and students given flexible lease terms and unique value propositions.
Backed by its strong brand name, Coliwoo currently has about 19.5% of the market share based on the number of rooms within the co-living sector in Singapore. Its strategic location selection, value-added services and community-driven living experiences ensure high demand and contribute to consistently high occupancy levels. For FY2025 ended September 2025, Coliwoo achieved a high occupancy rate of 96.1% for all the properties in operation in its portfolio.
Management aims to expand its portfolio from 2,933 rooms to close to 4,000 rooms in Singapore by the end of 2026. It has a healthy pipeline of co-living launches for the next two to three years, adding at least 800 rooms on a yearly basis to its portfolio. This growth will be driven by a combination of upcoming developments, master lease agreements and management contracts. Through these initiatives, it aims to strengthen brand presence, and reinforce its position as Singapore’s leading co-living operator.
To complement its organic expansion, Coliwoo is actively exploring capital recycling strategies, such as its recent sale-and-leaseback of its Pasir Panjang co-living hotel for $43.9 million. Ong sees this more as “positive” as it continues to retain its operational rights. Ong says: “Overall, we believe this is part of the group’s strategy to go more asset light, improve ROE, thus leading to potentially higher dividend payout than its guided 40% of core profits.”
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Meanwhile, Tickrs analyst Jaimes Chao has observed that the stock’s post-IPO performance has been muted. But Chao believes that this pricing dislocation offers an attractive entry point for value-oriented investors who are willing to look past short-term market volatility to the robust fundamentals of the business.
Chao believes that the lukewarm market reception post-listing can be attributed to broader sector rotation out of yield-sensitive real estate plays and a misunderstanding of Coliwoo’s earnings quality. “Reported Patmi has been volatile due to non-cash fair value adjustments on investment properties, masking the robust underlying operational cash flow. When stripping out these accounting noises, Coliwoo’s core profitability reveals a business with significant pricing power, high occupancy (>95%), and expanding margins,” he says.
The market currently values Coliwoo at roughly 11.6x FY2025E Core P/E, and in his view, the multiple fails to capture the company’s aggressive growth trajectory (Core PATMI +62.9% y-o-y in FY2025) and its strategic pivot toward a capital-efficient, asset-light expansion model.
As at 2.45pm, shares in Coliwoo are trading at 56 cents.
